EMI Calculator
Trying to figure out what your loan EMI will be? Punch in the amount, interest rate, and tenure and you'll have your monthly installment in seconds. Works for home loans, car loans, personal loans, whatever you're planning.
How to use
- Type in the loan amount your bank is offering.
- Add the interest rate. Check your loan letter or bank website if you're not sure.
- Set the tenure. You can switch between years and months.
- Hit Calculate. You'll see your EMI, total interest, and what you're actually paying back in full.
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An EMI (Equated Monthly Installment) is the fixed amount you pay your lender every month until the loan is fully repaid. It covers both the principal and the interest, calculated so that payments are spread evenly over the loan tenure. The formula is: 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 months.
For example, a ₹10 lakh home loan at 8.5% per annum for 20 years results in an EMI of approximately ₹8,678. Over the full tenure you pay ₹20.8 lakhs in total, meaning ₹10.8 lakhs goes purely to interest. Choosing a shorter tenure or making part-prepayments significantly reduces the total interest outgo.
Frequently Asked Questions
What is the difference between EMI and total interest paid?
EMI is your fixed monthly payment. Total interest is (EMI × number of months) minus the original principal. Our calculator shows both figures so you can see the true cost of the loan.
Does prepayment reduce my EMI or the tenure?
Most lenders offer both options. Reducing tenure saves more total interest; reducing EMI lowers your monthly burden. Check your loan agreement for prepayment charges, which are typically nil for floating-rate home loans.
Which loan type has the lowest EMI: home, car, or personal?
Home loans carry the lowest rates (typically 8–10%), followed by car loans (9–12%), then personal loans (12–24%). Home loans also have the longest tenure (up to 30 years), making monthly EMIs smaller relative to the loan amount.
What is an amortization schedule?
It is a month-by-month table showing how each EMI is split between principal repayment and interest. In early months, most of the EMI is interest. As the principal reduces, the interest portion falls and the principal portion rises.