Finance Calculators
New
EMI Calculator
Know your EMI before you borrow.
How to use the EMI Calculator
Enter your loan amount, annual interest rate, and loan tenure. The calculator instantly shows your monthly EMI, total interest payable, and total repayment amount. Scroll down to see the full month-by-month amortization schedule.
Why calculate EMI before taking a loan?
- Know exactly how much you'll pay every month before committing
- Compare the real cost of different tenures (shorter = less interest)
- Spot high-interest loans before it's too late
- Plan your monthly budget with confidence
- Negotiate better rates with your bank using accurate numbers
EMI formula
All Indian banks use the standard reducing-balance formula: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P = principal, R = monthly rate (annual % ÷ 12 ÷ 100), N = tenure in months.
Frequently Asked Questions
- What is EMI?
- EMI (Equated Monthly Instalment) is the fixed amount you pay to a lender every month to repay a loan. It includes both the principal repayment and the interest charged for that month.
- How is EMI calculated?
- EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the principal loan amount, R is the monthly interest rate (annual rate ÷ 12), and N is the loan tenure in months.
- Does a higher loan tenure reduce my EMI?
- Yes. A longer tenure reduces the monthly EMI but increases the total interest paid over the life of the loan. Use the amortization schedule to compare the true cost of different tenures.
- Is this EMI calculator accurate for all banks?
- The calculator uses the standard reducing-balance EMI formula used by all Indian banks including SBI, HDFC, ICICI, and Axis. Some banks charge processing fees or prepayment penalties — those are not included here.
- What is an amortization schedule?
- An amortization schedule shows the breakdown of each monthly payment into principal and interest components. In the early months, more of your EMI goes toward interest. Over time, the principal portion increases.