Planning a home loan, car loan or personal loan? This free EMI calculator instantly shows your monthly instalment (EMI), the total interest you will pay, and the overall cost of the loan — so you can compare offers and borrow smartly.
🏠 EMI Calculator
Monthly EMI-
Total Payment-
Total Interest-
Principal-
How to Use This EMI Calculator
Enter the loan amount you want to borrow (e.g. ₹5,00,000).
Enter the yearly interest rate offered by the bank (e.g. 8.5%).
Choose the loan tenure in years or months and tap Calculate.
Formula
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P = loan amount, r = monthly interest rate, n = number of months.
Example: For a ₹5,00,000 loan at 8.5% for 5 years: EMI ≈ ₹10,258 per month, total interest ≈ ₹1,15,486, total payment ≈ ₹6,15,486.
Frequently Asked Questions
▶ What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay to the bank every month until your loan is fully repaid. It includes both principal and interest.
▶ How can I reduce my EMI?
You can reduce EMI by choosing a longer tenure, negotiating a lower interest rate, or making a larger down payment. Note that a longer tenure increases total interest paid.
▶ Does this work for home, car and personal loans?
Yes. The EMI formula is the same for all reducing-balance loans — home loans, car loans, personal loans and education loans.
▶ Is a shorter tenure better?
A shorter tenure means higher monthly EMI but much lower total interest. If you can afford the EMI, a shorter tenure saves money overall.
