Loans & EMI
EMI Calculator
Calculate loan EMI and repayment schedule
About the EMI calculator
Free EMI Calculator for home loans, personal loans & car loans. Get instant EMI calculation with detailed amortization schedule & interest breakdown.
How the maths works
EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]- P
- Principal loan amount
- R
- Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- N
- Number of monthly installments (Loan tenure in months)
A worked example
Home Loan Example
| Loan Amount | ₹50,00,000 |
| Interest Rate | 8.5% per annum |
| Tenure | 20 years |
Monthly EMI: ₹43,391
How to use it
- Enter the loan amount you need
- Input the annual interest rate offered by the lender
- Specify the loan tenure in years
- Get instant EMI calculation with detailed breakdown
What it accounts for
- Calculate exact monthly EMI amount
- View complete amortization schedule
- Understand principal vs interest breakdown
- Compare different loan scenarios
- Plan your monthly budget effectively
Why it is worth working out
- Better financial planning and budgeting
- Compare loan offers from different lenders
- Understand the total cost of borrowing
- Make informed decisions about loan tenure
Questions people ask
What exactly is an EMI, and what is inside it?
An Equated Monthly Instalment is a fixed payment that covers both interest and principal. The total stays the same every month, but the split shifts: early instalments are mostly interest, later ones mostly principal. On a 20-year home loan the first year typically repays under 3% of the principal, which is why the outstanding balance barely moves at the start.
Does a longer tenure make a loan cheaper?
It makes the monthly payment smaller and the loan more expensive. Stretching a ₹50 lakh loan at 8.5% from 15 years to 25 years cuts the EMI by roughly ₹9,000 a month but adds around ₹27 lakh of interest over the life of the loan. Choose the shortest tenure whose EMI you can comfortably sustain.
Is the processing fee included in the EMI?
No. A processing fee is a one-time charge, usually 0.25% to 2% of the loan, deducted from the disbursement or paid upfront. It does not change the EMI but it does change what the loan really costs, which is why this calculator has a separate field for it.
Why is my bank's EMI slightly different from this one?
Lenders differ in when they round, whether the first instalment covers a broken period, and whether insurance or documentation charges are folded in. Expect a difference of rupees. A difference of thousands means a charge you have not entered — ask the lender for the amortisation schedule and compare line by line.
What happens to my EMI if the interest rate changes?
On a floating-rate loan most lenders keep the EMI fixed and extend the tenure instead, so a rate rise is invisible in your bank statement but costs you years. Ask which your lender does. If the tenure would run past your retirement, insist on a higher EMI instead.
Read more on this
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This calculator is for information and education. It is not financial advice — see the disclaimer.