Loan EMI Calculator
Calculate your EMI (Equated Monthly Installment) for a personal loan, car loan, or any fixed-rate loan, from the loan amount, interest rate, and tenure.
About this loan emi calculator
EMI is the standard way loans are structured in India and widely understood worldwide, a fixed monthly payment covering both principal and interest over the life of the loan. This calculator uses the same formula banks and NBFCs use.
How loan emi calculator works
The formula is: EMI = P × r × (1+r)^n ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments. For example, a ₹5,00,000 loan at 10% annual interest over 5 years comes to an EMI of roughly ₹10,624 per month.
Common uses
- Estimating a monthly payment before taking a personal, car, or home loan
- Comparing EMI across different interest rates or tenures
- Planning a budget around a fixed monthly loan payment
How to use this tool
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the loan tenure in years.
- See your monthly EMI, total payment, and total interest instantly.
What to know before using it
This calculates a standard reducing-balance EMI. Some lenders apply processing fees or different interest calculation methods, always confirm the exact figure with your lender before committing.
Privacy and browser-first processing
This tool runs entirely in your browser using JavaScript. Nothing you enter is uploaded or stored.
Frequently asked questions
What does EMI stand for?
Equated Monthly Installment, a fixed payment made each month that covers both principal and interest on a loan.
How can I reduce my EMI?
A longer tenure lowers the monthly EMI but increases total interest paid over the life of the loan, while a shorter tenure raises the EMI but reduces total interest.