EMI Calculator

How to use the EMI Calculator

1. Enter the loan amount you will borrow.
2. Enter the annual interest rate as a percentage, from 0% to 50%.
3. Enter the tenure in whole months, from 1 to 600. For example, 10 years is 120 months.
4. Select Calculate to see the monthly EMI, total interest and total repayment, then open the schedule for each month's split between principal and interest.

Use the currency selector above the inputs to change the symbol. It changes the display only and does not convert amounts.

What is an EMI?

An equated monthly instalment (EMI) is the fixed amount you repay each month on a loan. Each payment covers that month's interest on the balance still owed, and the rest reduces the principal.

Because the balance falls, the interest share shrinks and the principal share grows over the tenure, even though the payment stays the same.

How the calculation works

EMI formula

• P is the principal borrowed.
• r is the monthly rate, the annual rate ÷ 1200.
• n is the number of monthly payments.

Payments are made at the end of each month on a reducing balance. The schedule computes interest on the balance each month, and the last payment clears the remaining balance exactly.

EMI calculation example

Borrowing 1,000,000 at 8.5% a year for 120 months:

Calculations keep full precision and round only for display, so adding the rounded schedule lines can differ by a few cents. Amounts are shown without a currency symbol because the arithmetic is identical in any currency. The currency selector only changes the symbol and number format; it never converts amounts.

Assumptions and limitations

Assumptions

• A fixed interest rate for the whole tenure.
• Interest is charged monthly on the reducing balance.
• Payments are equal and made at the end of every month.

Limitations and why results can differ

• Processing fees, insurance, taxes and other lender charges are not included in the EMI.
• Floating rates, part-prepayments, moratoriums and daily-interest conventions are not modelled, so a lender's own schedule can differ.
• The output is an illustration, not a loan offer.

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Frequently asked questions

Does this include bank fees or insurance?

No. Ask your lender for the full repayment schedule and a list of charges.

Can I calculate an interest-free loan?

Yes. Enter 0% and the EMI is the loan amount divided by the number of months.

What if my interest rate changes during the loan?

This calculator assumes a fixed rate. Recalculate with the new rate and remaining balance and tenure to see the effect.

Is this flat-rate or reducing-balance interest?

Reducing balance: each month's interest is charged on the principal still outstanding.

Why does my lender show a slightly different EMI?

Lenders may round the payment, use different day-count rules or add charges. Treat this result as an estimate.

Methodology

Inputs are validated: loan amount from 1 to 1,000,000,000, annual interest from 0% to 50% and tenure as a whole number of months from 1 to 600.

The EMI is calculated with the standard reducing-balance formula, evaluated in a numerically stable form. The schedule then walks through each month, charges interest on the outstanding balance, applies the remainder of the payment to principal and clears the remaining balance in the final month. Values are kept at full precision and rounded only for display. The calculation runs in your browser and inputs are not sent to a server.

Last reviewed: 22 September 2026

Disclaimer

Results are estimates based on the assumptions you enter. Actual repayments depend on your lender’s terms, fees and rate structure. This page is for information only and is not lending or financial advice. Read the full Disclaimer.