Understand the monthly commitment before you borrow.
Adjust the loan amount, interest rate and tenure to see an illustrative EMI and total repayment. Actual lender calculations may vary.
For a fixed-rate, monthly reducing-balance estimate. Taxes, fees, insurance and rate changes are not included.
Estimated monthly EMI
Adjust the values to estimate your repayment.
What this estimate means
A longer tenure often lowers the monthly EMI but can increase total interest. Compare a few scenarios and make sure the repayment remains comfortable alongside your regular expenses and existing obligations.
How EMI is calculated
For a fixed-rate loan repaid in equal monthly instalments on a reducing balance, the EMI is:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P is the loan amount (principal).
- r is the monthly interest rate: the annual rate ÷ 12 ÷ 100.
- n is the number of monthly instalments.
Worked example
For a loan of ₹5,00,000 at 12% a year over 3 years: r = 12 ÷ 12 ÷ 100 = 0.01 and n = 36, so the EMI is about ₹16,607. Over 36 months you repay about ₹5,97,858 — roughly ₹97,858 in interest. In the first month, about ₹5,000 of the EMI is interest and ₹11,607 repays principal; the interest share falls each month as the balance reduces.
Fees, taxes, insurance and rate changes are not included. Use the lender’s repayment schedule for exact figures.
EMI and eligibility for your loan
Each loan type has its own eligibility check that shows the EMI alongside the factors lenders look at for that loan:
Does a longer tenure reduce my EMI?
Usually yes — spreading the loan over more months lowers each instalment, but you pay interest for longer, so the total interest is usually higher.
Why is my lender’s EMI slightly different?
Lenders may round differently, charge interest from the disbursal date, add broken-period interest or include insurance and fees. Ask for the lender’s repayment schedule.
Does this calculator work for floating-rate loans?
It shows the EMI at the rate you enter. With a floating rate, the lender may change the EMI or the tenure when the rate changes.