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EMI calculator

Work out the monthly EMI for a home, car or personal loan. See the total interest you'll pay and a year-by-year breakdown. Free, with no sign-up.

Rupees Ten Lakh Only

Monthly EMI

₹20,758.36

for 60 months

Principal
₹10,00,000.00
Total interest
₹2,45,501.31
Total you pay
₹12,45,501.31
  • Principal 80%
  • Interest 20%

Year-by-year breakdown

YearPrincipal paidInterest paidBalance left
1₹1,65,830.02₹83,270.24₹8,34,169.98
2₹1,81,386.02₹67,714.24₹6,52,783.95
3₹1,98,401.28₹50,698.98₹4,54,382.67
4₹2,17,012.69₹32,087.57₹2,37,369.98
5₹2,37,369.98₹11,730.28₹0.00

Year 1 is your first 12 payments. Your bank's figures can differ slightly because of rounding, fees and insurance.

How to use the EMI calculator

  1. Enter the amount you want to borrow.
  2. Enter the yearly interest rate your lender quotes.
  3. Enter the tenure in years or months.
  4. Read your monthly EMI, the total interest, and the year-by-year breakdown of what you repay.

A worked example

A home loan of ₹50,00,000 at 8.5% a year over 20 years has an EMI of about ₹43,391. Over the full 20 years you'd pay about ₹54,13,879 in interest, more than the loan itself. That's why even a small cut in the rate, or a few prepayments, can save a lot.

Ways to pay less interest

  • Choose the shortest tenure whose EMI you can comfortably afford.
  • Compare lenders on the full cost, including fees, not just the headline rate.
  • Make part-prepayments when you can, especially in the early years.
  • A higher down payment means a smaller loan and less interest overall.

Running a business?

Work out what to charge with the profit margin calculator, and bill customers with the free GST invoice generator.

Questions

What is an EMI?
An EMI (equated monthly instalment) is the fixed amount you pay your lender every month. Each EMI covers that month's interest plus part of the loan itself, so over time more of each payment goes to the loan and less to interest.
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (the yearly rate ÷ 12 ÷ 100) and n is the number of monthly payments. This calculator uses that formula on a reducing balance, which is how most loans in India work.
Is a longer tenure better?
A longer tenure lowers your EMI but raises the total interest. For example, ₹10 lakh at 9% costs ₹20,758 a month over 5 years (₹2,45,501 interest in total), or ₹12,668 a month over 10 years (₹5,20,109 interest). Pick the shortest tenure you can comfortably afford.
Does the EMI include processing fees or insurance?
No. Lenders often add processing fees, loan insurance and other charges on top. Ask for the total cost of the loan, not just the rate, when you compare offers.
Why is my bank's EMI slightly different?
Banks round differently, may count days rather than months for interest, and sometimes start the first EMI part-way through a month. The difference is usually small.
Will prepaying my loan help?
Usually yes. Paying extra reduces the outstanding balance, so you pay less interest over the rest of the loan. Check whether your lender charges a prepayment fee first. For floating-rate loans taken by individuals, many lenders don't.

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