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Free EMI calculator. Enter loan amount, interest rate and tenure to get your monthly EMI, total interest and total payment. Works for home, car and personal loans.
Enter your values and select Calculate to see the result.
An EMI, or equated monthly instalment, is the fixed payment you make every month to repay a home, car or personal loan. Each instalment pays the interest that has built up and reduces the outstanding amount.
Enter the loan amount, the annual interest rate and the tenure in years or months. The calculator shows your monthly EMI, the total interest you will pay and the total payment over the life of the loan. Use it to compare tenures and rates before you borrow.
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n the number of months
A 500,000 loan at 9.5% a year over 5 years has an EMI of about 10,500 a month.
Estimates only. This calculator gives a general estimate and is not financial, tax or legal advice. Rates, fees and rules vary by country and situation. Read our disclaimer.
EMI stands for equated monthly instalment. It is the fixed amount you pay each month to repay a loan, covering both the interest and part of the amount borrowed.
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Yes, a longer tenure lowers the monthly EMI, but you pay more interest overall. Compare the total interest for different tenures before you decide.
Banks may use different rounding, processing fees, insurance or a reducing-balance method with different day counts. Treat this as an accurate estimate and confirm the final figure with your lender.