EMI Calculator
Calculate monthly EMI, total interest, and total payment for loans.
Overview
The EMI Calculator uses the standard reducing-balance formula to compute your monthly installment, total interest payable, and total repayment amount. This is the same formula used by most banks and NBFCs in India for personal loans, home loans, auto loans, and education loans. It helps you compare loan offers and plan cash flow before signing an agreement.
Common use cases
- Compare EMI across multiple loan offers before choosing a lender.
- Understand how tenure affects total interest paid.
- Plan monthly cash flow around a proposed loan.
- Estimate affordability before applying for credit.
Examples and notes
- A ₹5,00,000 loan at 10% annual rate for 36 months gives an EMI of approximately ₹16,134.
- Extending tenure from 36 to 60 months lowers EMI but increases total interest significantly.
- A higher rate of 14% on the same principal increases total repayment by thousands compared to 10%.
Important note
Actual lender EMI may differ due to processing fees, GST on charges, insurance premiums, or rounding methods. Always check the loan sanction letter for the final amortisation schedule.
Frequently Asked Questions
Is interest calculated on reducing balance?
Yes. The standard reducing-balance (flat EMI) formula is used, which is the method most Indian banks apply.
Can I enter tenure in years?
The input takes months. Multiply years by 12 — for example, 3 years = 36 months.
Why does my actual bank EMI differ slightly?
Banks may add processing fees, insurance, GST on charges, or use rounding rules that are not reflected here. This tool gives the pure mathematical EMI.
How does interest rate affect total repayment?
Even a 1–2% rate difference on a long-tenure loan significantly increases total interest. Use this tool to compare scenarios before finalising a lender.