EMI Calculator
Work out your monthly loan EMI, total interest and year-by-year repayment.
How to use the EMI calculator
Enter the loan amount, the yearly interest rate offered by your lender and the tenure in years. Your monthly EMI, the total interest and the total amount payable appear instantly. Open the year-by-year schedule to see how much principal and interest you pay each year and the balance left at the end of it.
The EMI formula
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1], where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. For ₹5,00,000 at 9% for 5 years, r is 0.0075 and n is 60, giving an EMI of about ₹10,379. Our guide on how loan EMI is calculated walks through each step.
Why the schedule matters
The schedule shows something many borrowers do not realise: in the early years, a large part of each EMI goes towards interest, because interest is charged on a high outstanding balance. Later, as the balance falls, more of each EMI repays the principal. This is why prepaying part of a loan early saves much more interest than prepaying near the end.
Comparing tenures
Try the same loan with a 5-year and a 7-year tenure. The longer tenure lowers the EMI, but the total interest rises noticeably. A good rule is to choose the shortest tenure whose EMI fits comfortably in your monthly budget, leaving room for savings and emergencies.
Home, car, personal and education loans
The same formula applies to any loan with a fixed rate and equal monthly instalments. Floating-rate home loans change their rate over time, so the EMI shown is accurate only for the current rate. When the rate changes, lenders usually adjust either the EMI or the tenure.
What the EMI does not include
Processing fees, insurance, GST on fees and prepayment charges are not part of the EMI. Ask your lender for the annual percentage rate and the full list of charges when comparing offers.
Results are estimates for planning. Your lender’s figures may differ slightly because of rounding and the exact start date of the loan.
Frequently asked questions
Does the EMI calculator work for home loans?
Yes. Enter the home loan amount, the current interest rate and the tenure. For floating-rate loans, the result reflects the current rate only.
Why is so much of my early EMI going to interest?
Interest is charged on the outstanding balance, which is highest at the start. As you repay, the interest part shrinks and the principal part grows.
Does a shorter tenure save money?
Yes. A shorter tenure raises the EMI but reduces the total interest you pay over the life of the loan.