EMI Calculator
Find the monthly instalment and total interest on any loan.
Your inputs
Reducing-balance EMI with a fixed rate for the full tenure.
Estimates only. Figures are indicative and do not constitute financial advice.
About the EMI Calculator
"EMI calculator" is one of the highest-volume finance searches in India, and for good reason — before taking any loan, you want to know exactly what you'll pay every month. This EMI calculator (Equated Monthly Instalment calculator) works for any type of loan — personal loan, education loan, business loan, or even a quick check before applying for a home or car loan — using the standard reducing-balance EMI formula banks and NBFCs use.
An EMI is a fixed monthly payment that covers both principal and interest, structured so that in the early months you pay mostly interest, and as the loan progresses, more of each EMI goes toward principal. This calculator takes your loan amount, annual interest rate, and tenure in years, and instantly shows your monthly EMI, total interest you'll pay over the loan's life, and the total amount payable (principal plus interest). It's useful for comparing loan offers from different lenders side by side, checking how a longer tenure lowers your EMI but increases total interest paid, or figuring out how much loan you can actually afford based on a monthly EMI budget you're comfortable with. Because it's a generic EMI calculator rather than tied to one loan type, you can use it for a quick personal loan comparison, a business loan estimate, or as a starting point before diving into our more detailed home loan and car loan calculators, which also account for down payments.
How to use this calculator
- Enter your loan amount.
- Enter the annual interest rate offered by the lender.
- Enter the loan tenure in years.
- See your monthly EMI, total interest, and total payable instantly.
Frequently asked questions
›How is EMI calculated?
EMI is calculated using the reducing-balance formula, based on the loan principal, monthly interest rate, and total number of monthly instalments, so that the loan is fully repaid by the end of the tenure.
›Does a longer tenure reduce my EMI?
Yes, a longer tenure spreads the same loan amount over more instalments, lowering the monthly EMI — but it increases the total interest you pay over the life of the loan.
›What's the difference between flat rate and reducing balance EMI?
Reducing balance EMI (used by this calculator and most Indian lenders) charges interest only on the outstanding principal each month, which works out cheaper than a flat-rate loan charging interest on the original amount throughout.
›Can I use this EMI calculator for any loan type?
Yes — this calculator works for personal loans, education loans, business loans, or any fixed-rate, fixed-tenure loan. For home and car loans specifically, our dedicated calculators also factor in down payment.
›What credit score do I need for a low EMI interest rate?
Lenders generally offer their best interest rates to borrowers with a credit score above 750, though the exact cutoff and rate vary by lender and loan type.
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Read the full guide
EMI Calculator: The Formula Behind Every Loan's Monthly Payment