EMI Calculator
Enter the loan details — your EMI, total interest and repayment schedule update as you type.
| Year | Principal paid | Interest paid | Balance |
|---|
Assumes a fixed rate and equal monthly instalments paid at the end of each month. Your lender's figure may differ slightly because of fees, rounding and the exact payment dates.
Frequently asked questions
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. This calculator uses that standard reducing-balance formula, the one banks use for home, car and personal loans.
What is the difference between a flat rate and a reducing-balance rate?
A reducing-balance rate charges interest only on the amount you still owe, so interest falls as you repay. A flat rate charges interest on the original amount for the whole tenure, which costs much more for the same quoted percentage. This calculator assumes a reducing-balance rate; if a lender quotes a flat rate, the real yearly rate is roughly 1.8 times higher.
Does a longer tenure make a loan cheaper?
A longer tenure lowers each EMI but raises the total interest you pay, sometimes by a large amount. Try changing the tenure to see the trade-off between a comfortable EMI and the total cost.
Does the result include processing fees or insurance?
No. The figures cover only principal and interest. Processing fees, insurance and other charges are extra, so ask your lender for the full cost.