EMI / Loan Calculator

Calculate your monthly loan installment, total interest payable, and full amortization schedule for any loan type — instantly, in your browser.

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Adjust the inputs and click Calculate EMI.

Frequently Asked Questions

EMI (Equated Monthly Installment) is a fixed payment made every month consisting of both principal and interest. It lets you repay a loan in affordable equal instalments over a set tenure.
The standard EMI formula is: EMI = P × r × (1 + r)n / [(1 + r)n − 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. This formula ensures equal payments throughout the loan tenure.
Your EMI depends on the loan amount, interest rate, and tenure. Higher loan amounts or interest rates increase EMI, while a longer tenure reduces EMI but increases total interest paid.
With a flat (fixed) rate, interest is calculated on the full principal for the entire tenure, making your effective rate much higher than advertised. With a reducing balance rate, interest is charged only on the outstanding principal each month, so your interest cost decreases over time. Most home and car loans use the reducing balance method.
Yes, most lenders allow prepayment or part-payment. Prepaying reduces your outstanding principal and thus lowers total interest outgo. Your EMI may remain the same unless you request a tenure or EMI change from your lender.
Making a lump-sum prepayment directly reduces your outstanding principal. This can either shorten your loan tenure (keeping the same EMI) or reduce your EMI (keeping the same tenure), depending on your lender's policy. Prepaying in the early years saves the most interest.
You can lower your EMI by: (1) Increasing the loan tenure — spreading repayment over more months reduces each instalment. (2) Negotiating a lower interest rate or refinancing. (3) Making a larger down payment to reduce the principal. (4) Improving your credit score to qualify for better rates.
If you make an extra part-prepayment, your outstanding principal reduces. This can either reduce your EMI or your loan tenure, depending on your lender's policy. Contact your lender to adjust after a part-prepayment.
Paying EMI builds ownership equity, while rent is a pure expense. However, EMI includes an interest component (especially in early years) plus costs like maintenance and taxes. If the EMI is close to rent for an equivalent property, buying generally makes long-term financial sense.
Yes. Missing even a single EMI can negatively impact your credit score and remain on your credit report for years. It may also trigger late payment penalties. Setting up an auto-debit instruction ensures payments are never missed.

About This EMI Calculator

This free EMI calculator computes your monthly installment for any loan — home loan, car loan, personal loan, or education loan — using the standard amortisation formula. Enter the loan amount, annual interest rate, and tenure in months to instantly see your EMI, total interest payable, and total repayment amount.

The calculator also generates a full amortisation schedule showing how much principal and interest you pay each month and how your outstanding balance reduces over the loan term.

When to use this calculator

  • Comparing loan offers from multiple lenders
  • Deciding how much loan you can comfortably afford
  • Understanding the total cost of borrowing over the full term
  • Planning prepayments to reduce total interest paid

Understanding Equated Monthly Installments (EMI) is crucial when planning to take a loan. Whether you are considering a personal loan, car loan, or home loan, knowing your EMI helps you manage finances and avoid surprises. Before applying, always check your eligibility, read the terms, and understand the total cost of borrowing.

Standards & References

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