EMI Calculator
Calculate the Equated Monthly Instalment (EMI) for any loan, along with the total interest and total amount payable over the loan tenure.
Inputs
Report details (optional — appears on the PDF report)
Results
Formula
- P = principal loan amount
- r = monthly interest rate = annual rate / 12 / 100
- n = loan tenure in months
How It Works
The EMI is a fixed monthly payment that repays both interest and principal over the loan term. The annual interest rate is converted to a monthly rate r, and the tenure to a number of months n.
The standard reducing-balance EMI formula is then applied. Total amount payable is EMI × n, and total interest is that amount minus the principal.
Worked Example
Given: Loan ₹10,00,000, rate 10% p.a., tenure 5 years (60 months)
Monthly rate r = 10 / 12 / 100 = 0.008333
(1+r)60 = 1.6453
EMI = 10,00,000 × 0.008333 × 1.6453 / (1.6453 − 1) ≈ ₹21,247
Total payable = 21,247 × 60 ≈ ₹12,74,820 · Total interest ≈ ₹2,74,820
Engineering Notes
- Uses the reducing-balance method, where interest is charged on the outstanding principal each month.
- Assumes a fixed interest rate for the full tenure; floating-rate loans will vary as the benchmark changes.
- Processing fees, insurance, GST and prepayment charges are not included.
- Actual bank EMIs may differ slightly due to rounding and the day-count convention used.
FAQ
What is EMI?
Equated Monthly Instalment — a fixed amount paid each month that covers interest and part of the principal until the loan is fully repaid.
Does a longer tenure reduce the EMI?
Yes, but it increases the total interest paid over the life of the loan.
Is the rate here monthly or yearly?
Enter the annual (per-annum) rate; the calculator converts it to a monthly rate internally.
Related Calculators
This calculator uses established formulas and standard calculation methods to provide reliable results for planning, estimation and reference.