Calculate Equated Monthly Installment (EMI), total interest payable, and loan amortization schedule.
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This EMI calculator helps you work out the Equated Monthly Instalment on a loan so you can plan your budget before you sign on the dotted line. Enter the loan amount, the annual interest rate and the tenure, and the tool instantly shows you the monthly EMI, the total interest you will pay over the life of the loan, and the total repayment amount. It supports home loans, car loans, personal loans, education loans, business loans and gold loans, and it includes a detailed amortization schedule showing how much of each instalment goes toward the principal and how much toward interest.
The calculator also lets you model monthly prepayments to see how much interest you can save by paying a little extra each month. Everything is calculated in your browser using the standard reducing-balance EMI formula, and you can compare multiple scenarios side by side, export the amortization schedule as CSV, or copy the summary to share with family or a financial advisor.
EMI stands for Equated Monthly Instalment — the fixed amount you pay your lender every month until the loan is fully repaid. It is calculated using the reducing-balance formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the total number of monthly instalments.
Yes — a longer tenure reduces the monthly EMI because the principal is spread over more instalments. However, a longer tenure also means you pay interest for more months, so the total interest outgo increases. Always compare both the monthly EMI and the total interest before choosing a tenure.
When you pay extra toward the principal, the outstanding balance drops faster than the scheduled plan. Because interest is calculated on the reducing balance, this reduces the interest charged in subsequent months. Depending on the lender, the extra payment either shortens the remaining tenure or reduces the EMI; this calculator shows the impact as a reduction in total interest and a shorter loan duration.
The preset rates are indicative of typical market ranges for each loan type and may change over time. Your actual rate depends on the lender, your credit profile, the loan amount and the tenure. Always use the rate quoted on your lender's sanction letter or website for accurate planning.
No. Every calculation runs locally inside your browser. The loan amounts, rates and results you enter are never transmitted to a server, and the session history is cleared as soon as you refresh or close the page.