🏦EMI Calculator
Calculate the Equated Monthly Instalment (EMI) for a home, car or personal loan. Enter the loan amount, annual interest rate and tenure to see your monthly payment, total interest and total amount payable.
Monthly EMI
₹17,356
Total interest
₹21,65,552
Total payment
₹41,65,552
How it works
- EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual ÷ 12 ÷ 100) and n is the number of months.
- Total interest = (EMI × n) − principal.
- Lower tenure means higher EMI but less total interest; longer tenure means the opposite.
Frequently asked questions
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay the lender every month until the loan is fully repaid — it covers both principal and interest.
How is loan EMI calculated?
Using the reducing-balance formula EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ−1). This calculator applies it instantly as you change the amount, rate or tenure.
Does a longer tenure reduce EMI?
Yes — a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.