Loan EMI calculator
Equated monthly instalments make a large loan manageable, but the interest component can add up significantly over a long tenure. Use this tool to see the EMI, total interest, and total payable for any combination of loan amount, rate, and term.
Loan EMI calculator
Calculate monthly EMI for home loan, personal loan, or car loan.
Loan amount (₹)
₹20.0 L
Interest rate (% p.a.)
8.5%
Tenure (years)
20 yrs
Monthly EMI
₹17,356
Total payable
₹41.7 L
over 20 years
Total interest
₹21.7 L
108% of principal
EMI calculated using standard reducing-balance formula. Actual EMI may differ based on processing fees, prepayment, or floating rate changes. Consider home loan insurance (HLPP) to protect your family.
How this is calculated
- Inputs you provide: loan amount, annual interest rate, and tenure in years.
- The annual rate is converted to a monthly rate, and tenure to months.
- Standard EMI formula: P x r x (1+r)^n / ((1+r)^n - 1).
- Total payable is EMI multiplied by months; interest is total payable minus the principal.
- A part-prepayment reduces tenure or EMI but is not modelled in this basic tool.
Common questions
- Should I prefer a shorter tenure?
- A shorter tenure cuts total interest sharply but raises EMI. Pick the shortest tenure you can service without straining cash flow.
- Does EMI change if rates change?
- On a floating rate loan, the bank usually keeps EMI fixed and adjusts tenure. On request, you can switch to an EMI revision instead.
- Is prepaying always a good idea?
- For unsecured loans almost always. For home loans, weigh the after-tax interest rate against alternative investment returns.
- Are processing fees included in EMI?
- No. Processing fees are separate. Compare the effective cost using APR rather than headline rate.