FREE ONLINE CALCULATOR
EMI Calculator
Estimate your monthly loan payment instantly.
Free to use. Calculation runs in your browser; no account required.
How EMI is calculated
EMI means Equated Monthly Instalment. It is the fixed monthly payment used to repay a loan over the selected tenure. The amount depends on the principal, monthly interest rate and number of monthly payments.
Formula: EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate as a decimal, and n is the tenure in months. For a zero-interest loan, the principal is divided equally by the number of months.
How to use this EMI calculator
- Enter the amount you plan to borrow.
- Enter the annual interest rate offered by the lender.
- Enter the repayment tenure in months, then select Calculate EMI.
- Review the monthly instalment, estimated total interest and total repayment.
What the result includes
The estimate shows the monthly EMI, total interest over the full tenure and total amount repaid. It does not include processing fees, insurance, taxes, rate changes or lender-specific charges. Actual loan schedules can differ if the rate is floating or fees are added to the loan.
EMI calculator FAQs
Does a longer loan tenure reduce EMI?
Usually yes. A longer tenure spreads repayment over more months, lowering the monthly instalment, but it generally increases the total interest paid.
Can I calculate EMI at zero interest?
Yes. Enter 0 as the annual interest rate. The calculator divides the loan amount evenly across the selected number of months.
Is this the final amount quoted by my bank?
No. This is an estimate based on the values you enter. Check your lender's official repayment schedule and fee details before making a borrowing decision.