EMI Calculator
Calculate your EMI (Equated Monthly Installment) for any loan. Enter the loan amount, interest rate and tenure to instantly see your monthly installment, the total interest payable and the overall cost of the loan.
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- 1Enter loan amount in the form on the left.
- 2Fill in the remaining fields — the result updates automatically as you type.
- 3Review the highlighted result and the supporting breakdown on the right.
- 4Use Copy, Share or Print to save or send your result.
What is an EMI?
EMI stands for Equated Monthly Installment — the fixed amount you pay your lender every month until the loan is repaid. Each EMI contains an interest component (charged on the outstanding balance) and a principal component. The EMI formula is EMI = P × r × (1+r)^n / ((1+r)^n − 1).
In the early years of a long loan most of your EMI goes toward interest. This is why prepaying during the first half of the tenure saves far more interest than prepaying near the end.
How to reduce your EMI burden
You can lower an EMI three ways: borrow less, negotiate a lower rate, or extend the tenure. Extending tenure reduces the monthly amount but raises total interest, so use it only when monthly cash flow is tight.
Many lenders allow part-prepayment with no penalty on floating-rate loans. Applying a yearly bonus to the principal can cut years off a home loan tenure — test scenarios by reducing the loan amount in this calculator.
Frequently Asked Questions
▸What is the EMI formula?
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months.
▸Does the EMI change during the loan?
For fixed-rate loans the EMI stays constant. For floating-rate loans the EMI or tenure changes when the lender revises the interest rate.
▸Is it better to prepay or invest spare money?
Compare the loan interest rate with the after-tax return you expect from investing. If the loan rate is higher, prepaying is usually the guaranteed better return.