—
Monthly payment (EMI)
—
Total interest
—
Total payment
—
Total months
How EMI is calculated
EMI (Equated Monthly Installment) uses the reducing balance method, so each payment covers that month's interest on the remaining balance plus a portion of the principal, the interest portion shrinks and the principal portion grows with every payment, while the total monthly amount stays fixed.
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments.
This is a general-purpose calculator for informational estimates. It doesn't include processing fees, insurance, taxes, or other charges your specific lender may add, check with your bank or lender for the exact figure on any real loan.
Frequently asked questions
Does this match what my bank will actually charge?+
It gives an accurate estimate based on the standard EMI formula, but real loans often include processing fees, insurance premiums, or other charges that this calculator doesn't account for. Always confirm the exact figures with your lender.
What if the interest rate is 0%?+
With a 0% rate, the EMI is simply the loan amount divided by the number of months, since there's no interest to add.