About the EMI calculator
An EMI (Equated Monthly Installment) calculator tells you the fixed amount you'll repay each month on a loan. Enter the loan amount, interest rate and tenure, and the calculator instantly shows your monthly EMI along with the total interest and total payment over the life of the loan.
How EMI is calculated
EMI is computed using the standard reducing-balance formula:
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
- P - principal (loan amount)
- r - monthly interest rate (annual rate ÷ 12 ÷ 100)
- n - loan tenure in months
How to use this calculator
- Drag the loan amount slider or type the exact figure.
- Set the annual interest rate offered by your bank.
- Choose the tenure in years or months.
- Read your EMI, total interest and total payment - updated instantly.
Tips to lower your EMI
- Make a larger down payment to reduce the principal.
- Negotiate a lower interest rate or switch to a cheaper lender.
- Choose a longer tenure for a smaller EMI (you'll pay more interest overall).
- Prepay whenever you have surplus cash to cut total interest.