EMI Calculator
Calculate your monthly loan EMI, total interest and repayment schedule.
EMI Estimator
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Indicative rates only. Actual rates depend on the lender and borrower.
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Loan Repayment Summary
Loan Balance Over Time
Principal vs Interest by Year
Amortization Schedule
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What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount a borrower generally pays every month towards repayment of a loan. Each EMI consists of a principal component and an interest component.
How is EMI calculated?
- P = Loan amount
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Number of monthly instalments
Frequently Asked Questions
EMI stands for Equated Monthly Instalment — a fixed monthly payment made towards repaying a loan, made up of a principal portion and an interest portion.
EMI is calculated using the reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate and n is the number of instalments.
For a fixed-rate loan, the EMI stays constant for the full tenure. For a floating-rate loan, the lender may revise the EMI or the tenure when the benchmark interest rate changes.
Principal is the original amount borrowed. Interest is the cost charged by the lender for lending that amount. Every EMI repays a part of both.
Yes. Standard EMIs in India are calculated on a reducing (or diminishing) balance basis — interest is charged only on the outstanding principal for that month, not on the original loan amount.
Yes. Prepaying a lump sum or paying extra EMIs reduces the outstanding principal faster, which lowers both the total interest paid and, typically, the remaining tenure.
A longer tenure lowers your monthly EMI but increases the total interest paid over the life of the loan, since interest accrues for a longer period.
A shorter tenure usually means less total interest, but a higher EMI. Whether it’s “better” depends on your monthly cash flow and other financial priorities.
An amortization schedule is a month-by-month (or year-by-year) breakdown of each loan payment, showing how much goes towards principal, how much towards interest, and the remaining balance.
EMI is the fixed monthly payment amount. Total interest is the sum of all the interest components across every EMI paid over the full loan tenure.