EMI Calculator
Calculate your loan EMI, total interest and a year-by-year repayment schedule - instantly and free.
| # | Principal | Interest | EMI | Balance |
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Yearly summary. Figures are indicative; your lender's rounding may differ.
Formula: EMI = P × r × (1+r)n / ((1+r)n − 1), where P = principal, r = monthly rate (annual ÷ 12 ÷ 100), n = months.
How EMI is calculated
An Equated Monthly Instalment (EMI) is the fixed amount you pay your lender every month until a loan is fully repaid. It has two parts — interest and principal. Early EMIs are mostly interest; later ones are mostly principal.
The formula
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
- P — principal (loan amount)
- r — monthly interest rate = annual rate ÷ 12 ÷ 100
- n — number of monthly instalments (tenure in months)
Worked example
For a loan of ₹10,00,000 at 9% per annum for 5 years (60 months): the monthly rate r = 9 ÷ 12 ÷ 100 = 0.0075. Plugging into the formula gives an EMI of about ₹20,758, a total payment of about ₹12,45,500, and total interest of about ₹2,45,500.
Assumptions
- Interest is calculated on a monthly reducing balance (how most Indian retail loans work).
- The interest rate is fixed for the whole tenure.
- Processing fees, insurance, GST and prepayment charges are not included.
- The amortization table is a yearly summary; your lender’s day-count and rounding may differ by a few rupees.
Frequently asked questions
What is an EMI?
An EMI (Equated Monthly Instalment) is the fixed monthly payment that repays both the interest and part of the principal of a loan over a set tenure.
Does this calculator store my numbers?
No. The calculation runs entirely in your browser. We do not send or store your loan amount, rate or tenure.
Is the interest reducing balance or flat?
This calculator uses the reducing-balance method, which is how banks and NBFCs price most home, car and personal loans in India. Flat-rate loans produce a higher effective cost.
Why is my bank’s EMI slightly different?
Lenders differ in day-count conventions and rounding, and may add fees, insurance or GST. Treat this figure as an accurate planning estimate, not a sanctioned quote.
Can I prepay to reduce interest?
Yes. Prepaying reduces the outstanding principal, which lowers future interest. Check your loan agreement for any prepayment charges.