EMI Calculator
Enter the loan amount, the annual interest rate and the tenure to see your monthly instalment, the total interest and the total amount repayable.
Principal Interest ( of total)
This calculator gives an estimate for guidance only. Actual EMI depends on the lender’s sanctioned terms, fees and rate type.
How the EMI is worked out
The calculator uses the standard reducing-balance formula used by banks and NBFCs in India:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P is the loan amount.
- r is the monthly interest rate: the annual rate divided by 12, then by 100.
- n is the number of monthly instalments.
Frequently Asked Questions
What is an EMI?
An EMI (Equated Monthly Instalment) is the fixed amount you pay the lender every month. Each instalment contains an interest part and a principal part.
How is EMI calculated?
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.
Does a longer tenure reduce the EMI?
Yes. A longer tenure lowers the monthly instalment, but you pay interest for more months, so the total interest paid increases.
Is the result the exact amount my bank will charge?
No. The result is an estimate. The actual EMI depends on the lender’s sanctioned rate, processing fees, the rate type (fixed or floating) and the date of disbursal.