How to use the Loan EMI Calculator
- Enter the loan amount.
- Enter the yearly interest rate your bank offers.
- Enter the loan tenure in years or months.
- See your monthly EMI, total interest, total payment and the year-by-year schedule.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of monthly installments.
How can I reduce my EMI?
Choose a longer tenure (but you will pay more interest overall), make a bigger down payment so you borrow less, or compare banks for a lower interest rate.
Does it work for any currency?
Yes. Enter the amount in rupees, dollars or any other currency — the results use the same currency.
Are the results exact?
They are close estimates. Your bank's exact figures may differ slightly because of fees, insurance and rounding.