Calculate Your Monthly Loan EMI
Enter the loan amount, annual interest rate and tenure to get the equated monthly instalment (EMI) using the reducing-balance method. You also get a principal-versus-interest breakdown and a full amortisation schedule you can expand year by year.
How to calculate a loan EMI
- Enter the loan amount, the annual interest rate and the tenure in years or months.
- Choose the currency symbol to display. Nothing is converted.
- Read the EMI, total interest and total payment, and the formula with your numbers.
- Expand any year of the schedule to see its months, or download the whole schedule as CSV.
How reducing-balance EMIs work
Each month's interest is charged only on the balance still outstanding, at one twelfth of the annual rate. The EMI stays fixed, so early instalments are mostly interest and later ones mostly principal. That is why prepaying early in a loan saves the most interest. For savings growth rather than borrowing, see the Compound Interest Calculator.
Benefits
- Uses the standard reducing-balance EMI formula and handles 0% loans correctly.
- Shows the full amortisation schedule with yearly totals that expand to monthly rows.
- The CSV export opens in any spreadsheet for further analysis.
Limitations
- Assumes a fixed rate, monthly instalments and no fees, insurance or prepayments. Lenders' figures can differ slightly because of their rounding and day-count rules.
- Floating-rate loans and broken-period interest are not modelled.
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Frequently asked questions
What is the EMI formula?
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of months. For example, 10,00,000 at 10% for 20 years gives an EMI of about 9,650.
Why does my bank's EMI differ by a few units?
Banks may round the EMI up to a whole unit, count interest by actual days in each month, or include processing fees and insurance. This calculator uses the textbook monthly formula without rounding.
Does a longer tenure save money?
It lowers the EMI but increases the total interest, because the balance stays outstanding for longer. Compare total interest for different tenures to see the trade-off.