Calculator Tool

EMI Calculator
Calculate Loan EMI & Monthly Payments

Calculate monthly EMI for home, car, personal, and education loans. Get detailed payment schedule, total interest, and amortization with our free online EMI calculator.

EMI Calculator

Enter your loan details to calculate monthly EMI and total interest payable

₹
₹10,00,000
%
8.5%
20 yrs
Monthly EMI
₹0
for 20 years
₹0
Principal
₹0
Total Interest
₹0
Total Payable
Interest
0%
Principal Amount
₹0
Total Interest
₹0
Total Payable
₹0
Year Principal Paid Interest Paid Total Paid Balance

How to Use the EMI Calculator

Get your loan EMI in just 3 simple steps

1
Choose Loan Type & Enter Amount

Select your loan type (Home, Car, Personal, Education) and enter the principal amount using the input field or slider.

2
Set Interest Rate & Tenure

Enter the annual interest rate offered by your bank and choose the repayment tenure in years or months.

3
Click Calculate & Review

Get your monthly EMI, total interest, full payment breakdown, and year-wise amortization schedule instantly.

EMI Formula

How EMI is mathematically calculated

// EMI Formula
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)

Where:
P = Principal loan amount
r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
n = Number of monthly installments

For example, on a ₹10 lakh loan at 8.5% p.a. for 20 years: monthly rate = 8.5/12/100 = 0.00708, n = 240 months.

Key Benefits

Why our EMI Calculator stands out

Visual Breakdown

See principal vs. interest split through an interactive donut chart for clear understanding.

Amortization Schedule

Get a complete year-wise payment schedule showing how your loan reduces over time.

Prepayment Simulation

Calculate how much interest you save with annual prepayments and reduce your loan tenure.

Interactive Sliders

Adjust loan amount, interest rate, and tenure with smooth sliders for instant comparison.

100% Accurate

Uses the standard reducing balance EMI formula used by all Indian banks and NBFCs.

Mobile Friendly

Fully responsive — works seamlessly on smartphones, tablets, and desktop computers.

Frequently Asked Questions

Everything you need to know about EMI calculation

EMI stands for Equated Monthly Installment. It is a fixed monthly payment made by a borrower to a lender on a specified date each month. EMIs are used to pay off both interest and principal every month so that the loan is fully paid off within a set number of years.

Yes. A longer tenure reduces your monthly EMI because the principal is spread over more installments. However, you end up paying significantly more total interest. A shorter tenure means higher EMI but lower total interest payout.

A prepayment is an extra payment made over and above your regular EMI. It directly reduces the outstanding principal, which reduces future interest and can shorten your loan tenure significantly. Use our prepayment feature to see how much you save.

Our calculator uses the reducing balance method (also called diminishing balance), which is the standard used by all banks in India. Interest is charged only on the remaining outstanding balance, making it more fair compared to flat rate loans.

No. This calculator focuses on pure EMI calculation based on principal, rate, and tenure. For the actual cost of your loan, factor in processing fees (typically 0.5%–2%), insurance, and GST on fees charged by the lender.