About the EMI Calculator
What is the EMI Calculator?
An EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. Each EMI has two parts: interest on the outstanding balance and a repayment of principal. In the early years most of the EMI goes towards interest; as the balance falls, more of each EMI repays principal.
Enter the loan amount, interest rate and tenure (in years or months) to get your EMI, the total interest you will pay and a month-by-month amortization schedule. Add an optional one-time part-prepayment to see how much interest it saves and how many months it cuts from the loan while the EMI stays the same.
How to use the EMI Calculator
- Loan Amount (₹) (sample: 10,00,000)
- Interest Rate (% per annum) (sample: 8.5)
- Loan Tenure (sample: 5 Years)
- One-Time Part Prepayment (₹) — an optional lump sum paid towards principal; enter 0 to skip. (sample: 0)
- Prepayment After Month — the month after which the prepayment is made. (sample: 12)
- Press Calculate EMI (results also refresh as you type). The result card shows the Monthly EMI, along with Total Interest, Prepayment Interest Saved, Months Saved and Revised Tenure.
Formula used
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P = the loan amount (principal)
- r = the monthly interest rate = annual rate ÷ 12 ÷ 100
- n = the tenure in months
Total interest = EMI × n − P. Each month, interest = outstanding balance × r, and the rest of the EMI reduces the balance.
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| Loan Amount (₹) | 10,00,000 |
| Interest Rate (% per annum) | 8.5 |
| Loan Tenure | 5 Years |
| One-Time Part Prepayment (₹) | 0 |
| Prepayment After Month | 12 |
| Result | Value |
|---|---|
| Monthly EMI | ₹20,517 |
| Total Interest | ₹2,30,992 |
| Prepayment Interest Saved | ₹0 |
| Months Saved | 0 |
| Revised Tenure | 5 years |
Tips for using the EMI Calculator
- Prepaying early in the loan saves the most interest, because interest is charged on the outstanding balance.
- A shorter tenure raises the EMI but cuts total interest sharply — compare 15 and 20 years before you choose.
- As per RBI rules, lenders cannot charge prepayment penalties on floating-rate loans taken by individuals for non-business purposes.
- Keep all your EMIs within 40–50% of take-home pay so the loan stays comfortable.