Calculate your monthly loan EMI, total interest, and total payment instantly
Pay an extra lump sum every year (e.g., annual bonus) to reduce tenure and interest.
Monthly EMI
₹8,678
Principal
₹10,00,000
Total Interest
₹10,82,776
Total Payment
₹20,82,776
An EMI calculator is an online tool that helps you calculate the Equated Monthly Instalment (EMI) you would need to pay for a loan. Whether you are planning to take a home loan, car loan, or personal loan, an EMI calculator gives you instant results by taking into account the loan amount, the interest rate, and the loan tenure.
Our free EMI calculator uses the standard amortization formula to give you accurate results in real time. By adjusting the sliders, you can experiment with different loan scenarios to find the combination that fits your budget.
Example: If you borrow ₹10 lakh at 8.5% per annum for 20 years (240 months): r = 8.5/12/100 = 0.00708, n = 240. EMI = ₹10,00,000 × 0.00708 × (1.00708)^240 / ((1.00708)^240 − 1) ≈ ₹8,678.
The more you borrow, the higher your EMI. Keep borrowing within your repayment capacity — ideally EMI should be under 40% of your monthly income.
Even a 0.5% difference in interest rate can significantly change your EMI and total interest. Always compare rates from multiple lenders before deciding.
A longer tenure reduces EMI but increases total interest paid. Shorter tenure means higher EMI but you pay less interest overall.
EMI (Equated Monthly Instalment) is a fixed payment amount made by a borrower to a lender on a specified date each month. EMI is used to pay off both the principal amount and the interest on a loan in equal monthly payments over the loan tenure.
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the number of monthly instalments (tenure in months).
Three factors affect your EMI: the loan amount (principal), the interest rate, and the loan tenure. A higher principal or interest rate increases the EMI. A longer tenure reduces the EMI but increases the total interest paid.
Yes, you can reduce your EMI by making a larger down payment (reducing principal), negotiating a lower interest rate, choosing a longer tenure, or making partial prepayments during the loan period.