Loan / EMI Calculator
Find out exactly how much your monthly loan repayment will be. Enter the loan amount, annual interest rate, and repayment period to get your Equated Monthly Installment (EMI) in seconds.
Results are estimates only. Actual loan terms, processing fees, and prepayment conditions vary by lender. Consult a financial advisor before making borrowing decisions.
How to use the Loan Calculator
Enter the loan principal (the amount you are borrowing), the annual interest rate as a percentage, and the loan tenure in months or years. The calculator instantly shows your monthly EMI, total interest paid over the life of the loan, and the total repayment amount.
EMI Formula
EMI uses the standard amortization formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Where P = Principal amount, r = Monthly interest rate (annual rate ÷ 12 ÷ 100), and n = Number of monthly installments. This formula ensures you pay equal instalments every month while the interest portion decreases and the principal portion increases over time.
Frequently Asked Questions
What is an EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender each month on a specified date. Each EMI covers both the interest due for that month and a portion of the outstanding principal, so the loan is fully repaid at the end of the tenure.
Does a higher tenure mean a lower EMI?
Yes — extending the tenure reduces your monthly EMI. However, you pay interest for more months, so the total interest paid increases significantly. A shorter tenure means a higher EMI but much less interest overall. Use this calculator to compare different tenures for the same loan amount.
What happens if I make a partial prepayment?
Prepaying a lump sum reduces your outstanding principal, which lowers the total interest you owe. Most lenders then either reduce your EMI amount or shorten your remaining tenure. Check your loan agreement for prepayment charges before making extra payments.
How does a floating interest rate affect my EMI?
This calculator uses a fixed rate. For floating-rate loans (like many home loans), your EMI may change when the benchmark rate changes. Monitor rate revisions from your lender and recalculate your EMI if the rate is revised.
Is the EMI formula the same for home loans, car loans, and personal loans?
Yes — the mathematical formula is identical for all standard amortizing loans. The differences between loan types lie in the interest rate, processing fees, collateral requirements, and tax treatment — not in how the EMI itself is computed.