About the EMI Calculator
An EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. Use this calculator to compare loan amounts, interest rates and tenures before you borrow.
How to use the EMI Calculator
- Enter the loan amount.
- Enter the annual interest rate offered by the lender.
- Choose the loan tenure in years.
- See your EMI, total interest and the year-wise repayment schedule.
Formula used
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P = loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100) and n = number of months.
Frequently asked questions
How can I reduce my EMI?
Choose a longer tenure, negotiate a lower rate or make a bigger down payment. A longer tenure lowers EMI but increases total interest.
Does prepayment help?
Yes. Part-prepayments reduce the outstanding principal and can cut total interest significantly. Check your lender’s prepayment charges.
Is the EMI the same every month?
For fixed-rate loans, yes. For floating-rate loans the EMI or tenure can change when rates change.
Last reviewed: November 7, 2026