EMI Calculator

An EMI (Equated Monthly Instalment) calculator works out the fixed monthly repayment on a home, car or personal loan — plus total interest and total payment — using the standard reducing-balance formula.

An EMI (Equated Monthly Instalment) is the fixed amount you repay every month on a loan — part of it covers interest, the rest chips away at the principal. Before you sign a loan agreement, you should know three numbers: the EMI itself (can your monthly budget absorb it?), the total interest you'll pay over the tenure (the real cost of the loan), and the total repayment. This calculator gives you all three instantly for any home loan, car loan, personal loan or business loan.

The standard formula banks use is EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly instalments. Early in the tenure most of each EMI goes to interest; the balance shifts toward principal as the loan matures — which is why prepaying in the early years saves the most interest.

Use the calculator to compare offers: a 0.5% lower rate on a ₹25 lakh, 20-year home loan changes the EMI only modestly but saves well over a lakh in total interest. Also test shorter tenures — the EMI rises, but total interest falls sharply. Every calculation runs in your browser and nothing you enter is stored.