EMI Calculator — Calculate Your Monthly Loan Payment
Calculate your loan EMI instantly. Free online EMI calculator for home, car & personal loans. Enter loan amount, interest rate & tenure to get monthly EMI.
How to Use
- Enter your loan amount (principal) in the first field.
- Enter the annual interest rate charged by your bank or lender.
- Enter the loan tenure in months and click Calculate to see your monthly EMI, total interest, and total repayment.
Formula
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
Where: P = Principal loan amount
r = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
n = Loan tenure in months
Example Calculation
Example: ₹5,00,000 loan at 8.5% p.a. for 5 years (60 months)
| Parameter | Value |
|---|---|
| Loan Amount (P) | ₹5,00,000 |
| Annual Interest Rate | 8.5% |
| Monthly Rate (r) | 8.5 ÷ 12 ÷ 100 = 0.00708 |
| Tenure (n) | 60 months |
| Monthly EMI | ₹10,246 |
| Total Interest | ₹1,14,780 |
| Total Repayment | ₹6,14,780 |
Why choose SIP?
Why choose SIP?
Frequently Asked Questions
EMI stands for Equated Monthly Instalment. It is a fixed amount paid by a borrower to a lender every month on a fixed date. It includes both the principal and interest components of the loan.
EMI is calculated using the formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P = principal, r = monthly interest rate, and n = number of monthly instalments.
Yes. A longer tenure reduces your monthly EMI but increases the total interest paid over the life of the loan. A shorter tenure means higher EMI but lower total interest.
Missing an EMI attracts penalty charges (typically 1–2% per month on the overdue amount) and negatively impacts your CIBIL/credit score.
Yes. Most banks allow part-prepayment after a lock-in period. Prepayment reduces either your EMI or your remaining tenure, saving you significant interest.
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