Free tool

EMI Calculator

Calculate the monthly EMI for a home, car, education or personal loan, see how much interest you will pay, and view a year-by-year repayment breakdown.

Loan amount (₹)

Interest rate (% p.a.)

Tenure

Tenure unit

Monthly EMI

Total interest

Total payment

Interest as % of payment

Year	Principal paid	Interest paid	Balance

Figures assume a fixed interest rate and a standard reducing-balance loan. Processing fees, insurance and rate changes are not included.

EMI formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.

How to reduce the interest you pay

A shorter tenure, a lower interest rate, and part-prepayments all cut total interest. Because early EMIs are mostly interest, prepaying in the first few years saves the most.

Frequently asked questions

How is EMI calculated?

EMI is calculated with the reducing-balance formula P × r × (1 + r)^n ÷ ((1 + r)^n − 1), using the monthly interest rate and the number of monthly payments.

Does a longer tenure lower my EMI?

Yes, a longer tenure lowers each EMI but increases the total interest you pay over the life of the loan.

Can I use this for car and personal loans?

Yes. It works for any fixed-rate reducing-balance loan including home, car, education and personal loans.

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