Loan EMI Calculator
Work out your monthly EMI, total interest and full repayment schedule for a home loan, car loan or personal loan. Change the amount, rate or tenure and the results update instantly.
Monthly EMI
₹20,758
- Principal amount
- ₹10,00,000
- Total interest
- ₹2,45,501
- Total payment
- ₹12,45,501
Repayment schedule
How much of your payments go to interest and principal, and what you still owe.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,65,830 | ₹83,270 | ₹8,34,170 |
| 2 | ₹1,81,386 | ₹67,714 | ₹6,52,784 |
| 3 | ₹1,98,401 | ₹50,699 | ₹4,54,383 |
| 4 | ₹2,17,013 | ₹32,088 | ₹2,37,370 |
| 5 | ₹2,37,370 | ₹11,730 | ₹0 |
How your EMI is calculated
The calculator uses the standard reducing-balance formula: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P is the loan amount, r is the monthly interest rate (the annual rate divided by 12 and by 100), and n is the number of monthly instalments.
Example: on a ₹10,00,000 loan at 9% a year for 5 years (60 months), the EMI is about ₹20,758. Over the full term you would pay ₹12,45,501 in total, of which ₹2,45,501 is interest.
Frequently asked questions
What is an EMI?
EMI stands for Equated Monthly Instalment: the fixed amount you pay your lender every month until a loan is repaid. Each EMI covers part of the interest and part of the principal. Early EMIs are mostly interest, and later ones are mostly principal.
How is EMI calculated?
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 number of monthly instalments. For example, a ₹10,00,000 loan at 9% p.a. for 5 years has an EMI of about ₹20,758.
Does a longer tenure lower my EMI?
Yes. Spreading the same loan over more months lowers each EMI, but you pay interest for longer, so the total interest is higher. Try changing the tenure above to compare the EMI against the total interest.
Does this calculator work for home, car and personal loans?
Yes. It uses the reducing-balance method, where interest is charged on the outstanding principal each month. This is how most bank loans in India are calculated. A loan quoted on a flat-rate basis will have a higher effective cost than a reducing-balance loan at the same stated rate.
Why is my lender's EMI slightly different?
Lenders may round the EMI, count days between instalments differently, or add processing fees, insurance or other charges. Floating-rate loans also change when the benchmark rate changes. Treat the result as an accurate estimate and confirm the exact figure with your lender's loan schedule.
How can I reduce the total interest I pay?
A lower interest rate, a shorter tenure, a larger down payment and part-prepayments all reduce total interest. Check your lender's prepayment terms first, since some charge a fee.
This calculator gives an estimate for general guidance and is not financial advice. Actual EMIs depend on your lender's terms, fees and rounding, so check your loan agreement or ask your lender for the exact schedule.