Calculate your estimated monthly loan repayment using the principal, annual interest rate and loan tenure. This EMI calculator is useful for personal loans, car loans and other fixed-rate loans.
What is an EMI?
EMI stands for Equated Monthly Instalment. It is the amount paid each month toward a loan, generally including both principal repayment and interest. For a standard reducing-balance fixed-rate loan, the EMI stays the same while the share of interest and principal changes over time.
How is EMI calculated?
The standard formula is EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and 100), and n is the total number of monthly instalments. At a zero interest rate, EMI is simply the principal divided by the number of months.
Example EMI calculation
For a ₹10,00,000 loan at 10% annual interest over 5 years, the estimated EMI is approximately ₹21,247 per month. Actual repayment schedules can differ due to processing fees, insurance, rate changes, rounding or lender-specific terms.
Frequently asked questions
Does a longer loan tenure reduce EMI?
Usually yes, for the same loan amount and interest rate. However, a longer tenure generally increases total interest paid.
Does this include processing fees?
No. The estimate uses the loan amount, interest rate and tenure you enter. Check your lender’s documentation for additional charges.
Related calculators
Explore the Home Loan Calculator or the Home Loan Prepayment Calculator for more loan-planning tools.
Results are estimates for educational purposes and are not financial advice or a loan offer.