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- Enter the loan amount, interest rate and tenure to get your monthly EMI.
- See total interest, total amount payable and the interest in your first EMI.
- A year-by-year schedule shows interest paid and the balance left.
- Add a processing fee to see the full cost of the loan.
How to use the loan EMI calculator
Enter the loan amount
Type the amount you will borrow, for example ₹10,00,000.
Add the interest rate
Use the yearly rate your lender quotes. For a floating-rate loan, use today’s rate.
Set the tenure
Enter the loan period in years or months.
Include fees
Open the advanced options to add a processing fee as a percentage of the loan.
The EMI formula
An EMI (equated monthly instalment) is a fixed payment that covers interest and part of the principal. Early EMIs are mostly interest; as the balance falls, more of each EMI goes towards the principal. Banks in India, the US and the UK use the same reducing-balance method.
EMI formula
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
P = loan amount
r = monthly rate = yearly rate ÷ 12 ÷ 100
n = number of monthly instalments
Total interest = EMI × n − P. For a 0% loan the EMI is simply P ÷ n.
EMI calculation examples
Example 1: ₹10 lakh personal loan at 9% for 5 years
A typical personal or car loan.
Interest adds about 24.5% to the amount borrowed over five years.
Example 2: ₹50 lakh home loan at 8.5% for 20 years
A long tenure keeps the EMI low but raises total interest.
Over 20 years you pay more in interest than the original loan.
Example 3: $25,000 car loan at 7% for 5 years
The same formula for a US auto loan.
Switch the currency to $ or £ for loans outside India.
Reference: EMI per ₹1 lakh
Monthly EMI for every ₹1,00,000 borrowed.
Multiply by the number of lakhs you borrow for a quick estimate.
Where a loan EMI calculator helps
Home loans
Check EMI and total interest before choosing a tenure. For US and UK home loans with taxes and insurance, use the mortgage calculator.
Car loans
Compare dealer finance with a bank loan at a different rate.
Personal loans
See how much a high rate adds to the cost of borrowing.
Affordability
Keep the EMI to a comfortable share of your monthly income.
Lenders may round the EMI, charge interest from the disbursement date or add insurance and fees, so your loan statement can differ slightly. Floating rates can change during the loan. Check the final terms with your lender before you sign.
Loan EMI calculator FAQ
What is an EMI?
An equated monthly instalment is a fixed monthly payment that repays a loan with interest over a set tenure.
Does a longer tenure reduce the EMI?
Yes, but it increases the total interest you pay. Example 2 shows a 20-year home loan where interest exceeds the amount borrowed.
Why is most of my early EMI interest?
Interest is charged on the outstanding balance, which is highest at the start. As you repay, the interest part falls and the principal part rises.
Is a flat rate the same as a reducing rate?
No. A flat rate charges interest on the original loan for the whole tenure, so it costs much more than the same reducing rate. This calculator uses the reducing-balance method.
How do prepayments affect the EMI?
A part-prepayment lowers the balance, so the lender can reduce either the EMI or the remaining tenure. Reducing the tenure usually saves more interest.
Can I use this for loans outside India?
Yes. Choose USD or GBP. The monthly payment formula is the same for US and UK loans.