EMI Calculator
Calculate monthly EMI, total interest and total payment for any loan — free, instant, no signup
Monthly EMI
Total interest
Total payment
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What is this EMI Calculator?
This free EMI calculator instantly tells you the exact monthly installment (EMI) you will pay on any loan — whether it is a home loan, car loan, or personal loan. Enter just three values — your loan amount, the annual interest rate, and the loan tenure — and you get your monthly EMI, total interest payable over the entire loan period, and the total amount you will repay including principal and interest.
The calculator uses the same standard reducing-balance formula that all Indian banks (SBI, HDFC, ICICI, Axis, Kotak, and others) use to calculate EMIs. So the result you see here matches exactly what your bank will charge — before any processing fee or GST.
How to use this EMI Calculator — step by step
- Step 1: Enter your loan amount in rupees — for example, ₹5,00,000 for a personal loan or ₹50,00,000 for a home loan. The tool pre-fills ₹5,00,000 as a starting example.
- Step 2: Enter the annual interest rate your bank is offering — for example, 8.5% for a home loan or 12% for a personal loan. Check your loan offer letter for the exact rate.
- Step 3: Enter the loan tenure — the number of years or months you will take to repay. Switch between "Years" and "Months" using the dropdown.
- Step 4: Click "Calculate EMI" or just change any field — the result updates instantly. You will see your monthly EMI, total interest, and total payment.
- Step 5: Try changing the tenure to see how a longer or shorter loan period affects your monthly EMI and total interest cost — this is the most useful way to compare loan options.
Real example — Home loan of ₹30 lakh
Suppose you are taking a home loan of ₹30,00,000 at an interest rate of 8.5% per annum for 20 years.
- Monthly EMI = ₹26,035
- Total payment over 20 years = ₹62,48,400
- Total interest paid = ₹32,48,400 — more than the loan itself!
Now if you reduce the tenure to 15 years keeping everything else the same:
- Monthly EMI increases to ₹29,540 (₹3,505 more per month)
- But total interest drops to ₹23,17,200 — saving you over ₹9 lakh in interest
This is why comparing tenures before finalising a loan is so important — and exactly what this calculator is built for.
Key features
- Monthly EMI: Calculated using the standard reducing-balance formula used by all Indian banks
- Total interest: Full interest cost over the entire loan tenure
- Total payment: Principal plus all interest — the real cost of your loan
- Flexible tenure: Enter in years or months, switch any time
- Real-time: Results update instantly as you type — no button needed
- 100% private: No data is sent to any server — all calculations happen in your browser
Understanding EMI and loan repayment in India
When you take a loan in India, the bank does not ask you to repay everything at the end. Instead, you pay a fixed amount every month — called the EMI (Equated Monthly Installment) — which includes a portion of the original loan (principal) and a portion of the interest charged for that month. Over time, as your outstanding principal reduces, the interest portion of your EMI falls and the principal portion rises. This method is called the reducing-balance method, and it is used by every scheduled bank in India.
How the EMI formula works
The formula is: EMI = [P × R × (1+R)N] ÷ [(1+R)N − 1]
Where: P = Principal loan amount | R = Monthly interest rate (annual rate ÷ 12 ÷ 100) | N = Total number of monthly installments
For example, for a loan of ₹10,00,000 at 10% per annum for 5 years: R = 10 ÷ 12 ÷ 100 = 0.00833, N = 60 months. Plugging in: EMI = ₹21,247 per month. Total payment = ₹12,74,820. Total interest = ₹2,74,820.
Key factors that affect your EMI
Loan amount
Higher principal = higher EMI. Even a ₹1 lakh increase in loan amount adds roughly ₹200–₹2,000 to your monthly EMI depending on tenure and rate.
Interest rate
A 0.5% rate difference on a ₹50 lakh, 20-year home loan changes total interest by over ₹3.5 lakh. Always compare rates across banks before applying.
Loan tenure
Longer tenure = lower EMI but much higher total interest. A 5-year extension on a home loan can cost you ₹8–12 lakh extra in interest.
Reducing balance
Interest is charged only on the outstanding principal each month — not the full original amount. So your interest cost reduces every month automatically.
Prepayment
Paying even one extra EMI per year directly reduces your principal and can cut 2–3 years off your loan tenure with no extra cost (for most floating-rate loans).
EMI ranges for common loans in India (2025–26)
Home loan (₹30 lakh, 8.5%, 20 years): EMI ≈ ₹26,035/month. Total interest ≈ ₹32.5 lakh. This is why a large down payment saves a significant amount — every lakh less borrowed saves you roughly ₹868/month in EMI.
Car loan (₹8 lakh, 9%, 5 years): EMI ≈ ₹16,607/month. Total interest ≈ ₹1.96 lakh. Car loans have shorter tenures so total interest is lower even though the rate is slightly higher.
Personal loan (₹3 lakh, 14%, 3 years): EMI ≈ ₹10,249/month. Total interest ≈ ₹68,964. Personal loans carry the highest rates — always check if a secured loan (against property or FD) is available at a lower rate before choosing a personal loan.
Should you choose a shorter or longer tenure?
This is the most common question when taking a loan. The right answer depends on your monthly cash flow. If a shorter tenure EMI is less than 40% of your take-home salary, choose the shorter tenure — you save a substantial amount in interest. If the shorter tenure EMI would strain your monthly budget, go for a longer tenure but try to make 1–2 prepayments per year whenever you have surplus money. Use this calculator to run both scenarios before deciding.
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Frequently asked questions
What is EMI and how is it calculated?
EMI stands for Equated Monthly Installment — the fixed amount you pay every month to repay a loan. It is calculated using the formula: EMI = [P × R × (1+R)N] ÷ [(1+R)N − 1], where P is the principal loan amount, R is the monthly interest rate (annual rate divided by 12, then divided by 100), and N is the total number of months. For example, a ₹10 lakh loan at 10% for 5 years gives an EMI of ₹21,247. The formula ensures each EMI is equal, even though the split between principal and interest changes every month.
Can I use this for home loans, car loans and personal loans?
Yes — the EMI formula is identical for all loan types in India. Whether it is a home loan from SBI or HDFC, a car loan from a dealer's financing arm, or a personal loan from a private bank, the calculation method is the same. The only difference is the interest rate and tenure typical for each loan type. Home loans are usually 8–9.5% for 10–30 years; car loans are 7.5–10% for 1–7 years; personal loans are 10–24% for 1–5 years. Enter whichever rate and tenure applies to your specific loan offer.
What is the difference between EMI and total payment?
Your EMI is the fixed monthly amount. Total payment is EMI multiplied by the number of months — this is the full amount of money that leaves your account over the life of the loan. The difference between total payment and your original loan amount is the total interest paid. For example, on a ₹50 lakh home loan at 8.5% for 20 years, the total payment is about ₹1.04 crore — meaning you pay ₹54 lakh in interest on top of the ₹50 lakh principal. This is why comparing loan offers and tenures carefully before signing is so important.
How does loan tenure affect my EMI and total interest?
Increasing your tenure reduces your monthly EMI but significantly increases the total interest you pay over the loan period. For example, on a ₹20 lakh loan at 9%: a 10-year tenure gives EMI ₹25,335 and total interest ₹10.4 lakh; a 20-year tenure gives EMI ₹17,995 but total interest ₹23.2 lakh — more than double. The monthly saving of ₹7,340 comes at the cost of ₹12.8 lakh more in interest over 20 years. Use this calculator to see both scenarios and decide based on your monthly budget versus long-term cost.
Is this EMI calculator accurate compared to bank calculations?
Yes — this tool uses the standard reducing-balance EMI formula which is the same method used by all scheduled banks and RBI-regulated NBFCs in India. For most loans, the result will match your bank's calculation exactly. However, your actual bank statement may show minor differences due to: (1) processing fees and GST added to the first EMI, (2) rounding of paise to the nearest rupee, or (3) the exact date your loan is disbursed vs. your first EMI date. For the official repayment schedule including these adjustments, always refer to your bank's loan sanction letter.
Does prepayment reduce my EMI or tenure?
When you make a prepayment (paying extra principal before it is due), banks in India typically give you two options: reduce your monthly EMI while keeping the tenure the same, or keep your EMI the same but reduce the remaining tenure. Most financial advisors recommend keeping the EMI the same and reducing tenure — this saves more on total interest. For example, a single prepayment of ₹1 lakh on a ₹30 lakh, 20-year loan at 8.5% can cut the tenure by approximately 14–16 months and save over ₹1.8 lakh in interest. This calculator shows your base EMI; for prepayment scenarios, adjust the loan amount or remaining tenure manually.
Does this calculator store my loan details?
No — absolutely nothing you enter is stored or transmitted anywhere. All calculations run entirely inside your browser using JavaScript. We have no access to your loan amount, interest rate, or tenure figures. You can verify this by turning off your internet connection after the page loads — the calculator continues to work perfectly offline because it does not contact any server to perform calculations.