About the EMI Calculator
EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. Each EMI covers some interest and some principal. Early EMIs are mostly interest, and the share of principal grows over time.
Enter the loan amount, interest rate and tenure to see your EMI, total interest and total payment.
Formula used
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P = loan amount, r = annual rate ÷ 12 ÷ 100, n = number of months.
Frequently asked questions
How can I reduce my EMI?
Choose a longer tenure, make a bigger down payment or negotiate a lower rate. A longer tenure lowers the EMI but increases the total interest.
Does prepayment reduce interest?
Yes. Part-payments reduce the outstanding principal, so you pay less interest and can finish the loan sooner. See our guide on closing a long loan early.
Is the EMI the same for the whole loan?
On a fixed-rate loan, yes. On a floating-rate loan the EMI or tenure changes when the rate changes.