Home › Tools

EMI Calculator

Enter loan amount, interest rate and tenure to see your monthly EMI and total interest instantly.

Loan Amount (₹) Annual Interest Rate (%) Loan Tenure (years)

How to use the EMI Calculator

Enter the Loan Amount you plan to take — for example ₹10,00,000.
Enter the Annual Interest Rate your bank quoted — for example 8.5.
Enter the Loan Tenure in years — home loans run 20–30 years, car loans 5–7, personal loans 1–5.
Press Calculate EMI — see your monthly EMI, total interest, total payment and the interest share.

How EMI is calculated

Your EMI stays the same every month, but its composition changes. Early EMIs are mostly interest; later ones are mostly principal. The formula is EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r is the monthly rate (annual ÷ 12 ÷ 100) and n is months.

Example: ₹10,00,000 at 8.5% for 20 years → EMI ≈ ₹8,678, total interest ≈ ₹10,82,776. Yes — on a 20-year loan you pay more interest than principal. That is why tenure decisions matter so much.

Tenure trade-off: the golden rule

Tenure	EMI (₹10L @ 8.5%)	Total interest
10 years	₹12,399	₹4.87 lakh
15 years	₹9,847	₹7.72 lakh
20 years	₹8,678	₹10.83 lakh
30 years	₹7,689	₹17.68 lakh

Shorter tenure = higher EMI but dramatically less total interest. Choose the shortest tenure whose EMI stays under ~40% of your monthly income.

Ways to reduce what you pay

Prepay early: in the first years, one extra EMI per year can cut years off a home loan. Confirm your loan has no prepayment penalty (floating-rate home loans in India legally cannot charge one).

Negotiate the rate: even 0.25% less on a 20-year loan saves thousands. Compare banks before signing, and ask your existing bank to match offers.

Refinance when rates fall: balance transfer to a cheaper lender often makes sense if you are early in the loan.

Frequently asked questions

What is EMI?

EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. Each EMI contains both interest and principal in proportions that shift over time.

Will my EMI change if interest rates change?

For floating-rate loans, yes. When rates change, the bank either adjusts your EMI or your tenure. This calculator shows the EMI at a constant rate.

Is prepaying a loan always good?

Usually yes early in the loan when the interest component is largest. Compare your loan rate with what your savings can safely earn — prepaying is effectively earning the loan rate risk-free.

How much EMI is safe?

A common guideline is to keep all EMIs below 40–50% of your take-home income, leaving room for expenses and emergencies.

Is this EMI calculator free?

Yes — unlimited free calculations, no sign-up, and nothing is stored.

Related tools

You might also find these useful: