Loan / EMI Calculator
Calculate the Equated Monthly Installment (EMI) for any personal, auto, business or student loan.
How EMI is Calculated
EMI (Equated Monthly Installment) is the fixed monthly payment you make toward a loan until it is fully repaid. It is calculated using the formula EMI = P × r × (1+r)n / ((1+r)n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly installments.
A longer tenure lowers your monthly EMI but increases the total interest paid over the life of the loan. Use this calculator to compare different loan amounts, interest rates and tenures before committing to a lender.
Frequently Asked Questions
What's the difference between flat rate and reducing balance EMI?
This calculator uses the reducing balance method, where interest is charged only on your outstanding principal. A flat rate loan charges interest on the original amount for the entire tenure, which typically results in a much higher effective interest rate than the headline rate suggests.
Can I make prepayments to reduce my EMI or tenure?
Most lenders allow partial prepayment, which reduces either your remaining tenure or your EMI amount. Since early EMIs are interest-heavy, prepaying early in the loan's life saves more total interest than prepaying later.
Does this include processing fees or insurance add-ons?
No. This calculator computes pure principal-and-interest EMI. Many lenders add processing fees, documentation charges, or optional insurance, which increase your actual cost of borrowing beyond what's shown here.
What happens if I miss an EMI payment?
Missed payments typically trigger late fees and can affect your credit score, and interest continues to accrue on the outstanding balance. This calculator assumes all payments are made on time as scheduled.