EMI calculator
Work out your monthly loan installment for a home, car or personal loan. Adjust the sliders below — your EMI updates instantly.
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Compare home loan offers →What is EMI?
EMI stands for Equated Monthly Installment — the fixed amount you pay your lender every month until the loan is fully repaid. Each EMI payment covers a portion of the principal and a portion of the interest, with the interest share gradually decreasing over the loan term.
Formula
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = number of monthly installments (years × 12)
Frequently asked questions
How is EMI calculated?
EMI is calculated using the loan amount, the monthly interest rate, and the number of installments, applied to the standard amortization formula shown above.
Does EMI stay the same throughout the loan?
Yes, for a fixed-rate loan the EMI stays constant each month. What changes is the split — early payments are mostly interest, later payments are mostly principal.
What happens if I prepay my loan?
Prepayment reduces your outstanding principal. Depending on your lender's terms, this either shortens your tenure or reduces your future EMI amount.