🧰 Internet Tool Wizard

EMI Calculator

Calculate your monthly EMI, total interest, and get a full amortisation schedule for any loan — home, car, or personal. Private & in-browser.

₹10,00,000
8.5% per annum
Monthly EMI
₹8,678
Total Interest Payable
₹10,82,720
Total Amount Payable
₹20,82,720
Show month-by-month amortisation schedule
Month EMI (₹) Principal (₹) Interest (₹) Balance (₹)

Rounding differences of ±1 rupee may appear in individual months; the total matches.

How is EMI calculated?

EMI is calculated using the reducing-balance formula:

EMI = P × r × (1+r)n ÷ ((1+r)n − 1)
  • P — Principal (loan amount)
  • r — Monthly interest rate = Annual rate ÷ 12 ÷ 100
  • n — Number of monthly instalments (tenure in months)

Worked example: ₹10,00,000 at 8.5% for 20 years (240 months).
r = 8.5 ÷ 12 ÷ 100 = 0.00708333…
(1+r)²⁴⁰ ≈ 5.3122
EMI = 10,00,000 × 0.00708333 × 5.3122 ÷ (5.3122 − 1) = ₹8,678

Each EMI covers two components: interest on the outstanding balance (high in early months) and principal repayment (which grows each month). This is why a higher tenure reduces your EMI but raises total interest paid.

EMI for a ₹10 lakh loan at common rates & tenures

Rate / Tenure 5 years 10 years 15 years 20 years

Figures for ₹10,00,000 principal. Click any row's EMI to load it into the calculator.

Frequently asked questions

What is EMI and how is it calculated?

EMI (Equated Monthly Instalment) is a fixed payment made every month to repay a loan. It is calculated using the formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments (tenure in months). This formula gives a constant payment that covers both interest and principal each month.

What is the EMI on a ₹10 lakh home loan at 8.5% for 20 years?

For a ₹10,00,000 loan at 8.5% per annum for 20 years (240 months): monthly rate r = 8.5/12/100 = 0.007083. EMI ≈ ₹8,678 per month. Total payment = ₹20,82,720. Total interest = ₹10,82,720. You can verify this with the calculator above for any amount, rate, and tenure.

Does a shorter loan tenure reduce the total interest?

Yes, significantly. A shorter tenure means fewer months of interest accumulation, so the total interest paid is much lower — but the monthly EMI is higher. For example, a ₹10 lakh loan at 9%: at 20 years the EMI is ₹8,997 and total interest ≈ ₹11.6L; at 10 years the EMI is ₹12,668 and total interest ≈ ₹5.2L. Choosing the tenure is a trade-off between monthly cash flow and total cost.

What happens to my EMI when the interest rate changes (floating rate)?

On a floating-rate loan (like most home loans linked to MCLR or repo rate), the lender can increase the outstanding tenure, increase the EMI, or both when rates rise. Use this calculator by entering the new rate and remaining principal to see your revised EMI and schedule. Your original EMI is set at the original rate; any change triggers a recalculation by the bank.

Is EMI the same as a loan instalment?

EMI stands for Equated Monthly Instalment — "equated" because the payment is the same every month (unlike step-up or bullet loans). Each EMI consists of two parts: the interest component (on the outstanding principal) and the principal component (which reduces the loan balance). In early months the interest portion is higher; it shrinks each month as the principal reduces. This is called a reducing-balance loan.

Does this EMI calculator work for home loans, car loans, and personal loans?

Yes. The EMI formula is the same for all standard reducing-balance loans — home loans, car loans, personal loans, education loans, and most bank loans in India. Just enter the loan amount (principal), the annual interest rate, and the tenure in years or months. For loans with processing fees, insurance, or GST added to the principal, include those in the principal amount to get the true effective EMI.

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