How to use it
- Enter the loan amount.
- Enter the yearly interest rate and the tenure.
- See the EMI, total interest and the repayment table.
About this tool
EMI stands for Equated Monthly Instalment, the fixed amount you pay each month until a loan is repaid. Early EMIs are mostly interest, and later ones are mostly principal.
The formula is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate and n is the number of months.
Results are estimates. Banks may add processing fees, insurance or different rounding, so confirm with your lender.
Questions
How can I reduce my EMI?
Choose a longer tenure, make a larger down payment, or negotiate a lower interest rate. A longer tenure lowers the EMI but increases total interest.