EMI Calculator
Calculate your Equated Monthly Installment (EMI) for any loan. Adjust the principal, interest rate, and tenure to see instant results.
Monthly EMI
₹10,623.52
Total Interest
₹1,37,411
Total Payable
₹6,37,411
Loan Breakdown
- Principal 78.4%
- Interest 21.6%
Amortization Schedule
| Year / Month | Opening Bal. Open | Principal | Interest | Closing Bal. Close |
|---|---|---|---|---|
| ▶ 2026 | ₹5,00,000 | ₹81,134 | ₹46,348 | ₹4,18,866 |
| ▶ 2027 | ₹4,18,866 | ₹89,630 | ₹37,852 | ₹3,29,236 |
| ▶ 2028 | ₹3,29,236 | ₹99,015 | ₹28,467 | ₹2,30,221 |
| ▶ 2029 | ₹2,30,221 | ₹1,09,383 | ₹18,099 | ₹1,20,837 |
| ▶ 2030 | ₹1,20,837 | ₹1,20,837 | ₹6,645 | ₹0 |
How is EMI Calculated?
The EMI (Equated Monthly Installment) is calculated using the standard reducing balance amortization formula:
- P = Loan Amount (Principal)
- r = Monthly Interest Rate = Annual Rate ÷ 12 ÷ 100
- n = Loan Tenure in Months
For example, a ₹5,00,000 loan at 10% p.a. for 5 years: r = 10/12/100 = 0.00833, n = 60. EMI = ₹10,624/month.
Frequently Asked Questions
What is EMI? ▼
EMI (Equated Monthly Installment) is a fixed monthly payment made to a lender to repay a loan. It includes both principal repayment and interest, calculated so the loan is fully paid off by the end of the tenure.
What happens if I increase my loan tenure? ▼
A longer tenure reduces your monthly EMI but significantly increases the total interest paid. For example, a ₹10L loan at 10% for 10 years costs ₹5.86L in interest vs ₹2.75L for 5 years. Always choose the shortest tenure you can comfortably afford.
Can I reduce my EMI after taking a loan? ▼
Yes. You can make a partial prepayment to reduce either your EMI or remaining tenure (depending on your lender's policy). You can also refinance at a lower interest rate. Use our Prepayment Calculator to see how much you can save.
What is the difference between flat rate and reducing balance EMI? ▼
In a flat rate loan, interest is calculated on the original principal throughout the tenure. In a reducing balance loan (standard in India), interest is calculated on the outstanding principal each month — making it significantly cheaper. This calculator uses the reducing balance method.
How does a credit score affect my EMI? ▼
A higher CIBIL score (750+) qualifies you for lower interest rates, directly reducing your EMI and total interest cost. A score below 650 may result in higher rates or loan rejection. Improving your credit score before applying can save you lakhs over the loan tenure.