EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan over a set period.

What is an amortization schedule?

It shows month-by-month breakdown of how much of each EMI goes to principal and interest.

Is the result in Indian Rupees?

Yes, results are displayed in INR (₹).

Does prepaying part of the loan reduce my EMI or my tenure?

Most Indian lenders default to reducing the tenure while keeping EMI the same, since this saves more total interest — but you can usually request the opposite if you want lower monthly payments instead.

Why do I pay more interest with a longer tenure even at the same rate?

A longer tenure spreads the same principal over more months, so more interest accrues on the outstanding balance over time — the EMI is lower, but total interest paid is higher.

EMI Calculator

Calculate monthly EMI, total interest, total payment, and view full amortization schedule for any loan.

Loan Amount (₹)

Annual Interest Rate (%)

Tenure (months)

How to Use

1
Enter loan details
Enter your loan amount, annual interest rate, and tenure in months.
2
Calculate EMI
Click Calculate to see your monthly EMI, total interest, and total payment.
3
View amortization schedule
Toggle the amortization table to see a month-by-month breakdown.

How It Works

EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay a loan — a mix of principal and interest that stays constant even though the split between the two changes every month.

The EMI formula

EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments (years × 12).

Why the interest/principal split changes every month

In the early months, most of your EMI goes toward interest because the outstanding principal is still large. As the principal shrinks, less interest accrues each month, so a growing share of the same fixed EMI goes toward principal — this is what the amortization schedule visualizes month by month.

Examples

₹10,00,000 loan at 9% for 20 years

r = 9 ÷ 12 ÷ 100 = 0.0075, n = 240. EMI ≈ ₹8,997/month. Total payment ≈ ₹21,59,280, meaning total interest paid ≈ ₹11,59,280 — more than the principal itself, which is normal for long-tenure loans.

Same loan, 10 years instead of 20

n = 120 instead of 240: EMI rises to ≈ ₹12,668/month, but total interest drops to ≈ ₹5,20,160 — roughly ₹6.4 lakh less interest, in exchange for a monthly payment about 41% higher.

Common Use Cases

Comparing loan offers from different banks by EMI and total interest, not just the interest rate
Deciding between a shorter tenure (higher EMI, much less total interest) and a longer tenure (lower EMI, more total interest)
Planning a monthly budget before taking a personal, auto, or education loan
Checking how much a partial prepayment would reduce total interest

Tips

A lower advertised interest rate doesn't always mean a lower total cost — always compare total interest paid over the full tenure, not just the rate.
Prepaying principal early in the loan saves far more interest than the same prepayment made later, because interest is charged on the outstanding balance.
Ask your lender whether prepayment reduces your tenure or your EMI — most Indian lenders default to reducing tenure, which saves more interest overall.

Frequently Asked Questions

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