Loan EMI Calculator
Calculate the monthly EMI, total interest, and total repayment for a loan using the standard reducing-balance formula.
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Frequently asked questions
Quick answers before you start.
What is EMI and how is it calculated?
EMI stands for Equated Monthly Instalment — a fixed monthly payment covering both principal and interest. It's calculated using the reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months.
How much loan can I afford?
A common rule is that your total EMIs should not exceed 40–50% of your monthly income. Use this calculator to see the EMI for a given amount, then work backwards: pick the EMI you can comfortably pay and find the corresponding loan amount.
Should I choose a longer or shorter tenure?
Shorter tenures mean higher EMIs but much less total interest. Longer tenures lower the EMI but can double the interest paid. Use the calculator to compare total interest at different tenures before deciding.
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