EMI Calculator

EMI (Equated Monthly Installment) is the fixed monthly amount you pay to repay a loan, covering both principal and interest. Use this calculator to estimate your EMI before you borrow, or to check how a change in rate or tenure affects your monthly outflow.

Enter values

Results

Monthly EMI: ₹8,678.23
Total interest: ₹10,82,775.76
Total payment: ₹20,82,775.76

Principal paid
Interest paid

How is the EMI calculated?

Enter the loan amount, the annual interest rate and the tenure in years. The calculator converts the annual rate into a monthly rate, applies the amortization formula, and returns the fixed monthly EMI along with the total interest and the total amount payable over the life of the loan. The result also shows how much of each early payment goes toward interest, so you can see the loan shrink fastest where it matters.

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 (years × 12)

If the interest rate is 0%, EMI = P ÷ n.

Example

Loan amount: ₹10,00,000 · Interest rate: 8.5% per year · Tenure: 20 years
Monthly rate = 8.5 ÷ 12 ÷ 100 = 0.007083
n = 240 months
EMI ≈ ₹8,678 per month
Total payment ≈ ₹20,82,720 · Total interest ≈ ₹10,82,720
First month: about ₹7,083 of the payment is interest and only ₹1,595 reduces the balance — every month after that, the interest share falls.

Things to remember

A lower interest rate or a shorter tenure reduces your total interest cost, even though a shorter tenure raises the monthly EMI. Compare scenarios here before committing to a loan.

Frequently Asked Questions

What does EMI stand for in a loan?

EMI stands for Equated Monthly Installment. It is the fixed monthly payment that repays a loan's principal and interest over the agreed tenure, so the loan is fully cleared by the last installment.

How is the monthly EMI calculated?

EMI is calculated with the formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate and n is the number of months. The monthly rate is the annual rate divided by 12 and by 100.

How can I lower my monthly EMI payment?

You can reduce your EMI by making a larger down payment (lower principal), negotiating a lower interest rate, or extending the tenure. Extending the tenure lowers the monthly EMI but increases the total interest you pay.