About this tool
Monthly EMI, total interest and full repayment schedule.
An EMI (Equated Monthly Instalment) is the fixed monthly amount paid to repay a loan — the same amortisation formula used for mortgages, but widely applied to home loans, car loans, personal loans and consumer finance throughout India. The EMI Calculator shows the monthly instalment, total amount payable, and total interest charged for any principal, annual interest rate, and tenure. A comparison table lets you see how different rates change the EMI for the same loan amount and term.
Example
₹5,00,000 at 10% for 5 years → EMI: ₹10,624/month · Total interest: ₹1,37,440
How to use
- Enter the loan amount (principal).
- Enter the annual interest rate (e.g. 9.5 for 9.5%).
- Enter the loan tenure in years.
- Read off the monthly EMI, total payable and total interest.
Features
- Monthly EMI using standard reducing-balance formula
- Total interest paid and total amount payable
- Rate-comparison table for the same principal and tenure
- Suitable for home loans, car loans and personal loans
- No sign-up required — all calculations run in your browser
Frequently Asked Questions
What is the EMI formula?+
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments.
How does tenure affect EMI?+
A longer tenure lowers the monthly EMI but significantly increases total interest paid. A shorter tenure means a higher EMI but less interest overall. Use the comparison table to find the right balance.
What is a good EMI-to-income ratio?+
Most banks cap home loan EMI at 40–50% of net monthly income. Financial planners generally advise keeping all EMI obligations combined below 35–40% of take-home pay.
Can I calculate EMI for a personal loan?+
Yes — the formula is identical for any fixed-rate instalment loan. Simply enter the principal, interest rate and tenure regardless of loan type.
What is EMI?+
Equated Monthly Instalment — a fixed monthly loan payment combining principal repayment and interest, calculated so the payment stays constant throughout the term.
Why is early repayment beneficial?+
In early months, most EMI goes towards interest. Paying extra reduces outstanding principal and therefore total interest paid over the term.