Free online EMI calculator
EMI means Equated Monthly Instalment: the regular monthly payment made towards a loan. This EMI calculator estimates the monthly payment from the principal (loan amount), annual interest rate and repayment period. It can help you compare hypothetical loan amounts and tenures before speaking with a lender.
How to use the EMI calculator
- Enter the loan amount in rupees, such as 500000.
- Enter the annual interest rate as a percentage, such as 9 for 9% per year.
- Enter the tenure in years, such as 5 for five years.
- Click Run tool to calculate the estimated monthly EMI, total interest and total repayment.
- Use Copy result if you want to save the estimate.
EMI calculation example
For a loan of ₹5,00,000 at an illustrative annual interest rate of 9% over 5 years (60 monthly payments), the estimated EMI is approximately ₹10,379. The exact figure shown by the calculator is based on the standard reducing-balance EMI formula and rounding to two decimal places.
How EMI is calculated
The standard monthly reducing-balance formula is:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P: principal or amount borrowed.
- r: monthly interest rate (annual rate divided by 12 and by 100).
- n: total number of monthly instalments.
When the interest rate is zero, the estimate is simply the loan amount divided by the number of monthly instalments.
What the results mean
- Monthly EMI: estimated amount paid each month.
- Total interest: estimated interest paid over the full tenure.
- Total repayment: principal plus estimated interest.
Frequently asked questions
Does this calculator guarantee the EMI offered by a bank?
No. It is an estimate. A lender's schedule may differ because of fees, insurance, rate changes, payment dates, rounding or loan-specific terms.
Does a longer tenure reduce EMI?
For the same principal and interest rate, a longer tenure usually reduces the monthly instalment but increases the total interest paid.
Does the calculator use a fixed or floating rate?
It assumes the annual interest rate you enter remains constant throughout the repayment period. It does not model changes to a floating rate.
Is this financial advice?
No. Use the result for general planning only. Check the lender's official repayment schedule, fees and terms before taking a loan.
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What can change your actual loan EMI?
A calculator estimate assumes the loan amount, interest rate and repayment period you enter. A lender's repayment schedule can differ because of processing fees, insurance, rate resets, disbursement timing, prepayments, rounding rules or a different day-count method. A floating interest rate may also change during the loan term.
Compare loan offers carefully
- Compare the annual interest rate and whether it is fixed or floating.
- Check the total interest and total repayment, not only the monthly EMI.
- Read the lender's fees, charges, prepayment and foreclosure conditions.
- Use the same principal and tenure when comparing different rates.
This calculator is an educational estimate, not a loan offer or financial recommendation. Confirm the repayment schedule and total cost with the lender before borrowing.