EMI Calculator — Loan EMI, Monthly Payment & Interest CalculatorEMI = [P × R × (1+R)ᴺ] / [(1+R)ᴺ−1] · Home · Car · Personal · Education Loans
Use this free EMI Calculator to instantly compute your Equated Monthly Installment (EMI) — the fixed monthly payment made to repay a loan comprising both principal repayment and interest charges — using the standard EMI formula: EMI = [P × R × (1+R)ᴺ] / [(1+R)ᴺ − 1] — where P is the loan principal amount, R is the monthly interest rate (annual rate ÷ 12), and N is the loan tenure in months. Enter your loan amount, annual interest rate, and repayment tenure to instantly calculate your monthly EMI, total interest payable, total repayment amount, and a complete loan amortization schedule showing the principal vs interest breakdown for every month of your loan repayment period.
This online EMI calculator supports all major loan types used in India and globally: home loan EMI & mortgage repayment calculation · personal loan EMI & unsecured credit planning · car loan & vehicle finance EMI calculation · education loan EMI & student loan repayment planning · business loan & MSME working capital loan EMI · loan against property (LAP) & gold loan EMI. Beyond the basic EMI calculation, use this tool to compare loan offers from SBI, HDFC, ICICI, Axis Bank, and other leading lenders, evaluate the impact of prepayment and part-payment on total interest savings, and optimize your loan tenure vs EMI amount tradeoff for the most cost-effective borrowing strategy.
⚠ Financial Disclaimer: This EMI calculator provides estimates for informational and planning purposes only. Actual EMI amounts may vary based on lender-specific compounding frequency, loan processing fees and GST, prepayment penalty charges, floating vs fixed interest rate structure, RBI repo rate revisions, and credit score-based interest rate adjustments. Always obtain a detailed loan sanction letter and amortization schedule from your lender before finalizing any loan agreement. Consult a licensed financial advisor, loan officer, or certified financial planner (CFP) for personalized debt management and loan planning advice.
Related Loan & Finance Calculators
EMI Calculator — Break Down Every Rupee of Your Loan Before Committing
EMI (Equated Monthly Installment) is the fixed monthly payment that covers both principal repayment and interest on a loan over a defined tenure. The formula looks simple but the math is non-trivial — the interest component of each EMI decreases over time as principal is repaid, while the principal component grows. A ₹10 lakh loan at 10% for 5 years produces an EMI of ₹21,247, with the first payment being 71% interest and the last payment being 99% principal. The EMI calculator shows this shift month by month.
Tenure selection is where borrowers make the most consequential trade-off. A longer tenure reduces the EMI but dramatically increases total interest paid. A ₹20 lakh home loan at 8.5% for 10 years has an EMI of ₹24,797 and total interest of ₹9.76 lakh. Extending to 20 years drops the EMI to ₹17,356 but total interest balloons to ₹21.65 lakh — more than the original loan amount. The calculator makes this trade-off concrete before you choose a tenure.
Prepayment impact is the most powerful use of the EMI calculator. Making one additional EMI payment per year on a 20-year loan reduces the tenure by approximately 4 years and saves substantial interest. A ₹50,000 lump sum prepayment in year 3 of a ₹30 lakh loan saves far more interest than a ₹50,000 prepayment in year 15, because early prepayments eliminate the compounding interest on that principal for all remaining years. Calculate the exact savings before deciding when to prepay.