EMI Calculator
Find the monthly instalment for a home, car, personal or education loan — along with the total interest you will pay and how your balance falls year by year. Everything is calculated on your device; the numbers you type never leave your browser.
Your loan details
Your result
Out of every rupee you repay, how much is the loan itself and how much is interest.
| Year | Principal paid (₹) | Interest paid (₹) | Balance left (₹) |
|---|
Please note: this calculator gives an estimate for planning only — it is not financial advice. Your bank may charge processing fees or use a floating rate, so confirm the exact EMI in your loan agreement.
What is EMI?
EMI is short for Equated Monthly Instalment. When you take a loan, you do not repay it in one shot at the end; you pay the same fixed amount every month until the loan closes. Part of each payment covers the interest for that month, and the rest reduces the amount you still owe (the principal).
Because interest is charged on the balance still outstanding, the mix changes over time. In the first year a large share of your EMI is interest. As the balance shrinks, the interest share falls and more of the same EMI goes into clearing the principal. That is exactly what the year-by-year table above shows for your loan.
The EMI formula, explained
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P — the principal: the loan amount you borrow.
- r — the monthly interest rate: take the yearly rate, divide by 12, then by 100. A 9% yearly rate becomes 9 ÷ 12 ÷ 100 = 0.0075 per month.
- n — the number of monthly payments: years × 12. Five years means 60 instalments.
If the interest rate is 0%, life is simpler: the EMI is just P ÷ n.
A worked example
Suppose you borrow ₹5,00,000 at 9% per year for 5 years — a typical personal loan. Here r = 0.0075 and n = 60. Putting the numbers in:
- Monthly EMI: ₹10,379
- Total interest over 5 years: ₹1,22,751
- Total amount you repay: ₹6,22,751 (the ₹5,00,000 you borrowed, plus interest)
- After the first year you have paid ₹41,635 in interest and your balance is ₹4,17,085.
- In the final year the interest drops to just ₹5,865, because most of the loan is already repaid.
Try the same figures in the calculator above — it is pre-filled with them — then move only the tenure to 7 years. The EMI falls, but watch the total interest climb. That one comparison teaches more about loans than any advertisement.
How to use this calculator
- Type the loan amount your bank has approved or that you plan to apply for.
- Enter the yearly interest rate from the offer letter — not a rounded “starting from” rate from an ad.
- Set the tenure in years or months, whichever your offer uses.
- Read the monthly EMI first, then the total interest — that second number is the real cost of the loan.
- Use “Copy result” to save a short summary, handy when comparing offers from two banks side by side.
Frequently asked questions
What is EMI?
EMI means Equated Monthly Instalment — the fixed amount you pay the lender every month until a loan is fully repaid. Each instalment contains a part of the principal (the amount you borrowed) and a part of the interest. In the early months the interest part is bigger; towards the end, most of the instalment goes towards the principal.
How is EMI calculated?
Banks use the formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and then by 100), and n is the number of monthly instalments. This calculator uses exactly that formula.
Does choosing a longer tenure save money?
No. A longer tenure makes the monthly EMI smaller and easier to pay, but you pay interest for more months, so the total interest goes up — often by a lot. A shorter tenure costs more per month but less overall. Compare both in the calculator by changing only the tenure and watching the total interest.
What is my EMI if the interest rate is 0%?
With no interest, the EMI is simply the loan amount divided by the number of months. For example, ₹1,20,000 over 12 months at 0% is ₹10,000 per month, and the total you repay is exactly ₹1,20,000.
Is the result from this calculator exact?
It is an accurate estimate based on the standard EMI formula, assuming a fixed interest rate and regular monthly payments. Your bank's actual figure can differ slightly because of processing fees, insurance, the exact number of days in a month, or a floating rate that changes over time. Always confirm the final EMI with your lender before signing.