Work out your monthly loan payment in seconds. Enter the loan amount, the interest rate and how long you want to take to repay, and this calculator shows your monthly EMI, the total interest and the full amount you will pay back.
EMI Calculator
Monthly EMI:
Total interest:
Total payment (loan + interest):
New to EMIs? Our guide explains the formula step by step with a worked example: How to Calculate Your Monthly Loan EMI
How to use the EMI Calculator
- Type the loan amount you plan to borrow in the “Loan amount” box.
- Enter the yearly interest rate in the “Annual interest rate (%)” box. Use the rate the lender quotes per year, not per month.
- Set the loan length using “Tenure — years” and, if needed, “Tenure — extra months”. A loan of 18 months is 1 year and 6 extra months.
- Press “Calculate EMI”.
- Read your three results at the bottom: the monthly EMI, the total interest, and the total payment.
The formula
The calculator uses the standard EMI formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). Here P is the loan amount, r is the monthly interest rate (your yearly rate divided by 12, then turned into a decimal, so 12% a year becomes 0.01 a month), and n is the total number of monthly payments.
The three results each tell you something different. The Monthly EMI is the fixed amount you would pay every month. Total interest is what the loan costs you on top of the amount borrowed — the number most people forget to check. Total payment adds the two together, so you can see the full price of the loan before you agree to anything.
Worked example
Say you borrow 100,000 at a yearly interest rate of 10%, to be repaid over 1 year. Enter 100000 as the loan amount, 10 as the rate, 1 in the years box and 0 extra months. The monthly rate here is 10 ÷ 12, which is about 0.833% a month.
The calculator gives a Monthly EMI of 8,791.59. Over the 12 months you pay 105,499.06 in total, which means the Total interest is 5,499.06. So the loan itself costs 5,499.06 on top of the 100,000 you borrowed. That interest figure is the one to compare when two lenders are offering you different deals.
Common mistakes
- Entering the monthly interest rate instead of the yearly one. The box asks for the yearly rate, and the tool does the dividing by 12 for you.
- Putting the whole tenure into the years box. A 30-month loan is 2 years and 6 extra months, not 30 years.
- Comparing loans by the EMI alone. A lower EMI over a longer time usually means more total interest, not a cheaper loan.
- Forgetting the extras. Processing fees, insurance bundled with the loan, and late payment charges sit outside this calculation.
Frequently asked questions
Q: Will my EMI stay the same every month?
On a fixed-rate loan, yes. The amount stays the same from the first payment to the last, though the mix inside it changes — early payments are mostly interest, later ones mostly the amount you borrowed. On a floating-rate loan, your lender may change the EMI or the tenure when rates move.
Q: Does choosing a longer tenure save me money?
It lowers the monthly payment, which can help a tight budget, but you pay interest for more months, so the total cost goes up. The shortest tenure you can manage comfortably is usually the cheapest option overall.
Q: Does this calculator include processing fees?
No. It works out the EMI, total interest and total payment for the loan amount you enter. Fees, taxes on fees, and any insurance the lender adds are separate, so ask for those figures before you sign and add them to your comparison.