EMI Calculator
Work out the monthly instalment, total interest and total payment for any loan from its amount, rate and tenure.
- Total interest
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- Total payment
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An estimate only; your lender's figures may differ.
What is the EMI Calculator?
This EMI calculator works out the equal monthly instalment on a loan from the amount borrowed, the yearly interest rate and the tenure in years. It also shows the total interest you would pay and the total repaid, so you can compare loan offers before you commit.
How it works
The EMI is P x r x (1 + r)^n divided by ((1 + r)^n - 1), where P is the loan amount, r is the yearly rate divided by 12 and 100, and n is the number of months. Total payment is EMI multiplied by n, and total interest is that total minus P. A zero rate simply divides P by n.
How to use it
- Enter the loan amount in rupees.
- Type the yearly interest rate offered by the lender.
- Enter the loan tenure in years.
- Read the monthly EMI, total interest and total payment below.
EMI Calculator — FAQ
Is EMI the same every month?
For a fixed-rate loan the instalment stays the same, but the split changes. Early instalments are mostly interest and later ones mostly principal.
Why does a longer tenure lower the EMI?
The principal is spread over more months, so each instalment is smaller. The trade-off is that you pay more interest in total.
Will my lender show the same figure?
It may differ slightly because of rounding, processing charges, the day count or a floating rate. Treat this as a close estimate and check the lender's schedule.