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EMI Calculator

Enter a loan amount, an interest rate and a tenure to see the monthly instalment and what the loan costs in total.

EMI Calculator

₹10,00,000 (10 lakh)

Monthly EMI

₹12,667.58

  • Total interest₹5,20,109.29
  • Total amount payable₹15,20,109.29

Works out in your browser. Nothing you type is sent anywhere.

In short: EMI Calculator

The EMI on a ₹10,00,000 loan at 9% a year for 120 months is ₹12,667.58 a month. Across the whole tenure you repay ₹15,20,109.29, of which ₹5,20,109.29 is interest. Stretching the tenure lowers the monthly instalment but raises the interest you pay in total.

What is EMI?

An EMI, or equated monthly instalment, is the fixed amount you pay a lender each month until a loan and its interest are fully repaid.

How is EMI calculated?

EMI=P×i×(1+i)n(1+i)n-1

Multiply the loan amount by the monthly interest rate, multiply that by one plus the monthly rate raised to the number of months, then divide the result by the same power minus one. The monthly rate is the yearly rate divided by 12 and then by 100.

  • EMIthe equal amount you pay every month
  • Pthe loan amount, also called the principal
  • ithe interest rate for one month, as a decimal
  • nthe number of monthly instalments

A worked example

Inputs and results for the worked example
Loan amount₹10,00,000
Interest rate (% a year)9%
Tenure (months)120 months
Result
Monthly EMI₹12,667.58
Total interest₹5,20,109.29
Total amount payable₹15,20,109.29

Every figure in this table is produced by the same calculation the tool above runs.

How to use this EMI calculator

  1. Enter the loan amount you want to borrow.
  2. Enter the interest rate your lender quoted, as a yearly percentage.
  3. Set the tenure in months, or use the slider to try a longer or shorter term.
  4. Read the monthly EMI, and check the total interest before you commit.

Questions people ask

How is EMI calculated?

The lender spreads the loan and its interest over the tenure so that every monthly payment is the same size. Early instalments are mostly interest because the outstanding balance is large; later ones are mostly principal. The formula above is the standard one every Indian bank uses.

Does a longer tenure reduce the EMI?

Yes, a longer tenure spreads the same loan over more instalments, so each one is smaller. The interest keeps accruing on the balance for longer, though, so the total you repay goes up. Compare the total interest figure, not just the monthly amount.

Is the EMI on this page the exact amount my bank will charge?

It is the same arithmetic your bank uses, so it will match to the rupee for a plain loan. Your sanctioned amount may differ once processing fees, insurance or a different first-instalment date are added. Treat this as a close estimate and ask your lender for the sanction letter figure.

What happens to my EMI if the interest rate changes?

On a floating-rate loan most lenders keep the EMI the same and change the tenure instead. If you ask them to keep the tenure fixed, the EMI moves up or down with the rate. Enter the new rate here to see both effects.

Can I pay more than the EMI to close the loan sooner?

Yes, and on most home loans there is no charge for prepaying from your own funds. Paying a little extra every month cuts both the tenure and the interest, often by a surprising amount. The loan prepayment tool shows exactly how much you would save.

Does this calculator send my loan details anywhere?

No. The calculation runs inside your browser, so the amounts you type never leave your device. There is no sign-up and nothing is stored on a server.

Accuracy and sources

Estimate only. Not financial or tax advice.

Checked by the Daytoolz team on 16 October 2026. How we check our tools.

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