EMI Calculator
Work out the monthly EMI for a loan from the amount, annual interest rate and tenure, with total interest payable.
Enter the loan amount, interest rate and tenure to calculate your EMI.
How EMI is calculated
EMI (Equated Monthly Installment) is the fixed amount you repay each month until a loan is cleared. It uses the reducing-balance formula EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly interest rate and n is the number of months. Early instalments are mostly interest; as the outstanding balance falls, more of each payment goes toward the principal.
What affects your EMI
- Loan amount — a larger principal raises every instalment proportionally.
- Interest rate — even a small rate change noticeably shifts both the EMI and the total interest.
- Tenure — a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.
Example
A Rs 500,000 loan at 12% for 5 years works out to roughly Rs 11,122 per month, with total interest of about Rs 167,000 over the loan term. Stretching the same loan to 7 years lowers the monthly payment but pushes the total interest higher.
Related tools
To choose quarterly or yearly payments instead of monthly, use the loan calculator. To see how a lump sum grows with interest, try the compound interest calculator.