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EMI Calculator

Calculate your monthly loan payment, total interest, and total repayment.

Loan amount Annual interest rate (%) Loan term (years)

Your EMI Enter your loan details above.

How EMI is calculated

EMI stands for Equated Monthly Instalment. It is the regular monthly payment made toward a loan under a standard amortizing loan calculation.

The EMI depends on the loan principal, annual interest rate, and number of monthly payments.

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

In this formula, P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments.

Monthly interest rate

Monthly Rate = Annual Rate ÷ 12 ÷ 100

Total repayment

Total Repayment = EMI × Number of Payments

Total interest

Total Interest = Total Repayment − Loan Amount

EMI examples

₹5,00,000 loan at 8.5% for 5 years

The calculator estimates the monthly EMI, total interest, and total amount repaid over the five-year term.

₹10,00,000 loan at 8% for 10 years

A longer loan term generally results in a lower monthly EMI, but the total interest paid can be higher.

Interest-free loan

When the interest rate is 0%, the monthly payment is simply the loan amount divided by the number of monthly payments.

What this EMI calculator does not include

This calculator estimates payments using the loan amount, interest rate, and loan term. Actual loan costs can differ because lenders may apply processing fees, insurance, taxes, penalties, variable rates, or other charges.

For a real loan, use the lender's repayment schedule and terms as the final source for the amount payable.

Frequently asked questions

EMI stands for Equated Monthly Instalment. It is the regular payment made toward a loan under an amortizing repayment schedule.

EMI is calculated using the loan amount, monthly interest rate, and total number of monthly payments.

Generally, increasing the loan term reduces the monthly EMI, but it can increase the total interest paid over the life of the loan.

With a zero interest rate, the loan amount is divided equally across the total number of monthly payments.