EMI Calculator

Calculate your monthly loan EMI, total interest payable, and total payment for home, car, or personal loans.

Loan Amount (₹) Min: ₹10,000 · Max: ₹1,00,00,000

₹

Interest Rate (% per annum) 8.5%

1%10%20%

Loan Tenure (Years) 20 Yrs

1 Year15 Years30 Years

Monthly EMI ₹8,678

Principal Amount: ₹10,00,000
Total Interest: ₹10,82,776
Total Payment (Principal + Interest): ₹20,82,776

How EMI is calculated

Equated Monthly Installment (EMI) is computed using the global mathematical amortization formula:


            E = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1)

P Principal loan amount: The initial amount borrowed.

r Monthly interest rate: Computed as (Annual Rate ÷ 12 ÷ 100).

n Loan tenure in months: Total repayment months (Years × 12).

💡 Pro Tip: Increasing your monthly EMI or choosing a shorter tenure significantly cuts the total interest paid over the life of your loan.

Frequently Asked Questions

What is an Equated Monthly Installment (EMI)?

An EMI is a fixed amount paid by a borrower to a lender at a specified calendar date each month. Each payment contributes to both the principal sum and accrued interest, gradually paying down the total balance over the tenure.

Can I prepay my loan and how does it impact my EMI?

Yes, most financial institutions allow partial or complete prepayment. Prepayments lower the remaining principal balance immediately, allowing you to either reduce your ongoing monthly EMI or shorten your total loan tenure.