EMI / Loan Calculator
Enter your loan amount, annual interest rate, and repayment period to calculate your monthly EMI (equated monthly installment), total interest paid, and total repayment.
About the EMI / Loan Calculator
EMI (Equated Monthly Installment) is the fixed monthly payment on a loan that fully repays both principal and interest over the loan term — the same figure a bank quotes you before you sign. This calculator uses the identical reducing-balance formula banks use internally, so the number you see here should match what a lender would quote for the same principal, rate, and tenure.
The formula, in plain terms
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly installments. Because it's a reducing-balance calculation, early payments are weighted more toward interest and later payments more toward principal — the same pattern you'd see on a bank's amortization schedule, even though this tool shows the summary rather than a full month-by-month breakdown.
What it doesn't include
This is pure principal-rate-tenure math. Processing fees, insurance add-ons, or prepayment penalties that a specific lender charges on top aren't included here, since those vary by institution — check with your specific lender for the full cost beyond the EMI itself.
Frequently Asked Questions
How is EMI calculated?
Using the standard reducing-balance EMI formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments — the same formula banks use.
Does this account for processing fees or other charges?
No — this calculates the EMI based purely on principal, interest rate, and tenure. Banks and lenders may add processing fees or other charges on top, so check with your specific lender for the full cost.