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EMI Calculator
Enter your loan amount, interest rate and tenure to see your monthly EMI, total interest and a full amortization schedule.
Monthly EMI
Total Interest
Total Payment
Frequently asked questions
How is EMI calculated?
EMI uses the formula P×r×(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate, and n the number of monthly instalments.
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.
Is the calculated EMI exactly what my bank will charge?
It is a close estimate. Banks may apply processing fees, insurance, or slightly different rounding, so confirm the final figure with your lender.
What interest rate should I enter?
Use the annual reducing-balance rate your bank quotes. This calculator converts it to a monthly rate automatically.
Can I use this for home, car and personal loans?
Yes. The maths is the same for any reducing-balance loan — just enter the relevant amount, rate and tenure.