EMI Calculator (monthly loan instalment)
Before you take a home, car or personal loan, see exactly how much goes out every month and how much interest you pay the bank in total. Enter three numbers above and the answer appears instantly.
₹25 lakh loan at 8.5% for 20 years: EMI is about ₹21,696 a month.
How EMI is calculated
- Divide the yearly interest rate by 12 to get the monthly rate (8.5% ÷ 12 = 0.708% a month).
- Multiply the years by 12 to get the number of instalments (20 years = 240).
- Apply the standard bank formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r the monthly rate and n the number of instalments.
- Early instalments are mostly interest; later ones are mostly principal.
Worked example
A ₹25,00,000 home loan at 8.5% a year for 20 years has an EMI of ₹21,696. Over 240 instalments you repay ₹52,06,939 in total, of which ₹27,06,939 is interest.
| Loan amount | ₹25,00,000 |
| Interest rate | 8.5 % / yr |
| Tenure | 20 years |
| Monthly EMI | ₹21,696 |
| Total interest | ₹27,06,939 |
| Total payment | ₹52,06,939 |
Formula
EMI = P·r·(1+r)^n / ((1+r)^n − 1)
r = R/1200 n = Y×12 e = r==0 ? P/n : P×r×(1+r)^n/((1+r)^n-1) Monthly EMI = e Total interest = e×n-P Total payment = e×n
Good to know
- A longer tenure lowers the EMI but raises the total interest a lot.
- Small part-prepayments once or twice a year cut both interest and tenure.
- Processing fees and loan insurance are not part of the EMI; ask the bank separately.
- As a rule of thumb, keep EMIs under 40–50% of your monthly income.
Questions people ask
What does EMI stand for?
Equated Monthly Instalment: the same amount every month, covering both interest and principal.
What is the EMI on ₹10 lakh at 10% for 10 years?
About ₹13,215 a month. You repay about ₹15.86 lakh in total, including about ₹5.86 lakh interest.
How is EMI worked out at 0% interest?
Simply divide the loan amount by the number of instalments. This calculator handles 0% correctly.
Is this as accurate as the bank?
Yes, banks use the same formula. Small differences come only from rounding, fees or the first instalment date.
Does it work offline?
Yes. After the page opens once it works without internet, and none of your numbers leave your phone.
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Updated 13 Nov 2026 · Desktop N Calculator v1.2.0