EMI Calculator
Work out your exact monthly EMI for any home, car or personal loan.
An EMI calculator splits your loan into equal monthly payments covering principal and interest. For a ₹5 lakh loan at 9% over 5 years, your EMI is about ₹10,380 — roughly ₹1.23 lakh of the total is pure interest. Early EMIs are mostly interest, which is why prepaying early saves the most.
How to use the emi calculator
- Enter the loan amount, interest rate and tenure.
- See your EMI, total interest and total payable instantly.
- Try prepayment scenarios to see the savings.
EMI Calculator — FAQs
How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate and n is months. You don’t need the formula — the calculator applies it instantly.
Does prepaying reduce my EMI or my tenure?
By default, lenders keep your EMI the same and shorten the tenure, which saves the most interest. You can ask for EMI reduction instead, but tenure reduction is usually smarter.
What EMI can I afford on my salary?
Keep total EMIs — all loans combined — under 40–50% of your monthly take-home pay. Banks use a similar ceiling when approving loans.
Fixed vs floating interest rate — which is better?
Fixed gives payment certainty; floating is usually cheaper over long tenures but your EMI can change. For home loans over 10+ years, floating has historically won in India.
Why is my early EMI mostly interest?
Interest is charged on the outstanding balance, which is highest at the start. As you repay principal, the interest slice of each EMI shrinks.
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