Loan EMI Calculator
Find the monthly installment (EMI) for any loan and see how much interest you will pay.
How to use: Enter the loan amount, yearly interest rate and loan length to see your monthly payment (EMI).
How to use the Loan EMI Calculator
An EMI (equated monthly installment) is the fixed amount you pay your lender every month until a loan is cleared. Each EMI contains two parts: interest on the outstanding balance and a repayment of principal. This calculator uses the reducing-balance method that banks use for most personal, car and home loans.
Type in the amount you want to borrow, the annual interest rate and the tenure. Choose years or months depending on how your lender quotes the term. You will instantly see the monthly EMI, the total interest you will pay and the total amount repaid.
The split of your first EMI is shown too, which is useful because early payments are mostly interest. That is also why prepaying a loan early saves the most money. Experiment with a shorter tenure to see the trade-off: the EMI rises, but total interest drops sharply.
Always compare the interest rate and the processing fees when choosing between lenders. This calculator excludes fees, insurance and taxes, so use it as a planning aid rather than a final quote.
Frequently asked questions
What does EMI stand for?
EMI stands for equated monthly installment: a fixed payment made each month that covers both interest and a portion of the principal.
Does a longer tenure save money?
It lowers the monthly EMI but increases the total interest paid. A shorter tenure costs more each month but is cheaper overall.
Can I use this for any currency?
Yes. The math works the same for any currency, so enter amounts in whatever currency your loan uses.