EMI Calculator
Enter the loan amount, interest rate and tenure to see your monthly EMI, total interest and total payment.
How to use EMI Calculator
- Enter the loan amount, interest rate and tenure in months.
- Your monthly EMI, total interest and total payment are calculated automatically.
Frequently asked questions
How is EMI calculated?
EMI = [P × r × (1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments. It's the standard reducing-balance formula banks use.
Why is the total interest so much higher than I expected on a long tenure?
Interest compounds on the outstanding balance every month, and early payments are mostly interest with only a small part going toward principal — the longer the tenure, the more total interest accumulates even at the same rate.
Does this account for processing fees or prepayment penalties?
No — it calculates pure EMI from principal, rate, and tenure. Fees, insurance, and prepayment charges vary by lender and aren't included.
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