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What is EMI?

An Equated Monthly Instalment (EMI) is the fixed amount a borrower pays to a lender on a specified date each month. EMIs are used to repay both the principal and the interest on a loan over a defined period.

EMI calculations apply to home loans, personal loans, car loans, education loans, and business loans. Understanding your EMI helps you plan finances and choose the right loan tenure.

EMI Formula Explained

Standard EMI Formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

P = Principal loan amount R = Monthly interest rate N = Number of monthly instalments

How to Use This Calculator

Enter Loan Amount

Input the total loan amount you wish to borrow (principal).

Enter Interest Rate

Provide the annual interest rate offered by your bank or lender.

Select Loan Tenure

Enter the repayment duration in months (e.g. 60 months = 5 years).

View Full Breakdown

Get your monthly EMI, total interest payable, and total repayment amount instantly.

Loan Planning Tips

A longer tenure lowers EMI but increases total interest paid.
A shorter tenure means higher EMI but less overall interest.
Compare multiple tenures to find the right balance for your budget.
Pre-paying a lump sum reduces your outstanding principal and future interest.

Try GST Calculator

Calculate Your EMI

Fill in your loan details for an instant result.

Loan Amount (₹) *

Annual Interest Rate (%) *

Loan Tenure (Months) *

1 year = 12 months 5 years = 60 months 10 years = 120 months

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EMI Calculator