EMI Calculator
Planning a loan? See the monthly EMI, total interest and full repayment before you sign.
–Monthly EMI
–Total interest
–Total payment
How to use
- Enter the loan amount and the annual interest rate.
- Enter the tenure and choose years or months.
- The monthly EMI, total interest and total payment update as you type.
FAQ
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay the lender every month until the loan is repaid. Each payment covers part of the loan amount (principal) and part of the interest.
How is the EMI calculated?
With the standard amortisation formula: EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments.
Does a longer tenure mean I pay less overall?
Your monthly EMI goes down, but you pay interest for more months, so the total cost of the loan goes up. This calculator shows both, so you can compare.