EMI Calculator
See what a loan really costs before you sign. Enter the amount, the interest rate and the tenure to get your monthly EMI, the total interest you'll pay, and a year-by-year schedule of how the balance goes down.
How to calculate your EMI
- 1Enter the loan amount, the yearly interest rate and the tenure.
- 2Read your monthly EMI, total interest and total payment.
- 3Check the schedule, or download it as a CSV file for a spreadsheet.
The EMI formula
Banks use EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate (the yearly rate ÷ 12 ÷ 100) and n the number of months. For ₹10 lakh at 9% for 20 years, that's ₹8,997.26 a month.
Where your money goes
Every EMI is the same, but early payments are mostly interest and later ones mostly principal, because interest is charged on the balance left. The schedule shows this split for every year, or every month if you turn that on.
Pay less interest
Try a shorter tenure: the EMI goes up, but the total interest usually drops sharply. Part-prepayments early in the loan have the biggest effect, since they cut the balance interest is charged on.
Frequently asked questions
- Does this include processing fees or insurance?
- No. It covers principal and interest only; add any fees your lender charges separately.
- Is it accurate for floating-rate loans?
- It's exact while the rate stays the same. When the rate changes, recalculate with the new rate and the balance left.
- Can I use other currencies?
- Yes. Choose rupees, dollars, euros or pounds; the calculation is the same.