What is this Tool?
An EMI (Equated Monthly Instalment) Calculator helps you calculate the fixed monthly amount you need to pay to repay a loan over a chosen period. Whether you're planning to take a home loan, car loan, or personal loan, knowing your EMI in advance helps you plan your monthly budget effectively and avoid financial stress.
How to Use This Calculator
1
Enter the loan amount you wish to borrow in rupees.
2
Enter the annual interest rate offered by your bank or lender.
3
Enter the loan tenure in years — how long you want to repay the loan.
4
Your EMI, total interest, total repayment and principal vs interest donut chart appear instantly on the right.
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Frequently Asked Questions
What does EMI stand for?
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay every month to your lender until the loan is fully repaid.
Does a longer tenure reduce EMI?
Yes, a longer tenure reduces your monthly EMI but increases the total interest paid over the loan period. The donut chart makes this tradeoff very visible.
Is this EMI calculator accurate?
This calculator uses the standard reducing balance formula used by all banks. Results may vary slightly due to processing fees or specific bank policies.
Can I prepay my loan?
Most banks allow partial or full prepayment. Prepaying reduces the outstanding principal and lowers future interest. Check your loan agreement for prepayment charges.
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ [(1 + r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Early EMIs are mostly interest; later ones are mostly principal.
What is the EMI on a ₹50 lakh home loan?
At 8.5% a year for 20 years, the EMI on ₹50 lakh is about ₹43,391, and total interest is about ₹54.1 lakh — more than the loan itself. Enter your bank's actual rate and tenure above for your exact figure.
What is the EMI on a ₹30 lakh home loan for 20 years?
At 8.5% the EMI is about ₹26,035 a month (total interest ≈ ₹32.5 lakh); at 9% it is about ₹26,992 (≈ ₹34.8 lakh interest). Even half a percent makes a noticeable difference over 20 years.
What is the EMI for an ₹8 lakh car loan?
At 9% for 5 years, an ₹8 lakh car loan has an EMI of about ₹16,607, with roughly ₹1.96 lakh in total interest. A shorter tenure raises the EMI but cuts the interest.
What is the EMI on a ₹5 lakh personal loan?
At 12% for 3 years, the EMI on ₹5 lakh is about ₹16,607, with total interest of about ₹97,900. Personal loan rates vary widely with your credit score, so compare several lenders.
How much EMI can I afford on my salary?
Lenders look at your total EMIs as a share of monthly income (the FOIR). Many prefer all EMIs together to stay under roughly 40–50% of take-home pay, but keeping them lower leaves room for savings and emergencies.
What happens to my EMI if the interest rate changes?
On a floating-rate loan, when rates rise the bank usually extends your tenure first and keeps the EMI the same, or raises the EMI if the tenure can't be stretched further. You can usually ask the bank to raise the EMI instead of extending the tenure, which saves interest.
Should I prepay to reduce EMI or tenure?
If you can afford the current EMI, reducing the tenure usually saves more interest. Reducing the EMI helps if your monthly budget is tight. Floating-rate home loans taken by individuals generally have no prepayment penalty, but check your loan terms.
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