What Is EMI?
EMI is the regular monthly instalment used to repay a loan. Each payment contains both principal and interest.
EMI Calculator
Enter the loan amount, annual interest rate and tenure to see the monthly EMI, total interest and complete repayment schedule.
Calculate your loan EMI
Enter three details to get your estimate.
How EMI Is Calculated
EMI = P × r × (1+r)n / ((1+r)n − 1)
P is the loan principal, r is the monthly interest rate, and n is the number of monthly instalments. Monthly rate = annual interest rate ÷ 12 ÷ 100. At 0% interest, EMI equals principal divided by the number of months.
Reducing Balance Method
Each instalment reduces some principal. The next month’s interest is then calculated on the lower outstanding balance. Not every lender uses exactly the same rules or rounding.
Understanding Principal and Interest
Principal is the amount borrowed; interest is the cost of borrowing it. Early instalments usually contain more interest, while the principal portion generally grows later.
How to Read the Repayment Schedule
Each row shows the opening balance, that month’s payment, interest, principal repaid and the balance after payment. The final instalment may be adjusted slightly to reconcile paise rounding.
Important Information
This calculator provides an estimate using a standard monthly reducing-balance formula. Actual lender EMI, interest and repayment amounts may differ because of lender policies, rate changes, fees, taxes, insurance, rounding and other charges. It is for general information and is not financial advice or a loan offer.
This version does not include processing fees, GST, insurance, penalties, prepayments or floating-rate changes.
Frequently Asked Questions
How is the monthly EMI determined?
It is calculated from the principal, monthly interest rate and total number of instalments.
Can I enter 0% interest?
Yes. The principal is then divided by the total number of months.
Why might the final payment be different?
Monthly values are rounded to paise, so the final payment may be adjusted slightly to clear the exact remaining principal.
Will my lender’s EMI be identical?
Not always. Lender rules, fees, rounding, rate changes and other charges can produce a different result.
Is this financial advice?
No. It is for general information and estimation, not financial advice or a loan offer.