EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. Enter your loan details to instantly calculate your EMI and total interest.
What it does: Free EMI calculator for home loans, car loans, and personal loans — Enter loan amount, interest rate, and tenure, get monthly EMI, total payable, and total interest instantly.
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Quick Reference — Common Loan EMIs
₹20 Lakh home loan @ 8.5% for 20 years≈ ₹17,356/month
₹50 Lakh home loan @ 9% for 20 years≈ ₹44,986/month
₹5 Lakh car loan @ 10% for 5 years≈ ₹10,624/month
₹3 Lakh personal loan @ 14% for 3 years≈ ₹10,246/month
Frequently Asked Questions
What is EMI? +
EMI (Equated Monthly Instalment) is the fixed amount you pay to the bank every month to repay your loan. It includes both the loan amount (principal) and the interest. You pay the same amount every month until the loan is fully repaid.
How is EMI calculated? +
EMI depends on three things: loan amount, interest rate, and loan duration. Higher loan amount or interest rate = higher EMI. Longer duration = lower EMI but more total interest paid. Our calculator handles the formula automatically.
Should I choose a shorter or longer loan period? +
Shorter period = higher EMI but less total interest (saves money). Longer period = lower EMI but you pay much more interest overall. Choose based on what monthly payment you can comfortably afford.
20 years = how many months for home loan? +
20 years × 12 = 240 months. Enter 240 in the Loan Duration field. Similarly, 15 years = 180 months, 10 years = 120 months.
Is this calculator accurate? +
Yes, it uses the standard EMI formula used by all banks. However, actual EMI may vary slightly based on the bank's processing date, rounding methods, and any additional charges.
How to Use the EMI Calculator
Enter the loan amount (principal).
Enter the annual interest rate (e.g., 8.5 for 8.5%).
Enter the loan tenure in months or years.
Click Calculate to see your monthly EMI, total interest, and amortization schedule.
Frequently Asked Questions
EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to repay a loan. It includes both the principal repayment and the interest component. EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P = principal, r = monthly rate, n = tenure in months.
You can reduce your EMI by: (1) making a larger down payment to reduce the principal, (2) negotiating a lower interest rate, or (3) increasing the loan tenure (note: longer tenure means more total interest paid).
An amortization schedule is a complete table showing each monthly payment broken into principal and interest components. It shows how your loan balance decreases over time with each payment.