EMI Calculator
Estimate your equated monthly installments (EMI) for loans.
How to Use the EMI Calculator
Calculate your loan EMI by entering loan parameters:
- Enter your total principal loan sum in Loan amount (₹).
- Enter the annual interest rate percentage in Annual interest rate (%).
- Enter loan tenure duration in months in Loan duration (months) (e.g., 5 years = 60 months).
- Click Calculate now → to view monthly EMI, total interest, and total payment.
Formula & Calculation Method
The standard Equated Monthly Installment (EMI) formula is:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]
Where: P = Principal Loan Amount, r = Monthly Interest Rate (Annual Rate / 12 / 100), n = Loan Tenure in Months.
Practical Examples
Example 1: Personal loan of ₹500,000 at 9% interest for 5 years (60 months)
Estimated Monthly EMI = ₹10,379.18. Total interest paid over tenure = ₹122,750.67.
Example 2: Car loan of ₹800,000 at 8.5% interest for 3 years (36 months)
Estimated Monthly EMI = ₹25,254.21. Total payment = ₹909,151.68.
Example 3: Home loan top-up of ₹1,000,000 at 7.5% interest for 10 years (120 months)
Estimated Monthly EMI = ₹11,870.18. Total interest payable = ₹424,421.36.
Frequently Asked Questions
What is an EMI?
EMI stands for Equated Monthly Installment, a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
How does loan tenure affect my monthly EMI?
A longer tenure reduces your monthly EMI amount, but increases the total cumulative interest paid over the life of the loan.
Does this EMI calculator support home loans and car loans?
Yes, the math formula applies to any standard reducing-balance amortized loan including home, car, education, and personal loans.
What is the difference between flat and reducing interest rates?
This EMI calculator uses the standard reducing-balance method, where interest is calculated on the outstanding loan balance each month.
Are bank processing fees included in this EMI calculation?
No, processing fees or administrative charges charged by lenders are separate from the EMI calculation.