What is this calculator?
Calculate your monthly Equated Monthly Installment (EMI), total interest payable, and view the full repayment amortization schedule for any loan in India.
How is it calculated?
EMI = P × r × (1+r)^n / ((1+r)^n - 1)Where P is the loan principal, r is the monthly interest rate (annual rate / 12 / 100), and n is the tenure in months.
Calculation Example
₹20 Lakh Loan at 8.5% for 20 Years
Loan Amount:₹20,00,000
Interest Rate:8.5%
Tenure:20 Years
Result:Monthly EMI is ₹17,356. Total interest paid over 20 years will be ₹21,65,553.
Frequently Asked Questions
- What is an EMI?
- EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.
- Does my EMI reduce if I prepay my loan?
- It depends on the bank. Most banks reduce the loan tenure while keeping the EMI the same. However, you can specifically request your bank to reduce your EMI and keep the tenure the same.
- What is better: a lower EMI or a shorter tenure?
- A shorter tenure drastically reduces the total interest you pay over the life of the loan. A lower EMI provides better monthly cashflow but increases your total interest burden. Choose based on your monthly repayment capacity.
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Last reviewed: 6 June 2026