EMI calculator

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate of interest and n the number of months. A loan of ₹40 lakh at 8.5% p.a. for 20 years has an EMI of ₹34,713.

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% p.a.

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years
Tenure in

Result

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How it is calculated

  1. Monthly rate of interest r = annual rate ÷ 12 ÷ 100. Number of instalments n = tenure in months.
  2. EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). If the rate is 0, EMI = P ÷ n.
  3. Each month, interest = outstanding principal × r. The rest of the EMI repays the principal (reducing balance method).
  4. Total interest = EMI × n − loan amount. Amounts are shown to the nearest rupee.
  5. All calculations are done in your browser. The details you enter are not sent to any server.

Worked examples

Home loan of ₹40 lakh at 8.5% for 20 years

Details
₹40 lakh, 8.5% p.a., 240 months
Result
EMI ₹34,713; total interest ₹43,31,103

Car loan of ₹10 lakh at 10.5% for 5 years

Details
₹10 lakh, 10.5% p.a., 60 months
Result
EMI ₹21,494; total interest ₹2,89,634

Personal loan of ₹5 lakh at 12% for 3 years

Details
₹5 lakh, 12% p.a., 36 months
Result
EMI ₹16,607; total interest ₹97,858