How to use Loan EMI Calculator
- Enter the loan amount.
- Enter the annual interest rate and loan tenure.
- See your EMI, total interest and repayment schedule instantly.
EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments.
How to lower your EMI
A longer tenure lowers the EMI but increases total interest. A lower interest rate or a larger down payment reduces both. Prepaying part of the principal early saves the most interest.
Example: how tenure changes total interest
A loan of 25,000 at 9% costs about 519 per month over 5 years with roughly 6,100 in total interest. Stretch it to 10 years and the payment drops to about 317, but total interest more than doubles to around 13,000. Use the calculator to find the balance between a comfortable EMI and total cost.
Frequently asked questions
Does EMI include processing fees?
No. EMI covers principal and interest only. Add any processing fee or insurance separately when comparing loan offers.
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay a loan. It includes both principal and interest.
Does this work for home, car and personal loans?
Yes. Any loan with a fixed interest rate and monthly payments uses the same formula.
Last updated: · Free to use, no sign-up.