EMI calculator
Enter the loan amount, interest rate and tenure to see your monthly EMI, total interest and total payment – with a year-wise amortisation schedule.
- Runs in your browser – private
- Instant results
- Free forever, no sign-up
How to use the EMI Calculator
- 1
Enter the loan amount you plan to borrow.
- 2
Add the annual interest rate and the tenure in years or months.
- 3
Check your EMI, total interest and the yearly schedule.
EMI formula
Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Example: ₹10 lakh at 9.5% for 5 years gives an EMI of about ₹21,000.
Use it for any loan
This loan EMI calculator works for home loans, car loans, personal loans, education loans, two-wheeler loans and business loans – any loan with a fixed rate and equal monthly instalments. Compare offers by changing the rate or tenure and watching the total interest.
How to reduce your EMI or total interest
- Longer tenure lowers the EMI but increases total interest.
- Shorter tenure raises the EMI but saves a lot of interest.
- Part-prepayments early in the loan reduce interest the most.
- A bigger down payment reduces the principal and every EMI.
Results are estimates; your lender's EMI may differ slightly due to processing fees, rounding and floating rates. Planning investments instead? Try the SIP calculator.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r the monthly rate and n the number of months. The calculator does this instantly.
What is the EMI for a ₹10 lakh loan?
At 9.5% for 5 years the EMI is about ₹21,000; at 9.5% for 10 years it is about ₹12,940. Enter your own rate and tenure for an exact figure.
Does a longer tenure reduce EMI?
Yes, but you pay more total interest. The schedule shows how much interest you pay each year.
Can I use this for a home loan?
Yes. It works for home, car, personal, education and business loans with fixed monthly instalments.
Is this EMI calculator free?
Yes, it is free with no sign-up.