EMI Calculator India
An EMI (Equated Monthly Instalment) calculator shows the monthly instalment for a loan, plus the total interest and total amount you will repay. It works for home, car, personal and education loans.
How the EMI Calculator India works
Indian banks use the reducing-balance method: each month interest is charged only on the amount still owed. Early EMIs are mostly interest; later EMIs are mostly principal.
A longer tenure lowers the EMI but raises the total interest, often by a lot.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P = loan amount
- r = yearly interest rate ÷ 12 (as a decimal)
- n = tenure in months
Worked example: ₹10,00,000 at 10% for 5 years
- r = 10% ÷ 12 = 0.833% a month and n = 60.
- EMI = ₹21,247.
- Total repaid = ₹12,74,823, so total interest = ₹2,74,823.
EMI at 10% a year| Loan | 3 years | 5 years | 10 years | 20 years |
|---|
| ₹5 lakh | ₹16,134 | ₹10,624 | ₹6,608 | ₹4,825 |
| ₹10 lakh | ₹32,267 | ₹21,247 | ₹13,215 | ₹9,650 |
| ₹25 lakh | ₹80,668 | ₹53,118 | ₹33,038 | ₹24,126 |
| ₹50 lakh | ₹1,61,336 | ₹1,06,235 | ₹66,075 | ₹48,251 |
Illustrative, assuming a constant rate. Actual returns and rates vary.
Tips
- Keep all EMIs together under about 40% of your take-home pay.
- Part-prepayments early in the loan save the most interest.
- Compare the processing fee and the rate type (fixed or floating), not only the rate.
Want to know if your whole plan is on track? Get your free money score in about two minutes. No PAN, no Aadhaar.
About the EMI Calculator India
Free EMI (Equated Monthly Instalment) calculator. See the monthly payment, total interest and total repayment for a home, car or personal loan.
Frequently asked questions
- What is an EMI?
- An Equated Monthly Instalment is the fixed amount you pay your lender every month. Each EMI covers that month's interest and repays part of the principal.
- What is an EMI calculator?
- An EMI calculator estimates monthly loan installments from principal, interest rate, and tenure.
- How is EMI calculated?
- EMI uses a reducing-balance formula with loan amount, monthly interest rate, and number of months.
- Can I compare loan options with an EMI calculator?
- Yes - vary interest rate and tenure to compare affordability and total interest outgo.
- Does a lower EMI always mean a cheaper loan?
- Not always. A longer tenure lowers EMI but can increase total interest. Compare total interest, not only EMI.