About the EMI Calculator

The EMI Calculator shows how much you will pay every month on a loan and how much interest you will pay in total. EMI stands for equated monthly instalment, the fixed amount you repay each month until the loan is cleared.

Try different loan amounts, interest rates and tenures before you visit a bank. Seeing how a longer tenure lowers the monthly payment but raises the total interest helps you pick a loan that fits your budget.

How to use the EMI Calculator

Enter the loan amount in your own currency.
Enter the yearly interest rate as a percentage.
Enter the loan tenure and choose whether it is in years or months.
Press Calculate EMI, then open the repayment schedule to see each month’s principal, interest and remaining balance.

How it works

The calculator uses the standard reducing-balance formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the monthly interest rate (the yearly rate divided by 12 and by 100) and n is the number of monthly payments. Each month the interest is charged on the balance still owed, so early payments are mostly interest and later payments are mostly principal.

Processing fees, insurance and late charges are not included, so your lender’s figure may differ slightly.

Frequently asked questions

Does this work for home, car and personal loans?

Yes. Any loan repaid in equal monthly instalments on a reducing balance can be calculated this way.

What is the difference between a flat rate and a reducing rate?

A flat rate charges interest on the full original amount for the whole term, while a reducing rate charges it only on the outstanding balance. A flat rate looks lower but usually costs more. This tool uses a reducing rate.

How can I reduce the total interest?

Choose a shorter tenure, make a larger down payment, or make extra repayments when you can. Even a small increase in the monthly payment can shorten the loan noticeably.