EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home, car or personal loans from the amount, interest rate and tenure. Popular in India.
Amortization schedule (first 12 months + total)
Full amortization? Loan calculator · lump-sum FD: FD calculator · goal: Savings goal.
How to use
Enter loan amount, rate and tenure. Add processing fee for the effective principal banks actually finance. For full amortization tables and prepayment scenarios, use the loan calculator.
EMI (Equated Monthly Instalment) follows the standard reducing-balance formula used by banks: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r the monthly rate (annual ÷ 12 ÷ 100) and n the number of months. Early instalments are interest-heavy; the principal share grows over time — the amortization table below the result shows that shift month by month. All computation happens locally.
This is an estimate for information only, not professional advice. Banks may add processing fees, insurance and prepayment rules that change the effective cost; the advertised "flat rate" loans common in vehicle finance are NOT comparable to reducing-balance rates (a 10% flat rate roughly equals 17–18% reducing). Verify final terms in your loan agreement. Last verified: July 2026.
FAQ
Worked example — ₹5,00,000 at 9% for 5 years?
r = 0.75% monthly, n = 60: EMI ≈ ₹10,379, total payment ≈ ₹6,22,750, total interest ≈ ₹1,22,750. The tool reproduces this to the rupee with the standard formula.
Why does so little principal reduce in the first year?
Interest is charged on the outstanding balance, which is largest at the start. On the example above, the first EMI contains ₹3,750 interest and only ₹6,629 principal; by the final year it flips.
Flat rate vs reducing rate — what’s the trap?
A flat rate charges interest on the original principal for the whole tenure. 10% flat over 5 years costs about the same as ~17.5% reducing. Always compare loans by EMI and total interest, not by the quoted rate type.
How much does part-prepayment save?
Paying extra directly cuts the outstanding principal, so all future interest is computed on less. Use the prepayment field to see the interest saved and months shortened; savings are largest early in the tenure.