Whether it's a personal loan, vehicle loan, or any other instalment loan, the EMI formula lets you work out your fixed monthly payment and see exactly how much of it goes toward interest versus principal over time.
How to Use This Calculator
- Enter the loan principal amount.
- Enter the annual interest rate.
- Enter the loan tenure in months or years.
- View your EMI, total interest, total repayment, and the monthly/yearly amortization table.
How the Calculation Works
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
Where P = loan principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = loan tenure in months.
Worked Example
A loan of ₹5,00,000 at 10% annual interest for 5 years (60 months): EMI ≈ ₹10,624/month. Total repayment ≈ ₹6,37,440, so total interest ≈ ₹1,37,440 over the loan term.
Who Should Use This
Anyone taking a personal, vehicle, education or other instalment loan who wants to know the monthly payment and total interest cost before committing.
Important Considerations
This calculator assumes a fixed interest rate for the full tenure. Floating-rate loans can see EMI or tenure change if the rate moves — check your loan agreement for how rate changes are handled.
Common Mistakes
Comparing loan offers by interest rate alone, without checking processing fees and other charges that affect the effective cost of borrowing, can lead to choosing a more expensive loan.
References
See also the Home Loan EMI Calculator for the long-tenure, larger-principal case.