EMI Calculator

Work out the monthly instalment on any loan. See your EMI, the total interest you will pay over the tenure, and a clear year-by-year breakdown of principal versus interest.

A loan of ₹25,00,000 at 8.5% for 20 years has a monthly EMI of about ₹21,696 — over the full tenure you repay ₹52.07 L, of which ₹27.07 L is interest.

₹
₹50K ₹10Cr
%
1% 24%
Yr
1 30

How the EMI Calculator works

An Equated Monthly Instalment keeps your repayment fixed across the whole tenure, so you can budget with certainty. Each instalment is split into two parts: interest on the outstanding balance and a repayment of principal. In the early years most of your EMI goes towards interest; as the balance shrinks, the principal portion grows. This calculator builds that full amortisation schedule for you.

The EMI formula

  • EMI = P × r × (1 + r)n / ((1 + r)n − 1)
  • P — loan principal
  • r — monthly interest rate (annual rate ÷ 12 ÷ 100)
  • n — total number of monthly instalments (years × 12)

Tenure versus total interest

Stretching a loan over more years lowers the monthly outgo but inflates the total interest you pay, because you owe the principal for longer. Shortening the tenure does the opposite. The donut above shows exactly how much of your total payment is interest — aim to keep that slice as small as your cash flow allows, and prepay whenever you can spare a lump sum.

Frequently asked questions

What is EMI and how is it calculated?
EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until the loan is repaid. It is calculated as EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Early EMIs are interest-heavy; later ones repay more principal.
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers your monthly EMI because the principal is spread over more months. However, you end up paying significantly more total interest. A shorter tenure means a higher EMI but a lower overall interest cost. Use the tenure slider to find a balance your monthly budget can sustain.
How does prepayment affect my loan?
Prepaying reduces your outstanding principal, which directly cuts the interest charged on all future EMIs. Prepaying early in the tenure saves the most, because that is when the interest component is highest. RBI rules prohibit prepayment penalties on floating-rate loans taken by individuals.
What is a good interest rate for a loan in India?
Rates depend on the loan type and your credit profile. As a rough guide, home loans run around 8.3–9.5%, car loans 9–11%, and personal loans 11–24%. A CIBIL score above 750 helps you negotiate the lower end of the band.
When I prepay, should I reduce my EMI or shorten the tenure?
Reducing the tenure while keeping the EMI the same saves you the most interest, because you clear the principal faster. Lowering the EMI eases monthly cash flow but you keep paying interest over the original term. If your budget can absorb the current EMI, opt for tenure reduction.
How does my CIBIL score affect my loan EMI?
Your CIBIL score (300–900) directly influences the interest rate a lender offers. A score above 750 usually fetches the best rates, while a lower score means a higher rate — and a higher EMI — or outright rejection. Even a 0.5% rate difference on a large, long-tenure loan can change your total interest by lakhs.
What charges apply when I take or foreclose a loan?
Lenders typically charge a processing fee of 0.5–2% of the loan amount, plus GST, at disbursal. For floating-rate loans to individuals, RBI prohibits foreclosure and prepayment penalties; fixed-rate loans may carry a foreclosure charge of 2–5% of the outstanding principal. Always read the sanction letter for documentation, stamping and legal charges too.
What happens if I miss an EMI payment?
A missed EMI attracts late-payment penalties and bounce charges, and the default is reported to credit bureaus, which dents your CIBIL score. Repeated defaults can lead the lender to classify the loan as an NPA and initiate recovery. If you anticipate trouble, contact your lender early to request restructuring or a revised schedule.

Related calculators

Home Loan Calculator
Work out home loan EMI and lifetime interest on your mortgage.
Car Loan Calculator
Estimate car loan EMI and total cost of your vehicle finance.
SIP Calculator
Project the future value of your monthly mutual fund SIP investments.
Lumpsum Calculator
Estimate returns on a one-time lumpsum mutual fund investment.
Browse all calculators

The results shown are estimates for illustration only, based on the inputs and assumptions you provide. Actual returns, interest, and tax depend on market conditions, prevailing rates, and applicable laws, which change over time. This is not investment, tax, or financial advice — please consult a qualified advisor before making decisions.

Monthly EMI
₹21,696
Total interest
₹27.07 L