EMI Calculator

Estimate a loan's monthly EMI, total repayment and interest from the principal, annual interest rate and loan tenure.

Estimate the monthly payment, total interest and total repayment for a standard reducing-balance loan.

Tenure is converted to a whole number of monthly instalments, rounded to the nearest month.

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This EMI Calculator estimates the monthly Equated Monthly Instalment for a reducing-balance loan. Enter the loan amount, annual interest rate and tenure to estimate the monthly payment, total repayment and total interest. The calculation is illustrative; a lender’s actual repayment schedule may differ.

How to use the EMI Calculator

  1. Enter the loan principal in rupees.
  2. Enter the annual interest rate as a percentage.
  3. Enter the tenure in years. The calculator converts the tenure into monthly instalments, rounded to the nearest whole month.
  4. Select Calculate to see the estimated EMI and repayment breakdown.

EMI formula explained

For a positive monthly interest rate, the reducing-balance EMI formula is:

EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]

Here, P is the principal, r is the annual interest rate divided by 12 and then by 100, and n is the number of monthly instalments. When the interest rate is zero, the payment is principal divided by the number of instalments.

Worked example

For a loan of ₹10,00,000 at an assumed annual interest rate of 9% over 20 years (240 monthly instalments), the estimated EMI is approximately ₹8,997.26. Total repayment is approximately ₹21,59,342.29, including approximately ₹11,59,342.29 in interest. Figures are rounded and are provided only to demonstrate the formula.

What this estimate does not include

The calculator assumes a constant annual rate, monthly payments and a standard reducing-balance calculation. It does not add processing fees, insurance, taxes, penalties, rate resets, prepayments or lender-specific rounding rules. Actual offers and amortisation schedules may differ.

Frequently asked questions

Does a lower interest rate reduce EMI?

All else equal, a lower rate reduces the estimated EMI and total interest.

Does a longer tenure reduce the monthly EMI?

Usually yes, but it can increase the total interest paid because the loan remains outstanding for longer.

Can I calculate a zero-interest loan?

Yes. The calculator divides the principal by the number of monthly instalments.

Financial information: This tool is for general educational estimates, not a loan offer or financial advice. Confirm the final schedule, fees and terms directly with your lender.