EMI & Loan Calculator
Work out the monthly EMI, total interest and total payment for any home, car or personal loan.
Monthly EMI
₹ 10,258.27
for 60 months
Total interest
₹ 115,495.94
cost of borrowing
Total payment
₹ 615,495.94
principal + interest
How the EMI is calculated
EMI (Equated Monthly Instalment) is worked out from three numbers: the loan amount you borrow, the annual interest rate the bank charges, and the number of months you'll take to repay. The standard formula every lender uses is:
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. This calculator uses exactly this formula — the same numbers your bank will show you at the sanction desk, to within rounding.
What the outputs mean
- Monthly EMI — what you pay every month for the entire tenure.
- Total interest payable — sum of interest across all instalments; the real "cost" of the loan.
- Total payment — principal + interest; the full amount you'll have paid by the last instalment.
Tips before you take a loan
- Increasing the tenure lowers the monthly EMI but sharply raises total interest.
- A partial prepayment early in the schedule saves more interest than one made late.
- Compare the effective rate (with all processing charges) not just the sticker rate.
- Aim for an EMI ≤ 40% of your monthly take-home so unexpected expenses don't force default.
All calculation happens in your browser. This tool is for planning only and is not financial advice — verify the final schedule with your lender before signing.