Estimate only. Actual lender schedules can differ because of fees, dates, insurance, taxes and rounding.
How the EMI calculator works
This loan EMI calculator estimates your monthly payment from the loan amount, annual interest rate and repayment period. It also shows estimated total interest and total repayment.
What affects your EMI
Your principal, monthly interest rate and number of monthly payments determine the EMI. A longer tenure can reduce the monthly EMI but usually increases total interest paid.
Home, car and personal loans
Use the calculator for an initial comparison of home loans, car loans and personal loans in India. Compare the result with the lender's official repayment schedule before making a financial decision.
EMI formula
For a standard fixed-rate loan with monthly repayments, the reducing-balance EMI formula is:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P is the original principal, r is the monthly interest rate expressed as a decimal (annual rate ÷ 12 ÷ 100), and n is the total number of monthly instalments. If the interest rate is zero, the estimated EMI is principal divided by the number of instalments.
Worked example: ₹5 lakh over five years
For a ₹5,00,000 loan at 10% annual interest over 60 months, the monthly rate is about 0.8333%. The estimated EMI is about ₹10,624, total repayment is about ₹6,37,411, and total interest is about ₹1,37,411. Your displayed result may differ by a rupee or two due to rounding.
How tenure changes the cost
A longer tenure generally lowers the monthly instalment but increases the number of months on which interest is paid. A shorter tenure generally raises the EMI while reducing total interest, assuming the same rate and repayment method. Compare both the monthly payment and total repayment rather than choosing a loan based on EMI alone.
This estimate assumes a fixed annual rate and regular monthly payments. Processing fees, insurance, rate changes, prepayments, lender-specific day-count rules and payment dates can change the actual schedule. Confirm the lender's Key Facts Statement and repayment schedule before accepting a loan; this calculator is for comparison and education, not a loan offer.