WebTools

Loans

EMI Calculator

Estimate a fixed monthly loan payment, total interest and how the balance may change over time.

By Nitin Raturi · Last reviewed

Your loan details

How to use this EMI Calculator

Enter the loan assumptions to estimate monthly payments and the repayment path.

  1. Enter the loan amount you want to estimate.
  2. Enter the annual rate and loan term in months.
  3. Read the estimated EMI, total payment and total interest.
  4. Use the yearly schedule to see how principal and interest change over time.
  5. Compare these assumptions with the lender’s written repayment schedule.

Good to know

  • Use the rate and term that apply to the loan you are comparing.
  • The estimate assumes a constant rate and payments at each month end.
  • Fees, prepayments and rate changes are not included.

Change an assumption to see how the estimate responds. Nothing you enter is sent to a server.

Loan amount

The amount borrowed before interest, fees or other charges.

How to fill it in

  • Enter the principal in rupees, such as 1000000, 10 lakh or 1 crore.
  • Allowed range: ₹1,000 to ₹100 crore.

Example

At the default assumptions, ₹10 lakh gives an estimated EMI of ₹12,399.

Annual interest rate

The yearly rate used to estimate interest on the reducing loan balance.

How to fill it in

  • Enter the nominal annual rate from 0% to 40%.
  • The estimate divides this rate by 12; at the defaults, that is 0.71% per month.

Example

At the default loan amount and term, 8.5% a year produces an estimated EMI of ₹12,399.

Keep in mind: A lender may quote a different rate or change a floating rate during the loan. This calculator holds your rate constant and does not show an offer.

Loan term in months

The number of equal monthly payments used to repay the loan.

How to fill it in

  • Enter a whole number from 1 to 480 months.
  • For example, 10 years is 120 months and 20 years is 240 months.

Example

The default 10 years term has ₹12,399 as its estimated monthly payment.

Tip: A longer term usually lowers each EMI but can increase total interest.

Estimated monthly EMI

₹12,399

₹12,399 per month

A loan of ₹10,00,000 at an assumed 8.5% a year for 10 years has an estimated total interest of ₹4.88 lakh.

Total scheduled payments
₹14,87,828
Total estimated interest
₹4,87,828
First month: principal repaid
₹5,315
First month: interest
₹7,083

Assumes a fixed rate divided into equal monthly periods and payments at each month end. Fees, rate changes, prepayments and lender-specific rounding are not included.

Year-by-year estimate

Each row groups the monthly principal and interest estimates for that year.

Estimated yearly loan repayment schedule
PeriodPrincipal repaidInterest paidBalance after period
Year 1 · 12 months₹66,327₹82,456₹9,33,673
Year 2 · 12 months₹72,190₹76,593₹8,61,483
Year 3 · 12 months₹78,571₹70,212₹7,82,912
Year 4 · 12 months₹85,516₹63,267₹6,97,396
Year 5 · 12 months₹93,075₹55,708₹6,04,321
Year 6 · 12 months₹1,01,302₹47,481₹5,03,019
Year 7 · 12 months₹1,10,256₹38,527₹3,92,763
Year 8 · 12 months₹1,20,002₹28,781₹2,72,762
Year 9 · 12 months₹1,30,609₹18,174₹1,42,153
Year 10 · 12 months₹1,42,153₹6,630₹0

ChangelogHow we test this calculatorEmbed this calculator

How this calculator works

An EMI is a fixed monthly payment estimate that covers interest and repays part of the loan principal.

  1. Step 1Start with the loan₹10 lakhthe amount entered
  2. Step 2Convert the rate8.5% ÷ 12a nominal annual rate divided into equal months
  3. Step 3Spread repayment120 paymentsestimated EMI of ₹12,399 each month

The formula finds an equal month-end payment whose present value equals the amount borrowed. Each month, interest is calculated on the opening balance; the rest of the payment reduces principal.

What the estimate leaves out

  • Rate changesThe annual rate stays constant for the full loan term.
  • Fees and insuranceProcessing fees, insurance and other charges are excluded.
  • Special repayment termsPrepayments, moratoria, partial disbursements and broken periods are not modelled.

Worked example

₹10 lakh at 8.5% a year for 10 years
Monthly rate
i = annual rate ÷ (12 × 100)
Equal monthly payment
EMI = P × i ÷ (1 − (1 + i)^−n)
Total interest
interest = (EMI × n) − P
  • Ploan principal ₹10,00,000
  • imonthly rate 0.71%
  • nnumber of payments 120
  1. First month interest₹10,00,000 × 0.71%₹7,083
  2. First month principalEMI − interest₹5,315
  3. Estimated monthly EMIsame scheduled amount each month₹12,399
  4. Total estimated interest₹12,399 × 120 − ₹10,00,000₹4,87,828

The example assumes equal payments at each month end and a fixed nominal annual rate. The calculation keeps full precision; the figures above are rounded for display.

Reading your result

  • Monthly EMI₹12,399The estimated equal payment, including interest and principal.
  • Total interest₹4.88 lakhEstimated interest across all 120 payments.
A lower EMI from a longer term can still mean more interest over the full schedule.
  • Principal repaid
  • Interest estimate
  • Principal₹10 lakh
  • Interest₹4.88 lakh
  • Total scheduled payments₹14.88 lakh
In the first year, about ₹66,327 goes to principal and ₹82,456 to interest. The yearly schedule groups the same monthly calculation.

An EMI is an estimate, not a loan approval or lender quote. A lender can use different rate resets, fees, payment dates and rounding, so its repayment schedule may differ.

To see every month’s interest and principal split, open the amortization calculator. To check how much you may be able to borrow on your income, use the home loan eligibility calculator.

Lower EMI or lower interest?

A longer term lowers the EMI but adds interest; paying more early cuts interest but raises the outgo.

The same loan can be shaped two ways. Stretching the term makes each month lighter, while the balance shrinks more slowly, so more interest builds up over the life of the loan.

To compare options for an existing loan, try the loan prepayment calculator or the loan tenure calculator. If another lender offers a lower rate, the loan balance transfer calculator weighs the saving against switching costs.

Common mistakes

  • Mistake: Entering the annual rate as if it were a monthly rate.

    Instead: Enter the annual percentage; this model divides it by 12.

  • Mistake: Comparing EMIs without checking the loan term.

    Instead: Compare total interest and term alongside the monthly amount.

  • Mistake: Treating a fixed-rate estimate as a floating-rate forecast.

    Instead: Recalculate if the lender changes the rate or payment schedule.

  • Mistake: Ignoring fees or rounding in the lender contract.

    Instead: Use the lender’s written repayment schedule for exact amounts.

This calculator does not recommend borrowing or assess affordability. Consider your full budget and compare the estimate with the lender’s terms.

Checking the method

A separate script works out each test case twice, by the EMI formula and by a month-by-month loop, and checks that they agree.

Read how we test our calculators, check a flat-rate quote with the flat vs reducing rate calculator, or browse more money calculators.

Frequently asked questions

How is the EMI estimated?

The calculator converts the nominal annual rate to a monthly rate, then solves the equal-payment formula for a fully amortising loan. Payments are assumed to happen at each month end.

What does one EMI include?

The estimate includes that month’s interest and a principal repayment. At a fixed rate, the payment is kept level while the interest share generally falls as the balance reduces.

Why does a longer term usually reduce the EMI?

The same principal is spread across more monthly payments. It can increase total interest: the default 10 years estimate has about ₹4,87,828 in interest.

Does the estimate include processing fees or insurance?

No. Fees, insurance and other charges are excluded, so the total cost of borrowing may be higher.

Does it calculate a floating-rate loan?

It holds the entered annual rate constant. It does not project future rate changes, reset dates or resulting EMI changes.

Why might a lender’s EMI differ?

A lender may use different payment dates, rounding, fees, rates or repayment terms. Use the lender’s written schedule for exact obligations.

What happens if the rate is zero?

The principal is divided evenly across the entered number of months and no interest is added.

Does this calculator tell me how much I can afford?

No. It estimates repayments only and does not assess income, expenses, eligibility or personal circumstances.

Sources and methodology

The formulas are standard time-value-of-money results. We check every figure against golden values worked out independently, by closed form and by month-by-month simulation; see the methodology.

Written and maintained by Nitin Raturi, a software engineer (about the author). Last reviewed 21 Oct 2026; next review due by . Found an error? Tell us.

Changelog

  • : Registered at the owner's request; demand metrics remain unverified. Provides fixed-rate EMI and yearly amortisation estimates.

  • Loan Tenure Calculator

    Find how many monthly payments clear an outstanding loan, including the smaller final instalment.

  • APR Calculator

    Find a loan’s annual percentage rate after processing fees and other charges, the way RBI’s Key Facts Statement does.

  • Flat vs Reducing Rate Calculator

    Convert a flat loan rate to its payment-equivalent reducing rate and compare a separate reducing offer.

  • Car Loan Calculator

    Work out your car loan EMI from the full on-road price, with your down payment, total interest and a monthly schedule.