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Know your EMI, know the real cost.
Slide in your loan amount, rate and tenure to see your monthly EMI, total interest and a full repayment schedule — then download it as a PDF.
EMI calculator: plan your loan before you sign
An EMI — Equated Monthly Instalment — is the fixed amount you pay your lender every month until a loan is cleared. It bundles a slice of the principal and the interest for that month into one predictable payment. Our EMI calculator works out that number for any home loan, car loan, personal loan or education loan, and shows the total interest you'll pay over the full tenure so there are no surprises later.
How EMI is calculated
Most banks and NBFCs in India use the reducing-balance method, where interest is charged each month only on the principal still outstanding. The standard formula is:
EMI = P × r × (1 + r)n ÷ [ (1 + r)n − 1 ]
- P — the loan amount (principal).
- r — the monthly interest rate, i.e. the annual rate ÷ 12 ÷ 100.
- n — the tenure in months.
For example, a ₹10,00,000 loan at 9% a year for 5 years (60 months) works out to an EMI of roughly ₹20,758, with about ₹2.45 lakh paid as interest in total.
How to use this calculator
- Pick a loan type for a quick starting point, or skip it and enter your own numbers.
- Set the loan amount with the slider or type it in directly.
- Enter the interest rate your lender is offering.
- Choose the tenure in years or months.
- Read your EMI and the principal/interest split instantly, then scroll to the repayment schedule.
- Download the schedule as a PDF if you want to compare offers or keep a copy.
Where an EMI calculator helps
Home loansCheck whether a monthly instalment fits your budget before you commit to a property.
Car loansCompare different down payments and tenures to find an EMI you're comfortable with.
Personal loansSee the real cost of a short-term loan, where high rates add up quickly.
Education loansEstimate repayments up front so you know what to expect once the course ends.
Ways to lower your EMI or total interest
- Make a larger down payment, so the amount you borrow is smaller to begin with.
- Compare offers from several lenders — even a small difference in rate adds up over many years.
- A longer tenure lowers the monthly EMI but raises the total interest; a shorter tenure does the opposite.
- Use the extra-payment box to see how small regular prepayments can shorten the loan and cut interest.
- Check your credit score before applying — a stronger score often helps you negotiate a better rate.
Frequently asked questions
What does EMI stand for?EMI stands for Equated Monthly Instalment — the fixed payment you make to your lender every month until the loan is fully repaid.
Does a longer tenure always cost more?It lowers your monthly EMI but increases the total interest paid, because the principal stays outstanding for longer. A shorter tenure raises the EMI but saves interest overall.
What is the reducing-balance method?Interest is calculated each month on the remaining principal rather than the original amount, so the interest portion of your EMI falls over time while the principal portion grows.
How does the extra monthly payment work?The extra amount goes straight toward the principal each month. That shrinks the balance faster, so less interest accrues and the loan finishes earlier. The tool shows exactly how much you save.
Does this include processing fees or insurance?No. The calculator covers principal and interest only. Processing fees, insurance, taxes and any change in a floating rate will affect what you actually pay.
Are the loan-type presets real rates?No — they're sample starting values to save you typing. Always enter the rate your lender has actually quoted you.
Is my data stored anywhere?No. All calculations run in your browser, and nothing you enter is sent to a server.
This calculator provides estimates for planning purposes only and is not financial advice. Actual EMIs depend on your lender's terms, fees and rate changes — always confirm the final figures with your lender before taking a loan.