EMI Calculator
Typical rate is auto-filled — change it if yours differs.
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What is EMI?
An EMI — Equated Monthly Instalment — is the fixed amount you pay your lender every month until your loan is fully repaid. Each EMI has two parts: one part covers the interest for that month, and the rest reduces your loan principal. Early in the loan, most of your EMI goes toward interest; later on, a bigger share chips away at the principal. Enter your numbers in the calculator above to see your exact monthly EMI instantly.
How EMI is calculated
Lenders everywhere use this standard formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P = loan principal (the amount you borrow)
- r = monthly interest rate = annual rate ÷ 12 ÷ 100
- n = total number of monthly payments
Because interest compounds every month, even a small difference in the rate changes your EMI noticeably — which is why comparing loan offers with this calculator before you sign can save you real money.
Worked example
Say you borrow 100,000 at 10% annual interest for 12 months. The monthly rate is 10 ÷ 12 ÷ 100 = 0.008333 and n = 12. Plugging these into the formula gives a monthly EMI of 8,791.59. Over the year you repay 105,499.06 in total, of which 5,499.06 is interest. Try these exact numbers in the calculator above — you should get the same result.
Frequently asked questions
What are typical interest rates for different loan types?
Rates vary by lender and your credit profile, but broadly: home loans are usually cheapest (around 8–9%), followed by car loans (9–11%), education loans (9–11%), business loans (10–13%), and personal loans cost the most (11–15%+) since they are unsecured. This calculator auto-fills a typical rate when you pick a loan type — always replace it with your lender's actual offer.
What exactly is an EMI?
EMI stands for Equated Monthly Instalment: a fixed monthly payment that covers both the interest due and a portion of the principal. "Equated" means every instalment is the same size, which makes budgeting simple — though the interest/principal split inside each EMI changes over time.
Can my EMI change after I take the loan?
With a fixed-rate loan, no — your EMI stays the same for the whole tenure. With a floating-rate loan, yes: when the benchmark rate moves, lenders usually keep your EMI unchanged and instead lengthen or shorten your tenure, or they adjust the EMI amount itself. Check your loan agreement to see which applies.
What happens if I miss an EMI payment?
You will usually pay a late fee, and the lender reports the missed payment to credit bureaus, which lowers your credit score. Repeated misses can trigger default proceedings and make future borrowing much harder or more expensive.
Is a longer tenure better because the EMI is lower?
A longer tenure does lower your monthly EMI, but it increases the total interest you pay — sometimes dramatically. A shorter tenure costs more each month but saves a large amount overall. Use the calculator to compare both options and balance monthly comfort against total cost.