EMI
EMI Calculator
Calculate monthly EMI, total interest and total payment, then inspect the principal-versus-interest split and amortisation table.
How the calculator works
EMI is the fixed monthly payment that clears a reducing-balance loan over a chosen tenure. The calculator uses the standard formula with a monthly rate of annual rate ÷ 12, then builds a month-by-month schedule. The last row adjusts so the balance ends at zero.
EMI formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments. If the interest rate is zero, EMI is simply P ÷ n.
Example
A ₹10,00,000 loan at 8.5% for 20 years has 240 instalments. The EMI is a little under ₹8,700, and total interest over the life of the loan is substantial — which is why the pie chart and yearly table matter as much as the EMI itself.
Important considerations
Floating-rate loans can change EMI or tenure. Prepayments, moratoriums and part disbursals are not modelled. Compare offers using the same tenure and the same definition of annual rate (reducing versus flat). Dedicated home, car, personal loan and prepayment calculators are available in the loans section.
Frequently asked questions
Does this EMI include processing fees or insurance?
No. It is the instalment on principal and interest only. Lenders may add fees, GST, insurance or a different day-count convention.
Why does interest take a large share in the early years?
On a reducing-balance loan, each EMI first covers that month’s interest on the outstanding principal. Early balances are high, so interest is high. Later EMIs retire more principal.
Can I use this for a home, car or personal loan?
Yes. For product-specific defaults and notes, use the Home Loan, Car Loan or Personal Loan calculators. The Loan Prepayment calculator models extra payments on top of a standard EMI.
What if the interest rate is zero?
EMI becomes loan amount divided by the number of months. That is included as an edge case, not because zero-rate consumer loans are common.
Related calculators
- Home Loan CalculatorEstimate home loan EMI, total interest and the repayment schedule for a housing loan.
- Car Loan CalculatorEstimate car loan EMI, interest cost and tenure for a vehicle loan.
- Personal Loan CalculatorEstimate personal loan EMI and total interest for an unsecured reducing-balance loan.
- Loan Prepayment CalculatorSee how a lump-sum prepayment or extra EMI can reduce interest or shorten the loan.
Browse the full directory on the calculators page.
Related guides
SmartCalculators provides educational calculators and estimates. Results are for informational purposes only and should not be considered financial, tax, investment, legal or professional advice.