EMI Calculator
Calculate monthly EMI, total interest, and repayment for any loan amount and tenure.
EMI Calculator for loans in India
Equated Monthly Instalment (EMI) is the fixed amount you repay each month on a loan. This generic EMI calculator works for personal loans, consumer loans, or any flat-rate instalment loan when you know the principal, annual interest rate, and tenure.
How to use this calculator
Enter the loan amount you want to borrow or the outstanding principal you are refinancing. This is the figure banks call the sanction amount before processing fees in most retail loans.
Set the annual interest rate exactly as quoted on your sanction letter. Floating home loans change over time; this tool assumes a constant rate for the full tenure, which is fine for comparing offers but not for long home loans with frequent resets.
Choose tenure in years plus extra months if your bank offers odd tenures like 7 years 6 months. Longer tenure cuts EMI but raises total interest. Shorter tenure does the opposite. Run two tenures side by side before you sign.
Use the year-wise table to see how much interest you pay in early years. On most loans, interest dominates the first half of the schedule. If you plan prepayment, switch to our home loan or personal loan calculators that model lump-sum payments.
Compare EMI output with your take-home salary and existing EMIs. A common bank rule is that total EMIs should stay within 40% to 50% of net monthly income, though the exact FOIR limit varies by lender and profile.
Standard EMI formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1) P = loan principal r = monthly interest rate (annual rate ÷ 12 ÷ 100) n = number of monthly instalments Example: ₹10 lakh loan at 10.5% for 5 years (60 months). r ≈ 0.875% per month. EMI ≈ ₹21,494. Total payment ≈ ₹12.9 lakh, interest ≈ ₹2.9 lakh. Processing fees, insurance, and GST on fees are not included.
Frequently Asked Questions
EMI vs home loan EMI calculator?
This page gives a quick EMI for any loan. The home loan calculator adds prepayment, property tax, and insurance fields suited to housing finance.
Does EMI change on floating rate loans?
Yes. When the lender resets your rate, EMI or tenure adjusts. This calculator assumes one fixed rate for the entire period.
What reduces total interest more: lower rate or shorter tenure?
Both help. A 0.5% rate drop and shaving two years off tenure can both save lakhs on large loans. Run both scenarios before prepaying.
Is EMI the only cost?
No. Banks may charge processing fees, documentation charges, and insurance premiums. Ask for the APR or all-in cost sheet.
Can I pay more than EMI?
Most loans allow partial prepayment subject to lock-in and charges. Extra payments cut principal faster and save interest.
Zero interest EMI schemes?
Some retail offers show zero percent EMI but may bundle handling fees or higher product prices. Compare the total outflow, not just the EMI figure.
How is car loan EMI different?
Math is the same. Car loans often have shorter tenures and higher rates than home loans. Use the car loan calculator if you want on-road price and down payment fields.
What FOIR should I target?
Many lenders cap fresh EMI so total obligations stay near 50% to 60% of net salary. Use the EMI affordability calculator for a FOIR check.
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