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Finance

EMI Calculator

Free EMI calculator: enter loan amount, annual interest rate and tenure in months to see your monthly EMI, total interest and total payment over the loan.

  • 100% free
  • No sign-up
  • Private: runs on your device
  • Updated

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Runs in your browser. Nothing you enter is uploaded or saved.

Your result

Your result, a full breakdown and charts appear here as you type.

What is the EMI Calculator?

An EMI calculator tells you how much you will pay every month on a fixed-rate loan before you sign anything. Enter the amount you want to borrow, the yearly interest rate the lender quotes and the tenure in months, and the tool works out the equal monthly instalment using the standard reducing-balance (amortisation) formula used for most home, car, personal and education loans.

Alongside the monthly EMI, it shows the total interest, the total payment and the principal for the whole tenure, which makes it easy to compare a 15-year home loan with a 20-year one, or see what a lower rate is really worth. Amounts are shown in rupees and paise with Indian digit grouping. It suits first-time borrowers, families planning a big purchase and anyone checking a bank's quote. Processing fees, insurance and prepayments are not included, so treat the figure as a planning estimate.

How to use the EMI Calculator

  1. Enter the amount you plan to borrow in the Loan amount field, such as 500000 or 5,00,000 (commas and the ₹ sign are ignored), or drag the slider.
  2. Type the yearly rate quoted by your lender in Annual interest rate (%), for example 9 or 8.5. Use 0 for an interest-free plan.
  3. Enter the tenure in Loan tenure (months), for example 60 for a five-year loan or 240 for twenty years.
  4. Press Calculate to see the Monthly payment, with the Total interest, Total payment and Principal for the full term listed below it.
  5. Use Copy to save the result, or Reset to clear the fields and try a different rate or tenure.

Key features

  • Standard reducing-balance EMI formula with monthly compounding
  • Shows the monthly payment, total interest, total payment and principal
  • Handles zero-interest loans by dividing the principal equally
  • Accepts tenures from 1 to 12,000 months and decimal interest rates
  • Inline error messages for missing, negative or non-numeric inputs

Why use this emi calculator

  • Know your monthly outgo before applying for a loan
  • Compare tenures and interest rates side by side in seconds
  • See how much extra you pay in interest over a long term
  • Works privately in your browser with nothing to install or sign up for

Formula used

Payment = P×i / (1−(1+i)^−n), where i=annual rate/12; at zero interest use P/n.

EMI Calculator examples

1

Personal loan of ₹5 lakh

Input: Loan amount 500000, Annual interest rate 9%, Term 60 months

Result: Monthly payment: 10,379.18
Total interest: 1,22,750.66
Total payment: 6,22,750.66
Principal: 5,00,000.00

That is roughly ₹10,379 a month, and about ₹1.23 lakh paid as interest over five years.

2

Home loan of ₹25 lakh over 20 years

Input: Loan amount 2500000, Annual interest rate 8.5%, Term 240 months

Result: Monthly payment: 21,695.58
Total interest: 27,06,939.40
Total payment: 52,06,939.40
Principal: 25,00,000.00

The EMI is about ₹21,696, and the interest over 20 years (about ₹27 lakh) is more than the amount borrowed.

3

Zero-cost EMI purchase

Input: Loan amount 12000, Annual interest rate 0%, Term 12 months

Result: Monthly payment: 1,000.00
Total interest: 0.00
Total payment: 12,000.00
Principal: 12,000.00

With no interest, the principal is simply split into 12 equal parts.

Important notes before you rely on the result

  • Loan EMIs use the standard reducing-balance formula. Your bank may add processing fees, insurance, GST on fees or broken-period interest, so the sanction letter is the final word.
  • GST results split tax equally into CGST and SGST for intra-state supplies; inter-state supplies attract IGST at the full rate. The correct rate depends on the HSN/SAC code.
  • Amounts are shown with two decimals; invoices and bank statements may round each line differently, which can create a difference of a few paise.

EMI Calculator: frequently asked questions

How is EMI calculated?

The tool uses the standard formula EMI = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the annual rate divided by 12 (as a decimal) and n is the number of months. Each instalment covers that month's interest plus part of the principal, so the interest portion shrinks and the principal portion grows over time. At 0% interest the EMI is simply the principal divided by the number of months.

Does a longer tenure reduce my total cost?

No. A longer tenure lowers the monthly EMI but usually raises the total interest, because you owe money for more months. For example, a ₹25 lakh loan at 8.5% over 240 months has an EMI of about ₹21,696 but total interest of roughly ₹27 lakh. Try a shorter term in the calculator to see how much interest you could save if the higher EMI fits your budget.

Will my bank's EMI match this result exactly?

It should be very close, but not always identical. Banks may round the EMI, charge broken-period interest for the first month, add processing fees or insurance, or use a floating rate that changes later. The result here is the mathematical EMI for a fixed nominal rate, rounded to 2 decimal places for display, so use it as an estimate and confirm the final figure in your loan agreement.

Is the interest rate I enter the same as APR?

Not necessarily. The field expects the nominal annual interest rate your lender quotes, not an annual percentage rate that bundles fees and charges. If you only know a flat rate (common with some consumer and vehicle loans), note that it is calculated differently and will understate the true reducing-balance rate.

Can I calculate EMI for a tenure in years?

The tool asks for months, so multiply the years by 12 first. A 5-year loan is 60 months, 15 years is 180 months and 20 years is 240 months. The term must be a whole number between 1 and 12,000 months; decimal values such as 60.5 are rejected with an error message.

Does the calculator account for prepayments or part-payments?

No. It assumes you pay the same EMI every month for the full term with no prepayments, missed payments or rate changes. To estimate the effect of a part-payment, you can rerun the calculation with the reduced outstanding principal and the remaining number of months.

Results are estimates for general information, not financial, medical, legal, tax, or property advice. Confirm important figures with the relevant institution or a qualified professional.

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