EMI Calculator
Calculate your monthly loan EMI, total interest payable, and total repayment amount.
Enter the loan amount, annual interest rate, and loan tenure.
Loan amount
Annual interest rate
Loan tenure
How is EMI calculated?
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay every month toward a loan.
Here, P is the loan principal, R is the monthly interest rate, and n is the total number of monthly payments.
EMI example
Suppose you borrow 500,000 at an annual interest rate of 10% for 5 years.
The loan tenure is 60 months.
Your monthly EMI will be approximately 10,624.
Estimated monthly EMI: about 10,624
What affects your EMI?
Loan amount
A higher loan amount generally results in a higher monthly EMI, assuming the interest rate and tenure stay the same.
Interest rate
A higher interest rate increases the EMI and can also significantly increase the total interest paid over the loan period.
Loan tenure
A longer tenure usually lowers the monthly EMI because repayment is spread across more months. However, it may increase the total interest paid over the life of the loan.
FAQ
Frequently asked questions
What is EMI?
EMI is the fixed monthly payment made toward repaying a loan, including both principal and interest.
Does a longer loan tenure reduce EMI?
Usually yes. A longer tenure spreads repayment across more months, which lowers the monthly EMI but may increase the total interest paid.
Can EMI be calculated with 0% interest?
Yes. With zero interest, the loan amount is simply divided by the number of monthly payments.
Does this calculator include processing fees?
No. This calculator estimates EMI using the loan amount, interest rate, and tenure only. Processing fees, insurance, taxes, and other charges are not included.