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Free EMI Calculator

EMI Calculator

Calculate your monthly loan EMI instantly. Enter loan amount, interest rate, and tenure to get results in real time.

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Loan Details

₹1.00 L

1.0 years

💡 Tip: Running a business alongside your loan? Use our free Invoice Generator to create GST-compliant invoices and manage your cash flow better.

EMI Breakdown

Monthly EMI

₹ 8,791.59

for 12 months

Principal Amount₹ 1,00,000.00
Total Interest₹ 5,499.08
Total Payment₹ 1,05,499.08
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Principal vs Interest
Principal 95%Interest 5%

EMI Formula

EMI = [P × R × (1+R)^N] ÷ [(1+R)^N − 1]
Where: P = Principal, R = Monthly Rate (Annual÷12÷100), N = Months
Total Payment: EMI × N (total months)
Total Interest: Total Payment − Principal
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EMI Calculator for Loans in India

Use our free EMI calculator to instantly compute your monthly loan repayment amount for any home loan, car loan, personal loan, or business loan in India. Just enter the principal, interest rate, and tenure — and get your EMI in seconds.

What is EMI?

EMI stands for Equated Monthly Installment. It is the fixed amount you pay to your lender every month to repay your loan over a defined period. Each EMI consists of two parts — a portion that repays the principal (the original loan amount) and a portion that covers the interest charged by the lender.

How is EMI Calculated?

The standard EMI formula used by all Indian banks and lenders is:

EMI = [P × R × (1+R)^N] ÷ [(1+R)^N − 1]
  • P — Principal loan amount
  • R — Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
  • N — Loan tenure in months

Example Calculation

Suppose you take a loan of ₹5,00,000 at an annual interest rate of 10% for 24 months:

  • Monthly Rate (R) = 10 ÷ 12 ÷ 100 = 0.00833
  • Months (N) = 24
  • Monthly EMI ≈ ₹23,073
  • Total Payment ≈ ₹5,53,752
  • Total Interest ≈ ₹53,752

Benefits of Using an EMI Calculator

  • Instant results — No manual calculations. Get your EMI in real time.
  • Compare loan options — Change tenure or interest rate to compare total costs.
  • Plan your budget — Know your monthly outflow before taking a loan.
  • Avoid surprises — See total interest payable upfront, not just the EMI.
  • Free and accurate — Uses the same formula as Indian banks and NBFCs.