EMI Calculator
EMI Calculator
Calculate your Equated Monthly Instalment for home, car, or personal loans. Enter the loan amount, interest rate, and tenure to see your monthly EMI, total interest, and total payable — with a year-by-year amortisation breakdown.
Year-by-year amortisation schedule
| Year | Principal paid | Interest paid | Balance |
|---|
How the EMI calculator works
Enter your loan amount, annual interest rate, and tenure in years. The calculator applies the standard reducing-balance formula — EMI = P × r × (1+r)n / ((1+r)n − 1) — and updates instantly as you type.
Example
A loan of 500,000 at 9% for 5 years gives a monthly EMI of about 10,379, total interest of roughly 122,719, and a total payable of 622,719. Notice how the early EMIs are mostly interest — the amortisation table shows the split year by year.
Tips before you borrow
- Shorter tenure means higher EMI but much less total interest.
- Compare the total payable, not just the EMI, when choosing between offers.
- Prepayments in the early years cut interest the most, because the balance is highest then.
- Banks may add processing fees and insurance — factor those into the real cost.
Frequently asked questions
What is EMI? Equated Monthly Instalment — a fixed monthly payment covering both principal and interest.
Is the interest calculated on reducing balance? Yes, this calculator uses the reducing-balance method banks use.
Does it include fees or taxes? No — it covers principal and interest only. Add processing fees separately.