EMI Calculator

How to use EMI Calculator

1. Enter the loan amount.
2. Enter the annual interest rate and the tenure in years or months.
3. Read the monthly EMI, total interest and the yearly table.

How an EMI works

An EMI (equated monthly instalment) is a fixed payment you make every month until the loan is cleared. Each instalment covers the interest for that month plus part of the principal. Early on, most of the payment is interest; over time, more goes to principal. That is why paying extra early saves so much.

Example

A loan of 1,000,000 at 8.5% per year for 10 years has a monthly EMI of about 12,398. Over 120 months you pay roughly 1,487,700 in total, meaning around 487,700 is interest. Stretch the tenure to 20 years and the EMI drops to about 8,678 but total interest rises to roughly 1,082,800.

Ways to pay less interest

• Make a larger down payment.
• Choose the shortest tenure you can comfortably afford.
• Make part-prepayments when you receive a bonus; check for prepayment charges first.
• Compare offers on total cost, not just EMI.
• Keep a good credit score to qualify for lower rates.

Why use this emi calculator tool

• Instant EMI. Updates as you type.
• Amortization table. See principal, interest and balance each year.
• Principal vs interest. A bar shows how much of your payment is interest.

Frequently asked questions

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