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EMI Calculator

Work out your monthly loan payment, total interest and total payable with this free EMI calculator. Enter the loan amount, annual interest rate and tenure — your EMI and a full amortization schedule update instantly. Whether it's a home loan, car loan or personal loan, you get an accurate reducing-balance estimate in seconds, entirely in your browser.

Loan amount

Annual interest rate (%)

Tenure (years)

Tenure (extra months)

What is an EMI?

EMI stands for Equated Monthly Instalment — the fixed amount you repay a lender each month until a loan is settled. Every payment is equal, so it is easy to budget. What changes inside each instalment is the split between interest and principal: early on, most goes to interest and only a little reduces what you borrowed. As the balance falls, the interest shrinks and more of your payment clears the principal. That is the reducing-balance method lenders use. This calculator uses that same formula, so the monthly figure, total interest and total repayment are close to a lender's quote.

Example

Take a loan of ₹1,00,000 at 9% a year for 5 years (60 months). The calculator returns an EMI of ₹2,076 a month, total interest of ₹24,550 and a total repayment of ₹1,24,550. The schedule below shows the same break-down month by month — payment #1 is mostly interest, and the principal share grows each instalment.

Who is this EMI calculator for?

Anyone borrowing money in India can use this EMI calculator, but it is especially useful if you are planning a loan and want a clear monthly figure before you sign.

Students and young adults: Taking out a first education loan, bike loan or personal loan is a big step. This EMI calculator for students and young adults shows exactly what the monthly instalment will be, so you can check it against a part-time income or a starting salary before you commit.
Couples: When you buy a home together, the house loan EMI is usually the single biggest monthly outflow. Use the EMI calculator for couples to split the monthly payment, compare tenures and see how a joint budget holds up.
Salaried professionals: A personal loan, car loan or top-up loan has to fit your monthly take-home. The EMI calculator for salaried professionals helps you decide a comfortable amount and tenure, so the monthly outgo never crowd out rent, groceries or savings.
Retirees: If you are taking a loan against your pension or fixed deposits, the EMI has to come from a fixed monthly income. This EMI calculator for retirees lets you check that every instalment stays within budget for the whole tenure.

EMI amortization by year

This table breaks the same example — ₹1,00,000 at 9% for 5 years, EMI ₹2,076 a month — down into yearly totals, so you can see interest and principal paid each year and the balance still owed. Interest dominates in the early years; the share that clears the principal grows with every instalment.

Year	Interest paid	Principal repaid	Balance at year-end
1	₹8,327	₹16,583	₹83,417
2	₹6,771	₹18,139	₹65,278
3	₹5,070	₹19,840	₹45,438
4	₹3,209	₹21,701	₹23,737
5	₹1,173	₹23,737	₹0
Total	₹24,550	₹1,00,000	—

Common use cases

Home loan borrowers checking how tenure or rate changes affect the monthly outgo.
Car and personal loan shoppers comparing lender offers.
Budgeting, so you know what a loan really costs before signing.
Planning a prepayment or balance transfer to cut total interest.

Pro tips

A longer tenure lowers the EMI but raises total interest — pick the shortest you can afford.
Even a 0.5% rate shift can save a lot — negotiate the rate before you commit.
Prepaying extra early attacks the principal and shortens the loan.
Use the schedule to see when interest stops dominating each payment.

How to use this EMI calculator

Enter the loan amount you want to borrow.
Enter the annual interest rate (the rate your lender quotes).
Enter the tenure in years (and any extra months).
Click Calculate EMI to see your monthly instalment, total interest and total payable.

Amounts are formatted for easy reading (lakhs/crores supported). Everything is computed in your browser — nothing is uploaded.

EMI formula (reducing balance)

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

P = principal (loan amount)
r = monthly interest rate (annual ÷ 12 ÷ 100)
n = number of months (years × 12)

Example: a loan of 1,00,000 at 9% for 5 years gives a monthly EMI of about ₹2,076.

Amortization schedule

Month	Payment	Interest	Principal	Balance

EMI Calculator FAQs

What is EMI?

EMI (Equated Monthly Instalment) is the fixed amount you repay each month, covering both interest and a portion of the principal, until the loan is paid off.

How is EMI calculated?

With the reducing-balance formula: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly rate (annual ÷ 12 ÷ 100) and n is the months.

Why is my EMI mostly interest at the start?

Early on the balance is at its highest, so more of each payment is interest; as it falls, more goes to principal.

Does a longer tenure lower my EMI?

Yes. Spreading the loan over more months lowers each EMI, but total interest rises because you pay it for far longer. Shorter tenures mean higher EMIs and less interest.

Does the interest rate affect the EMI a lot?

Yes. Because interest compounds across many months, even a one-point rate rise increases both the monthly EMI and total interest.

How do I reduce my EMI?

Increase your down payment to shrink the principal, negotiate a lower rate, extend the tenure or refinance. Prepaying extra also cuts interest, though it can raise the EMI unless the tenure shortens.

What is the difference between EMI and flat interest?

EMI uses the reducing balance, charging interest only on the amount outstanding. Flat interest charges the same fixed sum on the full principal for the whole term, so flat-rate loans cost far more.

What is an amortization schedule?

A table showing, month by month, how much of each EMI is interest, how much is principal and the balance left. It helps you plan prepayments.

Does prepayment reduce total interest?

Yes. Paying extra toward principal lowers the balance interest is charged on, so you pay less interest and finish the loan sooner.

Is this EMI calculator free and private?

Yes. It runs entirely in your browser, needs no signup, and your loan details never leave your device.