Use this EMI calculator to estimate your monthly loan payment, total interest and total repayment from the loan amount, annual interest rate and tenure. It uses the standard reducing-balance EMI formula commonly used for amortising loans.
How to use the EMI Calculator
- Enter the loan amount.
- Enter the annual interest rate.
- Choose the loan tenure.
- Calculate and review the EMI, total interest and total repayment.
EMI formula
EMI = P × R × (1 + R)N ÷ ((1 + R)N − 1)
- P = principal loan amount
- R = monthly interest rate (annual rate ÷ 12 ÷ 100)
- N = number of monthly instalments
Example
For a ₹10,00,000 loan at 10% annual interest for 5 years, the calculator converts the annual rate to a monthly rate and applies the formula over 60 monthly instalments. The displayed EMI represents the mathematical estimate; lender fees, insurance and other charges are separate.
Important considerations
- Actual lender schedules can differ because of rounding and repayment-date conventions.
- Processing fees, insurance and other charges are not part of the standard EMI formula.
- A floating-rate loan can change its EMI or tenure when the rate changes.
Limitations
This is a planning calculator, not a loan offer. Confirm the final repayment schedule and charges with your lender before making a borrowing decision.
Frequently asked questions
Does EMI include processing fees?
No. The standard EMI calculation covers principal and interest. Processing fees, insurance and similar charges should be considered separately.
Does a longer tenure reduce EMI?
A longer tenure generally lowers the monthly EMI but usually increases the total interest paid because the balance remains outstanding for longer.
Can I use this for a home loan?
Yes. The mathematical EMI formula can be used for home loans, personal loans, car loans and other amortising loans; lender-specific terms can differ.
Content note: Methodology note. Calculation results depend on the inputs and assumptions shown on this page.