EMI Calculator
EMI (equated monthly installment) is the fixed amount you pay each month on a loan. This calculator uses the standard amortization formula: enter principal, annual interest rate, and tenure in years to get your EMI and total interest. Common for personal loans, vehicle loans, and home loans in many markets.
Calculate EMI
How it works
EMI = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly rate (annual ÷ 12), and n is number of monthly installments. Each payment partly goes to interest and partly to principal; over time the principal share increases.
Example: ₹3,00,000 at 9.5% for 10 years. Monthly rate = 9.5/12% ≈ 0.7917%. n = 120. EMI ≈ ₹3,882. Total paid ≈ ₹4,65,840; total interest ≈ ₹1,65,840.
When to use it
Use this before taking a loan to see the monthly burden and total interest. Compare different tenures and rates: longer tenure usually means lower EMI but higher total interest. Confirm with your bank, as they may use slightly different rounding or fees.
Frequently asked questions
- Is EMI the same as monthly payment? Yes. EMI is the fixed amount you pay each month toward principal and interest on a loan. The formula is the standard amortization formula.
- Can I use this for tenure in months? Yes. Enter tenure in years; we convert to months internally. Or use our Loan Calculator which works the same way.