Check affordability
Keep enough room in your monthly budget for emergencies, insurance and regular savings after paying the proposed EMI.
Money Tools · Loan Planning
EMI Calculator
Work out the exact monthly instalment on any home, car, personal or education loan — enter the amount, rate and tenure and see your EMI, total interest and repayment breakdown update instantly.
Loan details
Loan
Ledger
Ledger
Entry No. 01 — Monthly EMI
₹21,700
payable every month
Principal amount₹25,00,000
Total interest payable₹27,08,000
Total amount payable₹52,08,000
Interest as % of total52%
Figures use the standard reducing‑balance EMI formula. Actual EMI may vary slightly by lender rounding and processing fees.
Plan your loan better
How to compare EMIs before choosing a loan
A manageable EMI is not automatically the cheapest loan. A longer tenure reduces the monthly instalment, but it also keeps the outstanding principal alive for longer and can substantially increase total interest. Compare offers using the same loan amount and tenure, then look at the interest outlay, processing fee, insurance cost and prepayment conditions together.
Compare total cost
A small difference in interest rate can become meaningful over a 15–30 year home-loan tenure.
Test prepayments
Occasional principal prepayments early in the tenure generally save more interest than the same payment made near the end.
Use the calculator with conservative assumptions and test more than one scenario. For floating-rate loans, also calculate an EMI at a slightly higher rate so you understand how a future rate revision could affect your repayment plan.
How it works
How to use the EMI calculator
Enter the loan amount
Type the principal you intend to borrow, or drag the slider — from a small personal loan to a multi‑crore home loan.
Enter the interest rate
Use the annual rate your bank has quoted. Even a 0.25% difference meaningfully changes total interest over a 20‑year tenure.
Set the tenure
Choose years or months. Longer tenure lowers the EMI but raises total interest paid; shorter tenure does the opposite.
Read the ledger
Your monthly EMI, total interest and total repayment appear instantly on the right, along with a principal‑vs‑interest chart.
Understanding EMI
What is EMI and how is it calculated?
An EMI (Equated Monthly Instalment) is the fixed sum you pay your lender each month until a loan is cleared. Every EMI is split into two parts — interest and principal — and that split changes over the loan's life. In the early years, a larger share of each EMI goes toward interest; toward the end of the tenure, most of the EMI reduces the principal. This is why paying off a loan even a few years early can save a disproportionate amount of interest.
The calculator on this page uses the standard reducing‑balance formula that Indian banks and NBFCs use for home loans, car loans, personal loans and education loans:
| Symbol | Meaning |
|---|---|
| P | Principal loan amount |
| r | Monthly interest rate (annual rate ÷ 12 ÷ 100) |
| n | Loan tenure in number of months |
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
Tips to reduce your total interest outlay
- Make a larger down payment to shrink the principal you borrow.
- Choose the shortest tenure your monthly budget can comfortably support.
- Make partial prepayments whenever you have a bonus or windfall — most floating‑rate loans in India allow this without penalty.
- Compare rates across at least 3–4 lenders; a small rate difference compounds significantly over 15–20 years.
FAQ
Frequently asked questions
What is EMI?
EMI stands for Equated Monthly Instalment — a fixed payment made every month to a lender, covering both interest and principal, until the loan is fully repaid.
What formula does this calculator use?
EMI = P × r × (1+r)n ÷ [(1+r)n − 1], the standard reducing‑balance formula used across Indian banks and NBFCs.
Does a longer tenure reduce my EMI?
Yes — a longer tenure spreads repayment out and lowers the monthly EMI, but increases total interest paid. A shorter tenure raises EMI but cuts total interest.
Is this accurate for home, car and personal loans?
Yes, the same formula applies across loan types. Your actual EMI may differ slightly due to processing fees and lender‑specific rounding.
Can I lower my EMI by prepaying the loan?
Most floating‑rate loans in India allow penalty‑free partial prepayment. You can typically choose to reduce your EMI or shorten your remaining tenure after a prepayment.
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