Loan EMI Calculator

Calculate the monthly instalment (EMI), total interest and total repayment for a personal, car or home loan.

%
years
Monthly payment (EMI)
10,379.18
Total interest
122,750.66
Total repayment
622,750.66
Number of payments
60

Formula

EMI = P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the loan amount, i the monthly interest rate (annual ÷ 12) and n the number of monthly payments.

About this calculator

This is the standard reducing-balance formula used by banks for fixed-rate loans with equal monthly payments. It does not include processing fees or insurance, and it will not match flat-rate loans, where interest is charged on the full amount for the whole term.

Amounts are shown without a currency symbol, so the calculator works for any currency: enter all values in the same one.

Frequently asked questions

Why does my bank quote a different EMI?

Common reasons are processing fees added to the loan, a flat rate instead of a reducing-balance rate, a different day-count method, or a variable rate that changes during the term.

How can I pay less interest?

Choose a shorter term, make a larger down payment, or make extra payments toward principal if your lender allows it without penalty.

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