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EMI Calculator — Calculate Loan EMI Online Free (India)

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EMI Calculator

Work out your monthly loan EMI in seconds — home loan, car loan or personal loan.

Monthly EMI—
Total interest—
Total payment—

EMI = P × r × (1+r)n ÷ ((1+r)n − 1), where r is the monthly interest rate and n is the number of months. Indicative only — your bank's exact EMI may differ slightly.

How EMI works

An EMI (Equated Monthly Instalment) is the fixed amount you pay your bank or NBFC every month until your loan is fully repaid. Every EMI has two parts: a portion goes towards the interest on your loan, and the rest reduces your principal. In the early years, the interest part is bigger; towards the end, most of each EMI clears the principal. This free EMI calculator shows you the exact monthly payment, the total interest you will pay over the full tenure, and the total amount the loan will really cost you. Try different tenures to see the trade-off clearly: a longer tenure lowers your monthly EMI but increases the total interest, while a shorter tenure does the opposite. It works for home loans, car loans, personal loans and education loans across India.

Frequently asked questions

How is EMI calculated?

EMI uses the formula E = 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 tenure in months. This calculator does that maths for you instantly.

Does a longer tenure save me money?

No. A longer tenure reduces your monthly EMI, which makes the loan feel cheaper, but you pay interest for more months, so the total interest — and the total cost of the loan — goes up.

Will my bank charge exactly this EMI?

Very close. Banks use the same formula, but processing fees, insurance or a different rounding method can change your actual EMI by a few rupees. Use this figure to compare loan offers before you sign.

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