Loan EMI Calculator – Calculate EMI, Interest & Repayment
Loan EMI Calculator
Enter the loan amount, interest rate and tenure to see your monthly EMI in seconds.
Calculate Your Loan EMI
Works for any loan type. Results update as you type.
An EMI calculator, also called an emi loan calculator, helps you work out the amount you will pay every month towards a loan. Once you enter the loan amount, interest rate and tenure, it gives you the answer within seconds. It's a fast emi calculator for loan planning: enter your amount and get the monthly breakdown of your loan. If you want to see how EMI is calculated step by step with a worked example, that guide walks through the same formula used below.
Every EMI is built from the same formula, regardless of loan type:
- P — Principal, the amount you borrow
- R — Monthly interest rate (annual rate ÷ 12 ÷ 100)
- N — Number of monthly instalments (tenure in years × 12)
Here's how that math plays out on a few real loans
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Interest | Total Payment |
|---|---|---|---|---|---|
| ₹40,00,000 | 8.5% | 20 years | ₹34,713 | ₹43,31,103 | ₹83,31,103 |
| ₹40,00,000 | 9% | 20 years | ₹35,989 | ₹46,37,369 | ₹86,37,369 |
| ₹40,00,000 | 8.5% | 15 years | ₹39,390 | ₹30,90,125 | ₹70,90,125 |
| ₹25,00,000 | 8.5% | 15 years | ₹24,618 | ₹19,31,328 | ₹44,31,328 |
| ₹10,00,000 | 10.5% | 5 years | ₹21,494 | ₹2,89,634 | ₹12,89,634 |
| ₹8,00,000 | 9% | 7 years | ₹12,871 | ₹2,81,186 | ₹10,81,186 |
What Is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until a loan is fully repaid. Each EMI combines two parts, interest and principal, in a ratio that shifts over time: early payments are interest-heavy, later ones are mostly principal, even though the EMI amount itself never changes. If you want to see that split month by month, our loan amortization schedule lays out every payment.
What Changes Your EMI?
Three things move your EMI, and each moves it differently.
Loan Amount
The loan amount, or principal, is the total sum you borrow. It's the base figure the EMI formula starts from, before interest and tenure are applied.
Interest Rate
The interest rate is the annual percentage the lender charges. It's set by the lender based on RBI policy rates, your credit profile and the loan type, and is converted to a monthly rate inside the EMI formula.
Tenure
Tenure is the total period over which the loan is repaid, in months or years. It determines how many individual EMIs you'll pay before the loan is closed.
Reducing Balance vs. Flat Rate Interest
These two are not the same thing. Reducing balance interest is calculated only on the outstanding loan amount, which gets smaller with every payment. Flat rate interest is calculated on the original principal for the entire tenure, regardless of how much has already been repaid. Most regulated lenders in India use reducing balance; flat rate is now mostly limited to informal or specific-purpose lending. Read the full breakdown in our Reducing Balance vs Flat Rate guide.
EMI and Your Budget: The FOIR Angle
Lenders typically cap your total EMI obligations at 40-50% of monthly income, a ratio called FOIR (Fixed Obligation to Income Ratio). Running your numbers through the FOIR Calculator before applying tells you whether a lender is likely to approve your loan amount at all, not just what the EMI would look like if they did.
Different loan types shape the same formula in different ways. For cars, see our car loan EMI calculator; for property, the home loan EMI calculator adds LTV limits and tax benefits; and for unsecured borrowing, the personal loan EMI calculator accounts for processing fees and shorter tenures.
Frequently Asked Questions
Does prepayment reduce my EMI or my tenure?
Most Indian lenders let you choose this. Reducing tenure (keeping EMI the same) saves more total interest than reducing EMI (keeping tenure the same). See our prepayment guide for the full comparison with worked numbers.
Is EMI calculated on flat rate or reducing balance?
Reducing balance, for the vast majority of regulated home, car and personal loans in India today. Flat rate is now uncommon outside specific gold loan or informal lending structures.
What happens if I miss an EMI payment?
Most lenders apply a penalty and report the missed payment to credit bureaus after a grace period, which can affect your credit score. Terms vary by lender, so check your loan agreement's default clause. It's best not to miss a payment.
Can I change my EMI amount after the loan starts?
Not directly, but a part-prepayment effectively does this. It reduces either your EMI or your remaining tenure, depending on which option you choose with your lender.
What's the difference between EMI in advance and EMI in arrears?
EMI in arrears (the default for most loans) means your first payment is due one month after disbursement. EMI in advance, more common on car loans, means your first EMI is deducted at disbursement itself, which slightly lowers the total interest since one payment happens earlier. See our EMI in Advance vs Arrears guide for the exact difference in numbers.
This shows you the interest math. Exact rates, eligibility and final terms depend on your lender and your credit profile.