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EMI Calculator
Calculate your monthly loan installment in seconds.
Enter values to see your result
About the EMI Calculator
An Equated Monthly Installment (EMI) is a fixed payment made by a borrower to a lender at a specified date each month. It includes both principal and interest, structured so the loan is fully paid off by the end of the tenure.
What you'll see
- Monthly EMI — the fixed amount leaving your bank every month.
- Total interest — the extra amount you pay beyond the principal.
- Principal vs interest breakdown — the donut chart shows exactly how much of your payments go to each.
- Amortization schedule — how your balance drops month-by-month.
Tips to save on interest
- Make one extra EMI payment per year — it can cut tenure by 2-3 years on a 20-year loan.
- Compare fixed vs floating rates. Floating rates are usually lower initially.
- Check processing fees and foreclosure charges before signing.
Frequently asked questions
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay to the lender each month to repay a loan, covering both principal and interest.
How is EMI calculated?
EMI = [P × r × (1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly interest rate (annual rate / 12 / 100), and n is tenure in months.
Should I choose a longer or shorter tenure?
Shorter tenure means higher EMI but lower total interest. Longer tenure reduces EMI but you pay more interest over time. A middle-ground often works best.
Can I prepay my loan to reduce EMI?
Yes. Prepayments reduce principal, which either reduces your EMI or shortens your tenure. Most banks allow partial prepayments after a certain period.
Is the EMI figure the same every month?
Yes for fixed-rate loans. For floating-rate loans, the EMI can change when the benchmark rate changes.