EMI Calculator
Calculate monthly loan payment and total interest.
About this tool
This EMI calculator estimates the monthly instalment for a loan using the principal, annual interest rate and repayment tenure. It also estimates total repayment and interest under a standard fixed-rate, reducing-balance repayment model.
How to use this calculator
- Enter the loan amount.
- Enter the annual interest rate as a percentage and the tenure in years.
- Calculate the monthly EMI, total payments and total interest. Compare the estimate with the lender’s amortisation schedule.
Formula
Worked example
For a ₹5,00,000 loan at 8.5% per year over 5 years, the calculator estimates the EMI using a monthly rate of 8.5% ÷ 12 and 60 instalments.
Frequently asked questions
What does EMI stand for?
EMI means equated monthly instalment: a fixed scheduled monthly payment that includes principal and interest under a standard loan structure.
Does a longer tenure reduce EMI?
Usually yes, but it generally increases the total interest paid because the loan remains outstanding for longer.
Why can my lender’s EMI differ?
Lenders may use different rounding, fees, rate-reset rules, dates, insurance or loan-specific terms. Compare the lender’s official repayment schedule.
Does this include processing fees or insurance?
No. It estimates principal-and-interest repayments only; separate charges can increase the overall borrowing cost.
SolveKit provides general calculations for information and planning. Results depend on the values and assumptions entered. For financial, investment, payroll or tax decisions, confirm the applicable product terms and current rules with an authoritative source or qualified professional.