EMI Calculator

One Fixed Number, Every Month, Until It's Paid Off

EMI — Equated Monthly Installment — is the term used across South Asian and several other lending markets for a fixed loan repayment, covering everything from personal loans to consumer credit purchases. The mechanics are identical to standard Western loan amortization; only the vocabulary and typical use cases (financing appliances, two-wheelers, education) differ.

The Formula

P is the principal borrowed, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the loan tenure expressed directly in months. Each installment blends a shrinking interest portion with a growing principal portion, so the total EMI stays level even as its composition changes over time.

Where EMI Calculations Matter

• Consumer purchases on credit — appliances, electronics, and vehicles financed through EMI plans let buyers see the exact fixed cost before committing.
• Comparing tenure options — lenders often offer the same loan at 12, 24, 36, or 60 months; a shorter tenure means a higher EMI but far less interest overall.
• Loan eligibility checks — lenders typically cap approved EMI at a fraction of monthly income, so knowing the EMI in advance tells you what loan size is realistic.
• Prepayment decisions — understanding how much of the EMI is interest early on helps evaluate whether prepaying the principal is worthwhile.

Tenure vs. EMI on a ₹500,000 Loan at 9%

The same formula works in any currency — substitute your own principal and it holds exactly.

How to Use This Calculator

1. Enter the Loan Amount (principal).
2. Enter the Annual Interest Rate as a percentage.
3. Enter the Loan Tenure directly in months.
4. Select Calculate to get the EMI, total payment, and total interest over the tenure.

Related Calculations

For a Western-style year-based loan payment, see the Loan Calculator, or view the full repayment breakdown with the Amortization Schedule Calculator.