EMI Calculator

Calculate loan EMI free online using the standard amortization formula. Enter loan amount, interest rate, and tenure to get monthly payment plus total interest.

Loan Amount

Interest Rate (% per year)

Tenure (months)

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How to Use This Tool

Enter loan amountAdd the principal you're borrowing

Enter annual interest rateUse the rate as quoted by your lender

Enter tenure in monthsGet your monthly EMI and total cost instantly

EMI Calculator is a free online tool that works entirely in your browser — no signup, no data uploaded, no limits.

One Formula, Used Universally by Lenders

The EMI (Equated Monthly Installment) formula is the same standard reducing-balance amortization calculation used by banks worldwide, ensuring your monthly payment stays constant while the split between principal and interest shifts over time -- early payments are interest-heavy, later payments are principal-heavy, even though the total payment amount never changes.

Why Total Interest Often Surprises Borrowers

A loan's total interest cost compounds with tenure length far more than intuition suggests. Doubling the tenure doesn't just double total interest -- it often more than doubles it, since you're paying interest on a larger remaining balance for a longer stretch of time. Seeing the actual total interest figure alongside the EMI helps make this tradeoff concrete before committing to a longer tenure for a lower monthly payment.

Comparing Loan Offers Using the Same Math

Different lenders may quote rates and terms differently, but running each offer through the identical formula here lets you compare them on equal footing -- same monthly payment basis, same total cost basis -- rather than trying to compare quoted terms that aren't presented consistently across lenders.

Frequently Asked Questions

The standard EMI formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly installments. This is the formula banks and financial institutions use universally for reducing-balance loans.

Interest compounds over the loan tenure, and longer tenures mean more total interest even at the same rate, since you're paying interest on the outstanding balance for a longer period. A loan with a longer tenure has lower monthly payments but a higher total interest cost.

Not necessarily -- a lower EMI usually comes from a longer tenure, which means paying more total interest over the life of the loan. The right tradeoff depends on your monthly budget capacity versus your priority to minimize total cost.

Any extra principal payment reduces the outstanding balance, which reduces future interest charges and can either shorten the loan tenure or reduce future EMI amounts, depending on what the lender allows. This calculator shows the baseline schedule without extra payments factored in.

The amortization formula is universal and used by lenders worldwide for reducing-balance loans, though specific terms, fees, and regulations around loans vary by country and lender.