EMI Calculator for Home, Car and Personal Loans
Find out your monthly loan instalment before you apply. Enter the loan amount, the yearly interest rate and the tenure to see your EMI, the total interest you will pay and a month-by-month payment schedule.
How to use EMI Calculator
- Enter the loan amount in rupees, for example 1000000 for ₹10 lakh.
- Enter the interest rate per year and the loan tenure in years or months.
- Click Calculate EMI to see your monthly EMI, total interest and total payment.
- Click Show payment schedule to see how each EMI splits into principal and interest.
About this tool
The EMI is worked out with the standard reducing-balance formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Interest is charged only on the amount still outstanding, so in the early years most of each EMI goes towards interest. The result does not include processing fees, insurance or other charges your lender may add, and amounts in the schedule are rounded to the nearest rupee.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months. For example, ₹10,00,000 at 9% for 20 years gives an EMI of about ₹8,997.
Does this calculator use the reducing balance method?
Yes. Interest each month is calculated on the outstanding loan balance, which is how most bank home, car and personal loans work.
Will my bank's EMI match this result exactly?
It can differ slightly. Banks may round differently, charge processing fees or insurance, change the rate on floating-rate loans, or count the days in the first month. Treat this as a close estimate and check your loan offer for the final figure.
How can I reduce my EMI?
A longer tenure lowers the EMI but increases the total interest you pay. A bigger down payment, a lower interest rate, or part-prepayments can reduce the cost of the loan.
What does the payment schedule show?
For every month it shows the EMI, how much of it repays the loan (principal), how much is interest, and the balance still left. In the first months, interest is the bigger share.
Is my loan information stored?
No. The calculation runs in your browser and nothing you enter is sent anywhere.