EMI Calculator

How it's calculated

EMI = P × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1), where i is the monthly interest rate and n is the tenure in months.

How your loan EMI is worked out

An Equated Monthly Instalment (EMI) is the fixed amount you pay every month to repay a loan. Each EMI covers the interest for the month and part of the principal. In the early years most of it is interest; later, most of it is principal.

With the example values, a ₹30 lakh loan at 8.5% for 20 years has an EMI of about ₹26,035 and costs roughly ₹32.5 lakh in interest, more than the amount you borrowed. A shorter tenure raises the EMI but cuts the total interest by a large amount.

Frequently asked questions

How is EMI calculated?

EMI = P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the loan, i the monthly interest rate and n the number of months.

How can I reduce the total interest?

Choose a shorter tenure, make part-prepayments, or find a lower rate. Try different tenures in the calculator to compare.

Does the EMI include processing fees?

No. Fees and insurance are separate and are not included.

How to use the EMI Calculator

Enter loan amount, interest rate (p.a.), tenure. The calculator updates as you type and shows Monthly EMI, along with the figures behind it. It runs in your browser, so nothing you enter is sent anywhere. Use the Reset button to go back to the example values.