Calculate your exact monthly EMI in seconds — for a home loan, car loan, or personal loan. Enter the loan amount, interest rate, and tenure below to see your monthly payment, total interest, and total repayment amount instantly.
See the Formula Behind This Calculator
Your EMI (Equated Monthly Installment) uses the standard reducing-balance formula:
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the loan tenure in months.
Worked example: a ₹10,00,000 loan at 8.5% p.a. for 20 years (240 months) gives P = 10,00,000, r = 0.007083, n = 240. Plugging into the formula gives an EMI of approximately ₹8,678 per month.
Why Your EMI Matters More Than Your Loan Amount
Two loans of the same amount can have very different total costs depending on tenure and interest rate. A longer tenure lowers your monthly EMI but increases the total interest you pay over the life of the loan. Use the slider above to see exactly how much a longer tenure costs you in total interest — it’s often more than people expect.
Frequently Asked Questions
Does a lower EMI always mean a better loan?
No. A lower EMI usually means a longer tenure, which increases your total interest paid. Compare total interest, not just the monthly number.
Can I reduce my EMI after taking a loan?
Yes, through part-prepayment (reduces principal, lowering future EMI or tenure) or by refinancing to a lower interest rate if your credit score has improved.
Is this calculator accurate for home loans in India?
Yes, it uses the standard reducing-balance EMI formula used by Indian banks and NBFCs for home, car, and personal loans.