EMI Calculator
Enter a loan amount, interest rate and tenure to estimate your monthly instalment, the total interest and the total amount repayable. Everything is calculated in your browser — nothing is sent to a server.
Monthly EMI
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Total Interest
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Total Repayment
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This calculator provides an estimate only. Actual loan terms may vary. No information you enter here is submitted to a server.
How EMI is calculated
Lenders use a reducing-balance formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P — the principal (loan amount)
- r — the monthly interest rate (annual rate ÷ 12 ÷ 100)
- n — the number of monthly instalments (tenure in months)
Interest is charged on the outstanding balance, so early instalments are interest-heavy and later ones repay more principal. A longer tenure lowers the EMI but usually increases the total interest paid.
Read: How Does EMI Work?EMI FAQ
EMI stands for Equated Monthly Instalment. It is a fixed amount you repay to a lender every month until the loan is fully cleared. Each EMI contains two parts: repayment of the amount borrowed (principal) and interest on the outstanding balance.
Lenders use a reducing-balance formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Our EMI calculator applies the same formula.
A longer tenure divides the repayment into more instalments, so the monthly EMI is smaller. However, interest accrues on the outstanding balance for longer, so the total interest paid over the life of the loan is usually higher.