EMI Calculator for Personal, Home and Car Loans
Enter the loan amount, interest rate and tenure to see your monthly EMI, the total interest and the total amount you'll repay. For example, a ₹5 lakh loan at 12% a year over 3 years has an EMI of ₹16,607.
EMI & Loan Calculator
Plan your loan with precision. Adjust the sliders and see real-time results.
The EMI formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P is the loan amount (principal)
- r is the monthly interest rate: the annual rate ÷ 12 ÷ 100
- n is the number of monthly instalments: years × 12
Worked example: ₹5,00,000 at 12% a year for 3 years. Here r = 12 ÷ 12 ÷ 100 = 0.01 and n = 36, so the EMI is ₹16,607. Over 36 months you repay ₹5,97,858, of which ₹97,858 is interest.
How tenure changes your EMI
The same ₹5,00,000 loan at 12% a year, over different tenures:
| Tenure | Monthly EMI | Total interest | Total repaid |
|---|---|---|---|
| 1 year | ₹44,424 | ₹33,093 | ₹5,33,093 |
| 2 years | ₹23,537 | ₹64,882 | ₹5,64,882 |
| 3 years | ₹16,607 | ₹97,858 | ₹5,97,858 |
| 4 years | ₹13,167 | ₹1,32,012 | ₹6,32,012 |
| 5 years | ₹11,122 | ₹1,67,333 | ₹6,67,333 |
A shorter tenure costs less in total but needs a higher EMI. Lenders usually want all your EMIs together to stay within about half of your take-home pay; check how much you can borrow with the personal loan eligibility calculator.
Frequently asked questions
What is an EMI?
An EMI (equated monthly instalment) is the fixed amount you pay the lender every month until the loan is repaid. Each EMI covers that month's interest and part of the principal; early EMIs are mostly interest, later ones mostly principal.
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.
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers the monthly EMI, but you pay more interest in total. For ₹5 lakh at 12% a year, the EMI is about ₹16,607 over 3 years and ₹11,122 over 5 years, but total interest rises from about ₹97,858 to ₹1,67,333.
Will my EMI change during the loan?
For a fixed-rate loan, the EMI stays the same. For a floating-rate loan, the lender may change the EMI or the tenure when interest rates change. Your loan agreement says which applies.