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Financial Calculators

EMI Calculator

Work out the equated monthly instalment (EMI) on a loan before you sign. Enter the loan amount, interest rate and tenure in years or months to see the EMI, the total interest and how the balance falls each year.

$
% p.a.
Tenure in
Monthly EMI₹8,837.11
Total interest payable
₹11,20,905.70
Total amount payable
₹21,20,905.70
Tenure
240 months
  • Principal 47.1%
  • Interest 52.9%
Step-by-step working
  1. R = 8.75 ÷ 12 ÷ 100 = 0.00729167 per month
  2. N = 240 months
  3. EMI = P × R × (1 + R)ᴺ ÷ ((1 + R)ᴺ − 1)
  4. (1 + R)ᴺ = 5.71818
  5. EMI = ₹8,837.11

Banks may round the EMI and adjust the final instalment slightly. Floating-rate loans change when the rate is reset.

Year-wise repayment schedule

YearPrincipalInterestOutstanding
Year 1₹19,307.41₹86,737.88₹9,80,692.59
Year 2₹21,066.23₹84,979.06₹9,59,626.37
Year 3₹22,985.27₹83,060.01₹9,36,641.09
Year 4₹25,079.14₹80,966.15₹9,11,561.95
Year 5₹27,363.74₹78,681.54₹8,84,198.21
Year 6₹29,856.46₹76,188.82₹8,54,341.75
Year 7₹32,576.26₹73,469.02₹8,21,765.48
Year 8₹35,543.83₹70,501.46₹7,86,221.66
Year 9₹38,781.72₹67,263.57₹7,47,439.94
Year 10₹42,314.57₹63,730.71₹7,05,125.37
Year 11₹46,169.25₹59,876.03₹6,58,956.11
Year 12₹50,375.08₹55,670.21₹6,08,581.04
Year 13₹54,964.04₹51,081.25₹5,53,617.00
Year 14₹59,971.03₹46,074.25₹4,93,645.97
Year 15₹65,434.14₹40,611.14₹4,28,211.83
Year 16₹71,394.92₹34,650.37₹3,56,816.91
Year 17₹77,898.70₹28,146.59₹2,78,918.21
Year 18₹84,994.94₹21,050.34₹1,93,923.27
Year 19₹92,737.63₹13,307.66₹1,01,185.64
Year 20₹1,01,185.64₹4,859.65₹0.00

How to use the EMI Calculator

  1. Enter the loan amount (principal).
  2. Enter the annual interest rate.
  3. Choose years or months and enter the tenure.
  4. Press Calculate.

Formula

EMI = P × R × (1 + R)ᴺ ÷ ((1 + R)ᴺ − 1)

P = principal, R = monthly interest rate (annual rate ÷ 12 ÷ 100), N = tenure in months.

Examples

  • Home loan of ₹10,00,000 at 8.75% for 20 years: EMI ≈ ₹8,837; total interest ≈ ₹11.2 lakh.
  • Car loan of ₹6,00,000 at 9.5% for 60 months: EMI ≈ ₹12,601.

Frequently asked questions

Does a longer tenure reduce my EMI?

Yes, but you pay interest for longer, so the total interest rises sharply. Compare the totals, not just the EMI.

What happens if I prepay?

A part-prepayment reduces the outstanding principal. Banks usually let you lower either the EMI or the remaining tenure; lowering the tenure saves more interest.

Is processing fee included?

No. Add any processing fee and insurance separately to understand the full cost.

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