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EMI Calculator

Calculate the monthly instalment, total interest and repayment schedule for any loan.

₹

= ₹10,00,000 (10 lakh)

%

years

Monthly EMI

₹20,758

  • Principal 80.3%
  • Interest 19.7%
Principal amount
₹10,00,000
Total interest
₹2,45,501
Total amount payable
₹12,45,501
Interest as % of loan
24.55%
  • Processing fees, insurance and rate changes on floating loans are not included.

Repayment schedule (yearly)

YearPrincipal paidInterest paidTotal paidBalance left
1₹1,65,830₹83,270₹2,49,100₹8,34,170
2₹1,81,386₹67,714₹2,49,100₹6,52,784
3₹1,98,401₹50,699₹2,49,100₹4,54,383
4₹2,17,013₹32,088₹2,49,100₹2,37,370
5₹2,37,370₹11,730₹2,49,100₹0

How to use the EMI calculator

Enter the loan amount, the yearly interest rate and the tenure. You will see the monthly EMI, the total interest and a year-by-year schedule showing how much of your payments go to interest and principal.

For example, a ₹10 lakh loan at 9% for 5 years has an EMI of about ₹20,758. Over the 5 years you pay ₹2.46 lakh in interest.

The EMI formula

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)

  • P is the loan amount
  • r is the monthly interest rate: yearly rate ÷ 12 ÷ 100
  • n is the number of monthly instalments

Each month, interest is charged on the balance still owed and the rest of the EMI reduces the balance. Early EMIs are mostly interest; later ones are mostly principal.

Ways to pay less interest

  • Choose a shorter tenure if the EMI fits your budget.
  • Prepay with bonuses or windfalls. There is no prepayment penalty on floating-rate loans to individuals.
  • Negotiate the rate using a good credit score, or move the loan to a cheaper lender.
  • Raise your EMI by a little each year as your income grows.

Use the loan-specific versions for typical rates and limits: home loan, car loan and personal loan.

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 instalments.

Why is most of my early EMI going to interest?

Interest is charged on the outstanding balance, which is highest at the start. As you repay, the interest part shrinks and the principal part of each EMI grows.

Does a longer tenure reduce my cost?

A longer tenure lowers the EMI but raises the total interest you pay. Choose the shortest tenure whose EMI you can comfortably afford.

Does prepaying a loan help?

Yes. A part-prepayment reduces the outstanding principal, so you pay less interest. Banks cannot charge prepayment penalties on floating-rate loans taken by individuals.

Last reviewed: 13-10-2026. Rates and rules are checked against official sources; tell us if something has changed. Contact