What this calculator does
An Equated Monthly Instalment (EMI) is a periodic payment made toward repaying a loan. This calculator estimates the monthly payment from the loan amount, annual interest rate and repayment tenure.
Try the EMI Calculator
Enter your own figures and explore an estimate in the InvestCalc calculator.
Open calculator ↗How is EMI calculated?
The standard reducing-balance formula uses the principal, monthly interest rate and total number of monthly payments. The payment includes both interest and principal components.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is principal, r is monthly interest rate and n is the number of monthly payments.
Costs that may not be included
Processing fees, insurance, taxes, late fees, rate resets, prepayments and lender-specific rounding can affect the actual repayment schedule.
Compare loan scenarios
Change the tenure and interest rate to see how the monthly payment and total interest may change. A lower EMI over a longer tenure can mean more total interest paid.
Frequently asked questions
Is the EMI amount final?
No. It is an estimate. Your lender's amortisation schedule and loan agreement determine the actual instalment.
Can a floating interest rate change the EMI?
Yes. Depending on lender policy, a rate change may alter the EMI, tenure or both.