EMI Calculator
Enter the loan amount, interest rate and tenure to see your monthly instalment, the total interest you will pay and how each EMI is split between principal and interest.
Repayment schedule
Uses the standard reducing-balance method that Indian banks and NBFCs use. Everything is calculated in your browser.
How each EMI is split
An EMI (equated monthly instalment) is the fixed amount you pay your lender every month until the loan is cleared. Each EMI has two parts: interest on the money you still owe, and principal, which reduces what you owe. The EMI stays the same, but the mix changes every month. Early on most of it is interest; towards the end most of it is principal.
How to use this EMI calculator
- Enter the amount you will actually borrow, not the price of the house or car. If you are making a down payment, take it off first.
- Use the yearly rate in your offer letter. For a floating-rate loan, try today's rate and then one a point higher to see what a rise would do.
- Set the tenure in years or months.
- The first EMI month is optional. It puts real month names into the schedule and shows when the loan will end.
The results update as you type. Open the repayment schedule to see how much principal and interest you pay each year, and download it as a CSV file for Excel or Google Sheets.
The EMI formula
Banks in India calculate EMIs on a reducing balance with this formula:
P = 10,00,000. r = 9 ÷ 12 ÷ 100 = 0.0075. n = 20 × 12 = 240.
(1 + r)n = 1.0075240 ≈ 6.0092. So EMI = 10,00,000 × 0.0075 × 6.0092 ÷ 5.0092 ≈ ₹8,997.
Over 240 months you pay about ₹21.59 lakh in total, of which about ₹11.59 lakh is interest, more than the loan itself.
In the first month of that loan, interest is 10,00,000 × 0.0075 = ₹7,500, so only ₹1,497 of the ₹8,997 EMI reduces the balance. By the last year, almost the whole EMI goes to principal. The full guide to how EMI is calculated walks through this month by month.
EMI for every ₹1 lakh borrowed
A quick way to estimate any loan: find your rate and tenure below, then multiply by the number of lakhs you are borrowing. For ₹25 lakh at 8.5% for 20 years, that is 868 × 25 ≈ ₹21,700 a month.
| Rate | 1 yr | 3 yrs | 5 yrs | 10 yrs | 15 yrs | 20 yrs | 30 yrs |
|---|---|---|---|---|---|---|---|
| 8% | ₹8,699 | ₹3,134 | ₹2,028 | ₹1,213 | ₹956 | ₹836 | ₹734 |
| 8.5% | ₹8,722 | ₹3,157 | ₹2,052 | ₹1,240 | ₹985 | ₹868 | ₹769 |
| 9% | ₹8,745 | ₹3,180 | ₹2,076 | ₹1,267 | ₹1,014 | ₹900 | ₹805 |
| 10% | ₹8,792 | ₹3,227 | ₹2,125 | ₹1,322 | ₹1,075 | ₹965 | ₹878 |
| 11% | ₹8,838 | ₹3,274 | ₹2,174 | ₹1,378 | ₹1,137 | ₹1,032 | ₹952 |
| 12% | ₹8,885 | ₹3,321 | ₹2,224 | ₹1,435 | ₹1,200 | ₹1,101 | ₹1,029 |
| 14% | ₹8,979 | ₹3,418 | ₹2,327 | ₹1,553 | ₹1,332 | ₹1,244 | ₹1,185 |
| 16% | ₹9,073 | ₹3,516 | ₹2,432 | ₹1,675 | ₹1,469 | ₹1,391 | ₹1,345 |
Figures rounded to the nearest rupee, calculated with the formula above.
What moves the EMI up or down
The loan amount
EMI rises in direct proportion to the amount. Borrow 20% more and the EMI is 20% higher. A bigger down payment is the simplest way to keep EMIs and total interest low.
The interest rate
Small rate differences add up over long loans. On ₹50 lakh for 20 years, 8.5% gives an EMI of about ₹43,391 and 9% gives about ₹44,986. That half-point costs around ₹1,595 a month, or about ₹3.8 lakh over the loan. It is worth comparing offers and asking your bank for a better rate if your credit score has improved.
The tenure
A longer tenure lowers the EMI but increases the total interest. For ₹10 lakh at 9%:
| Tenure | Monthly EMI | Total interest |
|---|---|---|
| 10 years | ₹12,668 | ₹5.20 lakh |
| 15 years | ₹10,143 | ₹8.26 lakh |
| 20 years | ₹8,997 | ₹11.59 lakh |
Choose the shortest tenure whose EMI you can pay comfortably. Many lenders and planners suggest keeping all your EMIs together under about 40–50% of your take-home pay, which is roughly the limit banks use too (see the loan eligibility calculator).
Paying less interest on the same loan
Any amount you pay over the EMI goes straight to principal, so it cuts the interest in every month that follows. Lenders cannot charge individuals a prepayment penalty on floating-rate loans taken for non-business use. The prepayment calculator shows what a lump sum or a small monthly top-up saves.
Raising the EMI as your salary grows works the same way. On ₹10 lakh at 9% for 20 years, increasing the EMI by 5% once a year clears the loan in about 12 years and cuts total interest from about ₹11.59 lakh to ₹7.31 lakh.
Check how the rate is quoted, too. A "flat" rate from a dealer looks lower than a bank's reducing rate but usually costs more; the flat vs reducing rate calculator converts one into the other. And remember that processing fees, the GST on them and any insurance added to the loan raise what you pay without changing the EMI.
Indian banks and NBFCs must give you a Key Facts Statement (KFS) before you take a retail loan. It lists the EMI, the annual percentage rate including fees, and the total amount you will repay. Compare it with this calculator; if the numbers are far apart, ask the lender why.
Frequently asked questions
Is the EMI from this calculator exactly what my bank will charge?
It should match to within a few rupees for a standard reducing-balance loan, because banks use the same formula. Small differences come from rounding, the date your first EMI falls on (broken-period interest) and fees. Your sanction letter shows the final figure.
Does a longer tenure make a loan cheaper?
No. A longer tenure lowers each EMI but raises the total interest, often by a lot. For ₹10 lakh at 9%, moving from 15 to 20 years cuts the EMI by about ₹1,145 a month but adds roughly ₹3.34 lakh of interest.
What happens to my EMI if the interest rate changes?
On a floating-rate loan, most banks keep the EMI the same and change the number of months left. Some will raise the EMI instead if you ask, or if the tenure would go beyond your retirement age. Use this calculator with the new rate and the balance left to see both options.
Why is so much of my early EMI going to interest?
Interest is charged on the balance you still owe. At the start the balance is at its highest, so interest takes the biggest share. As you repay, the interest part shrinks and the principal part grows, even though the EMI stays the same.
Does processing fee or GST get added to the EMI?
Usually not. Processing fees and the 18% GST on them are normally paid upfront or deducted from the loan amount you receive. They do not change the EMI, but they do raise the real cost of the loan.