EMI Calculator

Calculate your exact monthly loan instalment for any loan type. Supports all major currencies with sliders for quick what-if scenarios.

Loan Details

Currency

Loan Amount$10,000

10010,00,000

Annual Interest Rate8.5%

0.1%50%

Tenure5 Years

1 Yr30 Yr

Your Result

◎

Fill in the details and
your result appears here.

Monthly EMI

$—

Principal—

Total Interest—

Total Payable—

Interest %—

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Did You Know?

Lower tenure saves more

A 5-year loan vs 10-year at 10% saves you nearly 30% in total interest — though your monthly EMI will be higher.

How to use this calculator

Select currency

Choose your currency — the symbol updates throughout.

Enter loan amount

Type or slide to set the principal you want to borrow.

Set interest rate

Enter the annual rate from your loan offer letter.

Choose tenure

Toggle between years and months. Longer = lower EMI but more total interest.

The formula explained

EMI uses the reducing-balance method:

EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1)

P = Principal r = Monthly rate (annual ÷ 12 ÷ 100) n = Total months

Frequently Asked Questions

What does EMI stand for?

Equated Monthly Instalment — the fixed amount you pay every month to repay a loan over a set tenure, covering principal and interest.

Does longer tenure mean lower EMI?

Yes, but you pay significantly more total interest. A 20-year loan can cost nearly double the principal in interest compared to a 10-year loan.

Is this the same formula banks use?

Yes. This is the standard reducing-balance method mandated by RBI for all retail loans in India and used globally.

Can I prepay to reduce EMI?

Yes. Partial prepayment reduces the outstanding principal, which lowers either your EMI or remaining tenure depending on your lender.