EMI calculator
What the monthly payment is, and what the loan really costs you by the end.
Your numbers
Enter the amount, the rate your lender quoted, and how long you want to take.
Your repayment
How to use this EMI calculator
- Choose your currency and enter the loan amount.
- Add the interest rate and the loan term.
- Add any processing fee, then read your monthly EMI and total interest.
Who it is for
For anyone in India comparing home, car, personal or business loans. It also works for monthly loan repayments in other countries, using the currency selector.
How EMI is worked out
EMI stands for equated monthly instalment: the same amount every month until the loan is cleared. Each payment covers some interest and some of the original amount. Early on it is mostly interest. Later it is mostly repayment.
The thing lenders never put in the advert
Stretching the term always lowers the monthly payment and always raises the total cost. Borrow 500,000 at 9.5%:
| Term | Monthly | Total interest |
|---|---|---|
| 3 years | 16,016 | 76,593 |
| 5 years | 10,501 | 130,056 |
| 7 years | 8,172 | 186,447 |
Going from three years to seven cuts the monthly payment by about half — and costs you an extra 110,000. Neither choice is wrong. Just make it knowing the trade.
What else to ask about
- The processing fee. Usually 1–2% of the loan, taken up front.
- Prepayment charges. Some lenders penalise you for paying early. Check before you sign, not when you want to clear it.
- Fixed or floating. A floating rate moves with the market. The EMI you calculate today is only a guess if the rate can change.
Common questions
What is the formula for EMI?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Is this accurate for home loans?
Yes, the formula is the standard one every bank uses. Your real figure can differ slightly if the lender compounds daily, charges insurance with the EMI, or has a floating rate.
What happens if I pay extra some months?
Every extra payment comes straight off the amount you owe, so all the future interest on that money disappears. Paying one extra EMI a year typically clears a 20-year loan several years early.
Should I choose the longest term I can?
Only if the monthly payment would otherwise be uncomfortable. A tight EMI you can barely cover is genuinely risky. Beyond that point, a longer term is just more interest.
Does the processing fee change my EMI?
No. It is a one-off charge, usually deducted before the money reaches you. It is shown here separately so the total cost is honest.
Need more customers as well?
This tool is free and always will be. If you also want ads, search and follow-up that bring in customers, I offer a free 45-minute consultation for businesses in the USA, UK, UAE, Australia and India.
Book a free consultationBuilt and maintained by Premkumar Ragav, an independent performance marketing specialist. Updated November 2026.