EMI Calculator
Enter the loan amount, interest rate, and tenure to see your monthly EMI instantly.
Figures are estimates for a fixed rate and equal monthly payments.
Repayment schedule
| Year | Principal paid | Interest paid | Total paid | Balance |
|---|
Actual bank EMI may differ due to fees, rate changes, payment dates or rounding. This calculator assumes interest on the reducing balance.
Table of Contents
Planning a home loan, car loan or personal loan? Use this free EMI Calculator to estimate your monthly payment before you borrow. Enter the loan amount, annual interest rate and repayment tenure in the calculator above. You can instantly see your estimated EMI, total interest, total repayment and a monthly or yearly repayment schedule.
Whether you are reviewing an offer from SBI, HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank (PNB), Bank of Baroda or another Indian lender, enter the interest rate quoted in your own loan offer to estimate the payment. This is an independent calculator; it does not display live bank rates or provide a loan offer.
What is an EMI?
EMI stands for Equated Monthly Instalment. It is the amount you pay each month towards a loan. An EMI includes both principal (the amount borrowed) and interest. For a typical reducing-balance loan, interest is calculated on the outstanding principal, so the interest portion generally falls and the principal portion generally rises as you repay the loan, assuming the rate and EMI remain unchanged.
How to use this loan EMI calculator
- Enter the loan amount: Add the amount you plan to borrow, excluding your down payment.
- Enter the annual interest rate: Use the rate offered by the bank or lender. If you are comparing offers, try each quoted rate separately.
- Choose the tenure: Select the number of years or months available in your loan offer.
- Review the result: Check the estimated monthly EMI, total interest, total payable and repayment schedule. Change one input at a time to understand its effect.
For example, a ₹25,00,000 loan at 8.5% annual interest for 20 years gives an estimated EMI of ₹21,696 per month. This is an illustration, not a current bank rate or an offer.
Calculate EMIs for different loans
Home Loan EMI Calculator
Use the calculator to plan a home purchase or compare home loan quotes. A longer tenure can reduce the monthly EMI, but it usually increases the total interest paid. Compare both numbers before choosing a repayment period.
Personal Loan EMI Calculator
Enter your offered personal loan rate and tenure to see the monthly commitment. Check the lender’s processing fee and other charges separately when comparing the total cost of different offers.
Car Loan EMI Calculator
For a new or used car, enter the amount you need to finance after your down payment. Adjust the tenure to see how the EMI and total interest change.
Compare loan offers from Indian banks
You can use the same calculator to estimate EMIs for quotes from SBI, HDFC Bank, ICICI Bank, Axis Bank, PNB, Bank of Baroda and other banks or NBFCs. Keep the loan amount and tenure the same, then enter each lender’s quoted interest rate. Compare the EMI and total interest alongside processing fees, insurance, prepayment terms and the actual repayment schedule supplied by the lender.
This calculator is not affiliated with any bank. Rates, eligibility, fees and loan terms depend on the lender and your individual offer.
How is EMI calculated?
For a fixed-rate, monthly reducing-balance loan, the standard estimate is:
EMI = P × r × (1 + r)^n ÷ [(1 + r)^n − 1]
Here, P is the loan amount, r is the monthly interest rate (annual percentage rate ÷ 12 ÷ 100), and n is the number of monthly instalments. At 0% interest, the EMI is simply the loan amount divided by the number of months.
The result is an estimate. A lender’s amount may differ because of payment dates, rate changes, rounding, fees or a different interest calculation method.
Frequently Asked Questions
Is this EMI Calculator free to use?
Yes. You can change the loan amount, rate and tenure as many times as you like without signing up.
Can I calculate an EMI for SBI, HDFC Bank or ICICI Bank loans?
Yes. Enter the loan amount, annual interest rate and tenure from the specific offer given to you by the bank. The tool is independent and does not fetch live bank rates.
Does a longer loan tenure reduce my EMI?
Usually, yes. With the same loan amount and interest rate, more monthly instalments lower the EMI but generally increase the total interest paid over the full loan term.
Does the calculator include processing fees and insurance?
No. It estimates principal and interest only. Ask the lender for a full schedule of fees, insurance costs and other charges.
Will my EMI change if the interest rate changes?
It can. For a floating-rate loan, the lender may adjust your EMI, tenure or both according to the loan terms. Recalculate with the new rate and check your lender’s updated repayment schedule.
What is the difference between EMI and total interest?
EMI is the estimated amount due each month. Total interest is the estimated borrowing cost across the entire tenure, excluding fees and other charges.
Can I use this calculator for a personal loan or car loan?
Yes. It works for a standard fixed-rate, monthly reducing-balance loan when you enter the correct amount, interest rate and tenure. Check your lender’s terms if the loan uses a different calculation method.
