EMI Calculator
Calculate your monthly loan EMI, total interest, total payment and complete repayment schedule. Enter your loan amount, interest rate and loan tenure to get an instant result.
Loan Details
Enter your loan information below.
Principal & Interest Breakdown
Amortization Schedule
The table below shows the estimated payment, principal, interest and remaining balance for each month.
| Month | EMI | Principal | Interest | Remaining Balance |
|---|
What Is EMI?
EMI stands for Equated Monthly Installment. It is the fixed monthly amount a borrower generally pays toward a loan. Each EMI consists of two main parts: principal and interest.
How Is EMI Calculated?
The standard reducing-balance EMI formula uses the loan amount, monthly interest rate and total number of monthly payments.
P = Loan principal
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Total number of monthly payments
Example
Suppose you take a loan of Rs. 1,000,000 at an annual interest rate of 12% for 5 years. The calculator converts the annual interest rate into a monthly rate and calculates the monthly EMI based on the reducing-balance method.
What Does the EMI Include?
- Principal: The amount borrowed from the lender.
- Interest: The cost charged by the lender for the loan.
- Monthly EMI: The estimated monthly payment.
- Total Interest: The estimated interest paid over the full loan term.
- Total Payment: Principal plus total interest.
Important Note
This calculator provides an estimate using a standard reducing-balance EMI formula. Actual loan payments may differ because banks and financial institutions may apply processing fees, insurance, taxes, variable interest rates, different rounding rules or other charges.