Enter your loan amount, interest rate, and tenure — this calculator instantly shows your monthly EMI and total interest payable.
Work out EMI by tenure in years, or switch to months for shorter loans.
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Monthly EMI
Estimate only — assumes a fixed interest rate for the full tenure with standard reducing-balance EMI. Actual EMI may vary with processing fees, floating rates, or prepayments.
Every EMI is a fixed monthly payment that covers both interest and principal, calculated using the reducing-balance method. In early months, more of the EMI goes toward interest; as the outstanding principal shrinks, later EMIs pay off more principal — even though the EMI amount itself stays the same throughout.
The principal you're borrowing from the lender.
Annual interest rate and how many years or months to repay.
Monthly instalment plus total interest over the loan.
The EMI formula
EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]
P = loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = number of monthly instalments.
Total interest = (EMI × n) − P
A worked example
A ₹25,00,000 home loan at 8.5% for 20 years:
| Loan amount | ₹25,00,000 |
| Interest rate | 8.5% per year |
| Tenure | 20 years (240 months) |
| Monthly EMI | ₹21,696 |
| Total interest paid | ₹27,07,040 |
| Total payment | ₹52,07,040 |
Notice the total interest paid is more than the loan amount itself — this is normal for long-tenure loans and is why a shorter tenure, if affordable, usually saves significantly on interest.
Typical interest rate ranges
8–9%
Home loans
9–12%
Car loans
10–16%
Personal loans
16%+
Credit card / unsecured
No — a longer tenure lowers your monthly EMI but increases the total interest paid over the loan's life, since interest accrues on the outstanding balance for a longer period.
Under the reducing-balance method, interest is calculated on the outstanding principal each month. As you repay principal, the outstanding balance shrinks, so a smaller share of each future EMI goes toward interest and a larger share toward principal.
No — this calculator only estimates the interest-and-principal EMI. Lenders often charge a separate processing fee, typically 0.5–2% of the loan amount, paid upfront.
A part-prepayment reduces your outstanding principal, which either shortens your tenure or lowers your future EMI, depending on what your lender allows — and it reduces the total interest you'd otherwise pay.
Run each lender's rate and tenure through this calculator to see which one actually costs less overall.