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EMI Calculator

Plan your loan better. Enter the details below to instantly see your monthly EMI.

Your Monthly EMI
₹0
Total Interest Payable₹0
Total Payment (Principal + Interest)₹0

What is an EMI?

EMI stands for Equated Monthly Instalment — the fixed amount you pay your lender every month until your loan is fully repaid. Each EMI has two parts: a portion that reduces your loan principal, and a portion that pays the interest. In the early years of a loan, most of your EMI goes toward interest; toward the end, most of it reduces the principal.

How is EMI calculated?

Banks and NBFCs in India use the reducing-balance 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 instalments. Our calculator above applies this exact formula, so the result matches what your bank will quote.

Tips to lower your EMI burden

  • Make a bigger down payment — borrowing less is the simplest way to pay less interest.
  • Choose a shorter tenure if you can afford a slightly higher EMI; you save a lot in total interest.
  • Compare lenders — even a 0.5% difference in interest rate matters on large home loans.
  • Prepay when possible — most floating-rate loans in India allow part-prepayment without penalty.

Frequently asked questions

Does the EMI stay the same for the whole loan?

For fixed-rate loans, yes. For floating-rate loans (common for home loans in India), your EMI or tenure can change when the RBI changes repo rates and your bank revises its lending rate.

What is a good EMI-to-income ratio?

Financial planners generally suggest keeping total EMIs under 40% of your monthly take-home income so you still have room for savings and emergencies.

Is processing fee included in this calculation?

No. Processing fees, GST on fees, and insurance are charged separately by lenders and are not part of the EMI formula. Ask your bank for the full cost sheet.

Can I use this for car and personal loans too?

Yes. The EMI formula is the same for home loans, car loans, personal loans and education loans — only the interest rate and tenure differ.