EMI Calculator
An EMI (equated monthly instalment) is the fixed amount you repay every month on a loan. Use this calculator to see your EMI and how much interest you will pay over the loan.
Monthly EMI
₹16,607
- Total interest
- ₹97,858
- Total amount payable
- ₹5,97,858
Results are illustrative. Your actual EMI depends on the rate, fees and terms set by the lender. Loans are subject to the lender’s eligibility criteria.
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How to use the EMI Calculator
- 1Enter the loan amount.
- 2Enter the annual interest rate offered by the lender.
- 3Choose the loan tenure in months.
Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P = loan amount
- r = monthly interest rate (annual rate ÷ 12)
- n = loan tenure in months
Frequently asked questions
How is EMI calculated?+
EMI uses the reducing-balance method: each payment covers that month’s interest on the outstanding loan, and the rest reduces the principal.
How can I reduce my EMI?+
Choose a longer tenure, borrow a smaller amount or get a lower interest rate. A longer tenure lowers the EMI but increases the total interest you pay.
Does prepaying a loan help?+
Yes. Prepaying reduces the outstanding principal, which cuts your total interest. Check whether your lender charges a foreclosure or prepayment fee.