What an EMI represents
An Equated Monthly Instalment is the regular payment used to repay a loan over time. Each payment usually contains two parts: interest charged for that month and a portion that reduces the outstanding principal.
EMI Calculator
Estimate your monthly loan payment, total interest, repayment cost, and amortization schedule for common Indian loan types.
Amortization schedule
| Period | Opening balance | EMI | Principal | Interest | Closing balance |
|---|
What affects your monthly payment?
Three inputs have the biggest effect on an EMI: the amount borrowed, the annual interest rate, and the repayment tenure.
- A larger principal increases the payment.
- A higher rate increases both the EMI and total interest.
- A longer tenure can lower the monthly amount but often increases the overall cost.
How the EMI formula works
This calculator uses the standard reducing-balance formula:
E = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. When the rate is 0%, the EMI is simply the principal divided by the number of payments.
Compare common loan types
The same EMI method can help you explore home, car, personal, education, and other loans. The appropriate rate, tenure, fees, collateral, and repayment conditions are different for each product, so use the calculator for comparison rather than as a lender quote.
Read the amortization schedule
Early payments generally contain a larger interest component because the outstanding balance is highest at the start. As principal is repaid, the interest portion tends to fall. Switch between monthly and yearly views to see how the balance changes.
How to use this calculator
Enter the loan amount, rate, and tenure, then choose the loan type. Add a processing fee if you want to see an estimated all-in cost. The result, charts, and schedule update instantly as you adjust the sliders or fields.
Extra-payment planning
The advanced extra-payment option shows one possible way to pay more than the scheduled EMI each month. It estimates potential interest savings and a shorter payoff period; your lender’s prepayment terms may differ.
Important planning note
This calculator is for estimates. Actual repayment can include lender-specific fees, insurance, taxes, penalties, rate changes, rounding, or other conditions. Review the sanction letter and repayment schedule before accepting a loan.
EMI questions
Does a longer tenure always cost less? It may reduce the monthly payment, but spreading the loan over more months can increase total interest. Is the processing fee part of EMI? No. This tool displays it separately as an estimated added cost.