EMI Calculator

Work out the monthly EMI on any loan, and see how much of what you repay is interest rather than principal. Move the sliders below, or use the calculator on a specific loan page where the amounts, rates and tenures are already set for that product.

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% p.a.
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Adds a lump sum every 12 months and recalculates.
Monthly EMI
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Principal and interest split 0% interest
  • Principal ₹0
  • Interest ₹0
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Indicative only. Your actual rate, fees and eligibility are set by the lender after assessing your credit report and income.

How EMI is calculated

EMI stands for Equated Monthly Instalment — a fixed amount paid every month made up of both interest and principal. Lenders use one standard formula:

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)

  • P — the principal, the amount actually borrowed
  • r — the monthly interest rate, that is the annual rate divided by 12 and by 100
  • n — the tenure expressed in months

The EMI stays the same each month, but what it is made of does not. Early instalments are mostly interest; later ones are mostly principal. This is why repaying a long loan in its first few years barely dents the outstanding balance, and why prepaying early saves far more than prepaying late.

Why tenure matters more than borrowers expect

A longer tenure lowers the monthly EMI, which is why it is often suggested. It also increases the total interest, sometimes dramatically. On a ₹10,00,000 loan at 10% the monthly outgo falls as the tenure stretches, while the total cost climbs:

Tenure Approx. monthly EMI Approx. total interest
5 years₹21,247₹2,74,823
10 years₹13,215₹5,85,809
15 years₹10,746₹9,34,289
20 years₹9,650₹13,16,052

Doubling the tenure from 10 to 20 years cuts the EMI by around 27% but more than doubles the interest. The sensible rule is to take the shortest tenure whose EMI you can sustain comfortably alongside your existing commitments — missing instalments to chase a short tenure damages your credit report for years, which costs more than the interest saved.

What the calculator cannot tell you

An EMI calculator answers one question: given a rate, what will I pay. It cannot tell you what rate you will actually be offered, and that is the number with the largest effect on the result. Two applicants with the same income routinely receive quotes several percentage points apart because of what their credit reports say.

Also remember the calculator ignores the costs around the loan: processing fees, documentation and legal charges, insurance sometimes bundled into the sanction, and prepayment penalties where they apply. Ask for the total cost, not just the rate.

Calculators set up for each loan type

Each loan page carries the same calculator with realistic ranges for that product, alongside eligibility criteria, document checklists and current interest bands:

The rate in the calculator is the one you can change

Your credit report decides the rate you are offered. Errors on it — closed loans still showing a balance, accounts wrongly marked settled, duplicate entries — push that rate up on every loan you take. Get your score free from the bureaus, then have the report read properly.

Analyse my credit report

EMI Calculator FAQs

EMI is calculated as P x r x (1+r)^n divided by ((1+r)^n - 1), where P is the principal, r is the monthly interest rate (the annual rate divided by 12 and by 100) and n is the tenure in months. The instalment stays constant, but its composition shifts from mostly interest at the start to mostly principal towards the end.

No. A longer tenure reduces the monthly EMI but increases the total interest paid, often substantially. On a Rs 10,00,000 loan at 10%, moving from a 10-year to a 20-year tenure cuts the EMI by roughly 27% but more than doubles the interest. Choose the shortest tenure whose EMI you can comfortably sustain.

Usually yes, and the earlier the better. Early instalments are mostly interest, so a prepayment in the first years removes principal that would otherwise attract interest for the whole remaining tenure. Check the prepayment terms first: floating-rate home loans to individuals carry no penalty under RBI rules, while other loans may charge 2% to 5% of the outstanding.

A calculator uses the rate you type in. The rate a lender actually offers depends on your credit report, income, employer and existing obligations, and is often several percentage points away from the advertised rate. Processing fees, insurance bundled into the sanction and other charges are also excluded from the EMI figure.

Most lenders want all your EMIs together, including the new one, to stay within roughly 50% to 55% of net monthly income, and up to 60% for higher earners on secured loans. That is the lender's ceiling, not a target. Leaving room below it protects you if rates rise on a floating loan.