Free Online Loan EMI Calculator

An EMI calculator returns the fixed monthly installment for a loan using EMI = P · r · (1+r)^n / ((1+r)^n − 1) under the reducing-balance method.

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Formula: EMI = P · r · (1+r)n / ((1+r)n − 1).

Monthly EMI
10,623.52
Total interest
137,411.34
Total payable
637,411.34
Principal vs interest
Principal 78.4%Interest 21.6%

For general info only. Banks may add processing fees, GST and insurance. Verify totals with the lender before signing.

How to Use This Tool

  1. Enter the loan amount you plan to borrow.
  2. Enter the annual interest rate the lender has offered.
  3. Set the tenure — toggle between years and months for short loans.
  4. Read the monthly EMI, total interest and total payable.
  5. Change the rate or tenure to compare offers side by side.

What Is a Loan EMI Calculator?

EMI — Equated Monthly Installment — is the structure behind almost every personal, auto and home loan in India and many other markets. Each payment is identical in size, but the principal-versus-interest split shifts over the tenure: early payments are mostly interest, late payments are mostly principal. The reducing-balance formula EMI = P · r · (1+r)^n / ((1+r)^n − 1) gives the constant payment that fully clears the loan.

Borrowers comparing two bank offers use the EMI alongside the total interest figure to see the real cost difference. A 0.25% rate change on a 25-year home loan can move total interest by several lakh rupees. Auto-loan buyers use it to fit a payment to a monthly budget. The tool accepts principal, annual rate and tenure in years or months and returns the EMI, total interest payable and total payable over the full tenure.

This is a planning estimate; banks may add processing fees, insurance and tax that aren't modeled here. Verify final terms with the lender before signing.

Frequently Asked Questions

What is EMI?
EMI stands for Equated Monthly Installment — a fixed payment made every month containing both principal and interest until the loan is fully repaid.
What is the EMI formula?
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly interest rate, and n is tenure in months.
Does prepaying reduce interest?
Yes. Any extra amount paid above the EMI reduces outstanding principal, which lowers all future interest charges in a reducing-balance loan.

Published by the WeGotEveryTool team. We build and test every tool in-house and update pages when the underlying spec, formula, or recommendation changes.

Reviewed: May 2026. Disclaimer: this tool is provided as-is for general informational use. For decisions with material consequences (medical, legal, financial, security) verify results against a qualified professional source.

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