Loan EMI Calculator
Your monthly instalment, total interest, and total payable — for any loan amount, rate, and tenure.
How the EMI is calculated
Every equated monthly instalment is worked out with the standard reducing-balance formula:
EMI = P × r × (1 + r)ⁿ ÷ [ (1 + r)ⁿ − 1 ]
Here P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of months. Total payable is the EMI multiplied by the number of months, and the interest is simply that total minus the amount you borrowed.
FAQ
What is an EMI?
An Equated Monthly Instalment is the fixed amount you pay each month until the loan is cleared. Early payments are mostly interest; later ones are mostly principal.
Does a longer tenure lower my EMI?
Yes — spreading the loan over more months reduces each payment, but you pay more total interest because you owe the balance for longer.
Is this figure exact for my bank?
It's the standard reducing-balance EMI. Your lender may add processing fees, insurance, or use a slightly different rounding, so treat it as a close estimate.