EMI / Loan Calculator
Calculate your monthly installment, total interest & full amortization schedule.
Slide for years; type for finer months
About the EMI / Loan Calculator
The EMI (Equated Monthly Installment) Calculator helps you plan loan repayments for home loans, car loans, or personal loans. It shows the fixed monthly amount payable and total interest cost. Use it to compare different loan offers and choose the most cost-effective repayment plan.
How to Use
- Select your preferred currency from the dropdown.
- Drag the sliders or type the loan amount, rate, and tenure.
- Optionally enter your monthly income to see an affordability check.
- Click Calculate EMI — results update live as you adjust the sliders.
Formula Used
Where P = Principal loan amount, r = monthly interest rate (annual rate / 12 / 100), and n = number of monthly installments (years × 12).
Frequently Asked Questions
How is EMI calculated in India?
Indian banks use the reducing balance method: EMI = P × r × (1+r)^n / [(1+r)^n - 1], where r is the monthly rate. Each month, your interest portion shrinks while principal portion grows.
What is a comfortable EMI as a percentage of income?
Most lenders prefer your total EMIs to stay below 40-50% of net monthly income. Anything over 40% is considered high debt load.
Does longer tenure mean cheaper EMI?
Yes — longer tenure reduces monthly EMI but significantly increases total interest paid. A 30-year loan can cost 2-3× more in interest than a 15-year loan at the same rate.
Can I prepay my loan?
Most home loans on floating rates allow prepayment without penalty. Even small prepayments early in the tenure save significant interest because most early-stage EMI goes toward interest.
Important Note
EMI calculators use flat or reducing balance methods. Banks in India primarily use the reducing balance method. Compare effective interest rates before choosing a lender. Actual EMI may vary based on processing fees, GST, and lender-specific terms.