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  1. Home
  2. Calculators
  3. EMI Calculator

EMI Calculator

Calculate your monthly loan EMI, total interest, and total payment instantly

Enter Details

₹10,00,000
₹1L₹1Cr
8.5%
1%24%
20 years
1 yr30 yrs

Pay an extra lump sum every year (e.g., annual bonus) to reduce tenure and interest.

Results

Monthly EMI

₹8,678

Principal

₹10,00,000

Total Interest

₹10,82,776

Total Payment

₹20,82,776

What is an EMI Calculator?

An EMI calculator is an online tool that helps you calculate the Equated Monthly Instalment (EMI) you would need to pay for a loan. Whether you are planning to take a home loan, car loan, or personal loan, an EMI calculator gives you instant results by taking into account the loan amount, the interest rate, and the loan tenure.

Our free EMI calculator uses the standard amortization formula to give you accurate results in real time. By adjusting the sliders, you can experiment with different loan scenarios to find the combination that fits your budget.

EMI Formula Explained

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
  • P = Principal loan amount (the amount you borrow)
  • r = Monthly interest rate = Annual rate ÷ 12 ÷ 100
  • n = Number of monthly instalments (tenure × 12)

Example: If you borrow ₹10 lakh at 8.5% per annum for 20 years (240 months): r = 8.5/12/100 = 0.00708, n = 240. EMI = ₹10,00,000 × 0.00708 × (1.00708)^240 / ((1.00708)^240 − 1) ≈ ₹8,678.

Key Factors That Affect Your EMI

Loan Amount

The more you borrow, the higher your EMI. Keep borrowing within your repayment capacity — ideally EMI should be under 40% of your monthly income.

Interest Rate

Even a 0.5% difference in interest rate can significantly change your EMI and total interest. Always compare rates from multiple lenders before deciding.

Loan Tenure

A longer tenure reduces EMI but increases total interest paid. Shorter tenure means higher EMI but you pay less interest overall.

Tips to Reduce Your EMI Burden

  • Make a larger down payment to reduce the loan amount
  • Opt for a lender offering lower interest rates — even 0.25% less matters over 20 years
  • Use balance transfer to move to a lender with better rates
  • Make part-prepayments whenever you have surplus income to reduce the principal faster
  • Choose a tenure that balances affordable EMI with reasonable total interest

Frequently Asked Questions

What is EMI?

EMI (Equated Monthly Instalment) is a fixed payment amount made by a borrower to a lender on a specified date each month. EMI is used to pay off both the principal amount and the interest on a loan in equal monthly payments over the loan tenure.

How is EMI calculated?

EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the number of monthly instalments (tenure in months).

What factors affect my EMI?

Three factors affect your EMI: the loan amount (principal), the interest rate, and the loan tenure. A higher principal or interest rate increases the EMI. A longer tenure reduces the EMI but increases the total interest paid.

Can I reduce my EMI?

Yes, you can reduce your EMI by making a larger down payment (reducing principal), negotiating a lower interest rate, choosing a longer tenure, or making partial prepayments during the loan period.