EMI Calculator
Use this EMI calculator to find the fixed monthly instalment for any reducing-balance loan — home loan, car loan, personal loan, gold loan or business loan. Enter the loan amount, the annual interest rate offered by your bank and the tenure in years, and you instantly get the EMI, the total interest you will pay and the total amount repaid.
EMI Calculator
How this calculator works
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P = loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100) and n = number of monthly instalments.
- Works for any reducing-balance loan where the interest rate stays fixed.
- Total interest = (EMI × number of months) − loan amount.
- A longer tenure lowers the EMI but increases the total interest you pay.
- Banks may add processing fees, insurance and GST that are not part of the EMI.
Frequently asked questions
How is EMI calculated?
EMI uses the reducing-balance formula EMI = P × r × (1+r)^n / ((1+r)^n − 1). P is the principal, r is the monthly rate and n is the number of months. Each instalment contains an interest part and a principal part; the interest part shrinks every month.
Does prepaying a loan reduce the EMI?
Usually the bank keeps the EMI the same and shortens the tenure, which saves the most interest. You can also ask the bank to reduce the EMI and keep the tenure — ask which option they apply before prepaying.
Is this EMI calculator accurate for my bank?
The mathematics is the same at every bank, so the EMI will match closely. Small differences appear because of the exact disbursal date, daily/monthly rest calculation and fees such as processing charges or insurance.
Are my numbers stored anywhere?
No. The calculation runs entirely in your browser and nothing you type is sent to our server.
Disclaimer: results are estimates for planning only. Interest rates, tax slabs and government charges change — confirm the final figure with your bank, employer or the official government portal before you act on it.