EMI Calculator
Quickly calculate your Equated Monthly Installment (EMI) for a loan.
EMI (Equated Monthly Installment)
₹ 0
Total Interest Payable
₹ 0
Total Payment (Principal + Interest)
₹ 0
How It’s Calculated: The Formula
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Rate / 12 / 100)
N = Loan Tenure in months (Years * 12)
EMI Calculator – What It Is and Why It Matters
An Equated Monthly Instalment (EMI) is the fixed amount you pay every month to repay your loan, which includes both principal and interest. Whether it’s for a home loan, car loan, education loan, or personal loan, knowing your EMI upfront helps you plan your finances better.
This calculator instantly shows you how much EMI you’ll pay based on your loan amount, interest rate, and tenure — so you can borrow smartly and repay comfortably.
EMI Formula
EMI is calculated using the standard amortization formula:EMI=P×r×(1+r)n(1+r)n−1EMI=(1+r)n−1P×r×(1+r)n
where:
- P = Loan amount (Principal)
- r = Monthly interest rate = (Annual Interest ÷ 12 ÷ 100)
- n = Loan tenure in months
Example:
For a ₹10 lakh loan at 9% annual interest for 10 years (120 months):
- r = 0.09 ÷ 12 = 0.0075
- n = 120
- EMI ≈ ₹12,668 per month
Why EMI Calculation Matters
Knowing your EMI in advance helps you:
- Plan monthly budgets: Avoid over-borrowing and manage household expenses.
- Compare loan offers: Different lenders, rates, and tenures = different EMIs.
- Decide optimal tenure: Shorter tenure = higher EMI but less total interest. Longer tenure = lower EMI but more total interest.
- Avoid surprises: Get a transparent view of your repayment commitment.
Who Should Use This Tool?
- Borrowers planning a new home, car, education, or personal loan
- Families budgeting for monthly outflow before taking loans
- Financial planners comparing multiple loan scenarios
- Students and professionals exploring loan affordability
Why Use This EMI Calculator?
- Instant results with breakdown of EMI, principal, and interest
- Easy-to-use, 100% browser-based, no signup needed
- Works across desktop and mobile
- Helps you compare tenure vs EMI vs total interest
- Transparent formula shown for clarity
Example Impact of Tenure
| Loan Amount | Interest Rate | Tenure | EMI (₹) | Total Interest Paid (₹) |
|---|---|---|---|---|
| 10 lakh | 9% | 5 yrs | 20,758 | 2.45 lakh |
| 10 lakh | 9% | 10 yrs | 12,668 | 5.20 lakh |
| 10 lakh | 9% | 15 yrs | 10,142 | 8.25 lakh |
Longer tenure reduces EMI but significantly increases total interest outgo.
Save Money With Smarter EMI Planning
- Part-payments or prepayments can cut interest costs (use alongside our Part Payment Calculator).
- Choosing a shorter tenure saves lakhs in the long run, if your budget allows.
- Comparing lenders can help you get a lower rate, reducing EMI directly.
Realism Note
This calculator assumes fixed interest rates and standard EMI structures. It does not account for step-up EMIs, floating-rate changes, or bank-specific charges.
Disclaimer
This EMI calculator provides rough estimates for educational purposes. Actual EMI schedules may vary depending on your lender’s terms. Always check with your bank or financial institution before making borrowing decisions. Indiagraphs is not responsible for any financial actions taken solely on the basis of this tool.
EMI Calculator – Frequently Asked Questions
1. What is an EMI?
A fixed monthly payment including both principal and interest.
2. How is EMI calculated?
Using the standard amortization formula shown above.
3. Does EMI reduce over time?
No, EMI stays constant. But the principal portion increases while interest portion decreases over time.
4. Can I reduce my EMI?
Yes, by opting for a longer tenure, negotiating a lower rate, or making part-payments.
5. Is lower EMI always better?
Not necessarily. Lower EMI = longer tenure = higher total interest paid.
6. Can I use this EMI calculator for any type of loan?
Yes, it works for home, car, education, or personal loans — as long as they follow the standard EMI structure.
“Plan smart, borrow right — let our EMI Calculator guide your loan decisions.”