EMI Calculator

Calculate your monthly EMI (Equated Monthly Installment) for any loan using the standard reducing-balance formula, along with total interest payable and total repayment over the loan tenure.

  • Free to use
  • Accurate results
  • No registration required
  • Works on all devices
This calculator finds your monthly EMI (Equated Monthly Installment) using the standard reducing-balance formula, based on your loan amount, interest rate, and tenure.
₹
The total amount you plan to borrow.
%
The annual interest rate offered by your lender.
Total repayment period in months.

Your result

₹4,339.12

Monthly EMI

Total interest payable₹5,41,388.80
Total payment (principal + interest)₹10,41,388.80

Payment Breakdown

  • Principal48%
  • Interest52%

AI explanation

Frequently asked questions

How is EMI calculated?

EMI is calculated using 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 ÷ 12 ÷ 100), and n is the tenure in months.

Does a higher tenure always mean lower EMI?

Yes, a longer tenure reduces the monthly EMI, but increases the total interest paid over the life of the loan.

Can I prepay my loan to reduce interest?

Most Indian lenders allow prepayment or part-payment, which reduces the outstanding principal and therefore the total interest payable. Check your loan agreement for any prepayment charges.

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Related articles

Banking2 min read

How Is EMI Calculated? The Formula Explained With an Example

EMI (Equated Monthly Installment) is calculated using the reducing-balance formula EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments.

Read guide

Sources

This calculator provides an estimate based on the standard reducing-balance formula and does not include lender-specific fees or charges. Actual EMI offered by a bank or NBFC may differ.