EMI Calculator

Work out the monthly EMI for any home, car or personal loan.

Loan amount (₹)

Interest rate (% p.a.)

Tenure (years)

Monthly EMI₹0

Total interest payable₹0

Total payment (principal + interest)₹0

How EMI is calculated

Banks use the standard reducing-balance formula:

EMI = P × r × (1+r)^n / ((1+r)^n − 1)

where P is the loan amount, r is the monthly interest rate (annual ÷ 12 ÷ 100) and n is the number of monthly instalments. Your final EMI may differ slightly if the lender charges processing fees, insurance, or rounds the instalment.

FAQ

How can I reduce my EMI?

Three levers: a longer tenure (pays more total interest), a lower interest rate (negotiate or refinance), or a smaller loan amount. Prepaying early in the tenure cuts the most interest.

Does EMI stay the same for the whole loan?

For fixed-rate loans, yes. For floating-rate loans (most home loans), the EMI or tenure resets whenever the benchmark rate changes.

What happens if I prepay part of the loan?

Prepayment reduces the outstanding principal. Lenders usually let you choose between a lower EMI or a shorter tenure — a shorter tenure saves far more interest.