EMI Calculator

The EMI Calculator instantly computes the Equated Monthly Installment on any loan — home loan, car loan, personal loan, education loan, business loan — using the industry-standard reducing-balance formula that Indian banks, NBFCs, and global lenders use. Enter the loan principal, the annual interest rate, and the tenure in years, and the tool returns your monthly EMI, total interest paid over the life of the loan, and total repayment amount (principal plus interest). The math behind it: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12, expressed as a decimal), and n is the number of monthly instalments. Each EMI is fixed, but the split between principal and interest shifts over time — early payments are mostly interest, later ones are mostly principal. This is why prepayments in the first few years of a loan save disproportionately more interest than prepayments near the end. Use the calculator to compare offers from different lenders on an apples-to-apples basis. A 0.5% difference in interest rate on a ₹50 lakh, 20-year home loan translates to roughly ₹3–4 lakh in extra interest — worth negotiating hard for. Also use it to model tenure trade-offs: shorter tenures mean higher EMIs but dramatically less total interest, while longer tenures ease monthly cash flow at the cost of nearly doubling total interest on a long home loan. A common rule of thumb is that your total EMI outflow (home + car + personal + credit cards) should stay under 40–50% of your net monthly income. Above that, unexpected expenses, income disruptions, or interest rate hikes on floating-rate loans can push you into stress. Banks use similar Fixed Obligations to Income Ratio (FOIR) tests when approving loans. For floating-rate loans (most Indian home loans), remember that the rate can change over time as the RBI's repo rate moves. Rerun the calculator when your bank issues a rate reset to see the new EMI or new tenure. For fixed-rate personal and car loans, your EMI stays constant for the entire tenure regardless of market rate changes. The calculator assumes no prepayment or processing fees. In reality, prepaying even ₹1 lakh in the first few years of a 20-year home loan can save several lakhs in interest and shave years off the tenure. Combine this tool with the Compound Interest Calculator to see what that same prepayment would earn if invested instead, and the SIP Calculator to plan alongside your loan repayment. Everything runs client-side — your financial details never leave your browser.