Loan EMI Calculator
Plan your loan repayment with precision. Enter the loan amount, annual interest rate, and tenure to instantly see your monthly EMI, total interest outgo, and the total amount you will pay back.
Frequently Asked Questions
What is EMI and how is it calculated?+
EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. It is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of months.
Does prepaying a loan reduce EMI or tenure?+
Most lenders give you the option to either reduce the EMI amount or keep the EMI the same and reduce the loan tenure. Reducing the tenure saves more on total interest, so that is generally the better choice if your cash flow allows it.
What happens to my EMI if the interest rate changes (floating rate)?+
For floating-rate loans, when interest rates rise your EMI may increase, or the tenure may be extended by the bank to keep the EMI the same. You should re-calculate with the revised rate to understand the impact.
How does loan tenure affect my EMI?+
A longer tenure lowers your monthly EMI but significantly increases the total interest paid over the life of the loan. A shorter tenure means a higher EMI but much less interest overall. Use this calculator to compare different tenure options.
Can I use this calculator for a home loan, car loan, or personal loan?+
Yes. The EMI formula is the same for all loan types. Simply enter the loan amount, the annual interest rate your lender quoted, and the tenure in years to get the correct EMI for any type of loan.