Calculate your monthly loan EMI, total interest and total payment.
Monthly EMI:
Total Interest:
Total Payment:
EMI stands for Equated Monthly Instalment, the fixed amount you pay every month to repay a loan. This calculator estimates your EMI from the loan amount, annual interest rate and tenure, and also shows the total interest and total repayment. Use it to compare loans and plan your monthly budget before you apply.
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate and n the number of months.
It may differ slightly because of processing fees, rounding, insurance or rate changes. Treat the result as an estimate and confirm with your lender.
The EMI calculator uses the reducing balance method, which is how most banks and NBFCs in India calculate home, car and personal loan instalments. Each month, interest is charged only on the principal that is still outstanding. Early EMIs therefore contain more interest, and later EMIs contain more principal, even though the EMI amount itself stays fixed.
The monthly rate r is the annual rate divided by 12 and by 100, and n is the tenure in months. If the interest rate is 0%, the calculator simply divides the loan amount by the number of months.
Personal loan: ₹5,00,000 at 9% per year for 3 years (36 months). The monthly EMI is about ₹15,899.87. Total payment is ₹5,72,395.19 and the total interest is ₹72,395.19.
Home loan: ₹20,00,000 at 8.5% for 20 years (240 months). The EMI is about ₹17,356.46. Over the full tenure you would pay ₹41,65,551.52, of which ₹21,65,551.52 is interest. That is why the tenure matters as much as the rate.
With a flat rate, interest is charged on the full original amount for the whole tenure, so the effective cost is higher. This calculator uses reducing balance, where interest falls as you repay.
No. The result covers principal and interest only. Fees, insurance and taxes are charged separately by the lender.
Yes. Any loan with equal monthly instalments and a fixed rate follows the same formula. Enter the loan amount, the annual rate and the tenure in years.
Interest is calculated on the outstanding balance, which is highest at the start. As the balance reduces, the interest part shrinks and the principal part grows.