EMI Calculator
Work out your monthly loan installment in seconds
Monthly EMI
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Total Interest
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Total Payment
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An EMI (Equated Monthly Installment) is the fixed amount you repay every month on a loan until it's fully paid off. This EMI calculator uses the standard reducing-balance formula banks use, so you can instantly see your monthly installment, total interest paid, and total repayment for any home loan, car loan, or personal loan before you commit.
How to Use the EMI Calculator
- 1Enter the loan principal — the amount you're borrowing.
- 2Enter the annual interest rate offered by your bank.
- 3Enter the loan tenure in years.
- 4Your monthly EMI, total interest, and total repayment update instantly.
Why Use This Tool
- Uses the exact reducing-balance EMI formula banks apply.
- Instantly shows total interest cost over the full loan term.
- Great for comparing offers from different banks before applying.
- No app download, no signup — just open and calculate.
Frequently Asked Questions
How is EMI calculated?
EMI is calculated using the formula P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly interest rate, and n is the number of monthly installments.
Does a longer tenure mean a smaller EMI?
Yes, a longer tenure reduces your monthly EMI, but it increases the total interest you pay over the life of the loan — this calculator shows both so you can weigh the trade-off.
Can I use this for a car loan or personal loan too?
Yes, the EMI formula is the same for home loans, car loans, and personal loans — just enter the correct principal, rate, and tenure for your loan type.