How is EMI calculated?

EMI is calculated using the formula EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is tenure in months. Our calculator does this instantly for you.

Does a higher down payment reduce my EMI?

Yes. A higher down payment reduces the principal loan amount, which directly lowers your EMI and total interest paid over the tenure.

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EMI Calculator for
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Enter your loan amount, interest rate & tenure to instantly see your monthly EMI, total interest, and total repayment. Compare personal loan and home loan scenarios before you apply.

*This calculator gives an indicative EMI. Actual EMI depends on the lender's final sanctioned terms.

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Loan Amount₹5,00,000

₹50K₹25L

Interest Rate (p.a.)10.5%

8%24%

Tenure5 Years

1 Yr7 Yrs

Your Monthly EMI₹10,750

Principal Amount₹5,00,000

Total Interest₹1,45,000

Total Payment₹6,45,000

Principal

Interest

Indicative EMI only. Actual rate & terms set by lender. Privacy Policy

How It Works

How Your EMI Is Calculated

EMI (Equated Monthly Instalment) is computed using a standard reducing-balance formula used by virtually every bank and NBFC in India.

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The Formula

EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P = principal, r = monthly interest rate, n = tenure in months.

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Reducing Balance

Each EMI is split into principal and interest. Early EMIs have a higher interest component; later ones repay more principal.

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3 Factors Decide EMI

Loan amount, interest rate, and tenure together determine your EMI. A longer tenure lowers EMI but raises total interest paid.

Quick Reference

Sample EMI Table — ₹1 Lakh Loan

Approximate EMI per ₹1,00,000 borrowed at different rates & tenures. Multiply by your loan amount (in lakhs) for an estimate.

Rate (p.a.)	3 Years	5 Years	7 Years	10 Years*
8.75%	₹3,163	₹2,061	₹1,592	₹1,255
9.5%	₹3,201	₹2,100	₹1,635	₹1,300
10.5%	₹3,251	₹2,150	₹1,691	₹1,362
12%	₹3,321	₹2,225	₹1,775	₹1,435

*10-year tenure typically applies to home loans only. All figures indicative — actual EMI is set at the time of sanction.

What Changes Your EMI

Factors That Affect Your Loan EMI

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Loan Amount

A larger loan amount means a proportionally higher EMI at the same rate and tenure.

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Interest Rate

Even a 0.5% rate difference can change your EMI noticeably over a long tenure — always compare lenders.

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Tenure

Longer tenure lowers your EMI but increases total interest paid over the life of the loan.

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CIBIL Score

A higher credit score often qualifies you for a lower interest rate, directly reducing your EMI.

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Personal Loan vs Home Loan EMI

Home loans carry lower rates and longer tenures, resulting in a much smaller EMI for the same amount compared to a personal loan.

Parameter	Personal Loan	Home Loan
Indicative Rate	10.5% – 24% p.a.*	8.75% – 10.5% p.a.*
Max Tenure	Up to 7 years*	Up to 30 years*
EMI on ₹10L @ Indicative Rate	~₹21,500 (5 yrs)*	~₹8,700 (20 yrs)*
Collateral	Not required*	Property mortgaged

*Figures are indicative estimates for illustration only. Actual EMI depends on the lender's sanctioned rate & terms.

FAQ

EMI Calculator — Frequently Asked Questions

EMI 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, and n is the tenure in months. Our calculator applies this instantly as you move the sliders.

Yes. A higher down payment reduces the loan amount you need to borrow, which directly lowers both your EMI and the total interest paid over the tenure.

This calculator gives an indicative EMI based on the amount, rate, and tenure you enter. Your actual EMI depends on the lender's final sanctioned rate, processing fee structure, and disbursal schedule.

Most lenders allow part-prepayment after an initial lock-in period, which can reduce either your EMI or your remaining tenure. Prepayment charges vary by lender — our advisor shares exact terms before you apply anywhere.

No. This tool calculates EMI on the principal, rate, and tenure only. Processing fees, insurance, and other charges are separate and vary by lender — our advisor will share the complete cost breakdown for any lender you shortlist.

A shorter tenure means a higher EMI but less total interest. A longer tenure lowers your EMI but increases total interest paid. Choose based on what fits comfortably within your monthly budget — as a guideline, EMIs should generally stay under 40–50% of your net income.

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EMI Calculator forPersonal & Home Loans— Instant Results