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EMI Calculator

Calculate your loan EMI in seconds — enter the loan amount, annual interest rate and tenure to get your exact monthly installment, total interest and total payable.

About this tool

EMI — the equated monthly installment — is the fixed amount you pay your lender every month until the loan is fully repaid. Whether it is a car loan, home loan, or personal loan, our free EMI calculator turns three numbers into your exact monthly payment.

It also shows the total interest you will pay and the total amount leaving your pocket, so you can compare loan offers side by side before you sign.

How to use

Enter the loan amount (the principal you are borrowing), the annual interest rate, and the loan term in months — common terms are 12, 36, 60, or 84 months.

Press Calculate EMI to see your monthly installment, the total interest over the life of the loan, and the total payable amount.

The math behind it

Lenders everywhere use the same standard formula: 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 payments.

Example: borrow $25,000 at 6% annual interest for 5 years (P = 25,000, r = 0.005, n = 60) and the EMI works out to about $483 per month.

Frequently asked questions

What is EMI?
EMI stands for Equated Monthly Installment — a fixed payment you make to your lender every month. Each payment covers that month’s interest plus a slice of the principal, so the loan balance shrinks to zero by the final payment.
Does a longer loan term always mean a lower EMI?
Yes, stretching the term lowers the monthly EMI because the repayment is spread over more months — but it raises the total interest substantially. A 7-year loan can cost thousands more in interest than a 4-year loan for the same amount.
Is the EMI the same every month?
Yes. That is what ‘equated’ means — the payment amount never changes. What changes behind the scenes is the split: early payments are mostly interest, later payments are mostly principal.
Can I use this for a car loan EMI?
Absolutely. Enter the amount you are financing (price minus down payment), the annual rate from your lender, and the term in months. For a detailed walkthrough with a car-loan example, see our guide on how loan EMI is calculated.

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