About EMI Calculator
EMI Calculator works out your Equated Monthly Instalment (EMI) for any loan. Enter the loan amount, interest rate and tenure to see your monthly payment, total interest, total amount payable and a month-by-month repayment schedule.
How to use EMI Calculator
- Enter the loan amount.
- Enter the yearly interest rate and the loan tenure.
- See your EMI, total interest and the full repayment schedule.
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 (yearly rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Does a longer tenure reduce EMI?
Yes, a longer tenure lowers the monthly EMI, but you pay much more interest in total. The schedule shows exactly how much.
Is this accurate for bank loans?
It uses the standard reducing-balance method used by most banks. Your bank may add processing fees or insurance, which are not included.