EMI Calculator
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What is an EMI Calculator?
An EMI (Equated Monthly Instalment) Calculator computes the fixed amount you need to pay every month towards repaying a loan. Each EMI consists of two components: a portion that repays the principal borrowed and a portion that covers the interest charged by the lender.
Unlike the Loan Calculator (which uses years), this tool accepts your tenure in months, making it especially convenient for short-term and medium-term loans such as personal loans, car loans, consumer durable loans, or any loan whose tenure is commonly quoted in months.
EMI Formula Explained
The EMI is calculated using the standard reducing-balance formula:
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
Where:
P = Principal loan amount
r = Monthly interest rate = Annual rate ÷ 12 ÷ 100
n = Loan tenure in months
Total Amount = EMI × n
Total Interest = Total Amount − P
Where:
P = Principal loan amount
r = Monthly interest rate = Annual rate ÷ 12 ÷ 100
n = Loan tenure in months
Total Amount = EMI × n
Total Interest = Total Amount − P
Example Calculation
Loan Amount: ₹3,00,000
Annual Interest Rate: 12%
Tenure: 24 months
Monthly Rate (r): 12 / 12 / 100 = 0.01
EMI: ≈ ₹14,124
Total Repayment: ₹14,124 × 24 = ₹3,38,976
Total Interest: ₹3,38,976 − ₹3,00,000 = ₹38,976
Annual Interest Rate: 12%
Tenure: 24 months
Monthly Rate (r): 12 / 12 / 100 = 0.01
EMI: ≈ ₹14,124
Total Repayment: ₹14,124 × 24 = ₹3,38,976
Total Interest: ₹3,38,976 − ₹3,00,000 = ₹38,976
Benefits of Using This Tool
- Instant EMI calculation — No spreadsheets or manual formulas needed.
- Monthly-level precision — Enter tenure in months for the most accurate result.
- Full cost visibility — Know both your EMI and the total interest you will pay.
- Loan comparison — Try different rates or tenures to find the most affordable option.
- No registration — Completely free and available instantly in your browser.
Have questions about this tool?
Visit our FAQ page