EMI Calculator
Know your monthly instalment and total interest before you borrow.
An EMI (Equated Monthly Instalment) is the fixed amount you repay to a lender every month until the loan is cleared. This calculator instantly tells you your EMI, the total interest you'll pay, and the total cost of the loan — so you can borrow smart and compare offers.
How this calculator works
Enter the loan amount (principal), the annual interest rate, and the tenure in years. The calculator applies the standard reducing-balance EMI formula and shows your monthly EMI, total interest and total repayment.
The formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n − 1]- P
- = Principal loan amount
- r
- = Monthly interest rate (annual ÷ 12 ÷ 100)
- n
- = Number of monthly instalments (years × 12)
This is the reducing-balance method used by banks and NBFCs in India, where interest is charged on the outstanding balance.
Worked example
Monthly EMI ≈ ₹21,494, total interest ≈ ₹2.9 lakh, total payment ≈ ₹12.9 lakh.
Key benefits
- Plan your monthly budget before taking a loan
- Compare offers from different lenders instantly
- See exactly how much interest a loan really costs
- Test how tenure and rate changes affect your EMI
Smart tips
- A shorter tenure means higher EMI but far less total interest
- Even a 0.5% lower rate saves a lot over a long loan
- Prepay when you can — it directly reduces principal and interest
- Keep total EMIs under ~40% of your monthly income