EMI Calculator

What is an EMI calculator?

An EMI calculator is a free online tool that works out the Equated Monthly Instalment you pay a lender every month until a loan is closed. Enter the loan amount, the yearly interest rate and the loan tenure, and this online EMI calculator instantly shows your monthly EMI, the total interest payable and a year-wise repayment schedule. It uses the same maths every bank and NBFC in India uses, so you can calculate EMI for any loan before you apply.

What is EMI?

EMI (Equated Monthly Instalment) is a fixed payment made on a set date each month. Each EMI has two parts – interest on the outstanding balance and a repayment of principal. Because the balance keeps falling, interest is charged on a reducing balance, which banks call the reducing rate method.

One EMI calculator for every loan

Every fixed-rate, reducing-balance loan follows the same formula, so you can use this page as an:

• EMI calculator for home loan – long tenures of 15–30 years. For tax benefits and prepayment, use the dedicated home loan EMI calculator.
• EMI calculator for car loan and vehicle loan – enter the on-road price minus your down payment as the loan amount, or use the car loan EMI calculator.
• EMI calculator for personal loan – unsecured loans of 1–5 years at higher rates. The personal loan EMI calculator also adds processing fees.
• EMI calculator for bike and two wheeler loan – usually 1–4 years.
• EMI calculator for education loan, gold loan, business loan, tractor loan and loan against property (LAP).

How to calculate EMI with this calculator

1. Loan amount – the principal you borrow. If you pay a down payment, subtract it first; that turns this into an EMI calculator with down payment.
2. Interest rate – the annual rate quoted by the lender. The calculator converts it to a monthly rate.
3. Loan tenure – the repayment period in years. It is converted to months, so this also works as an EMI calculator in months.

The result updates as you type, so you can compare EMIs for different loan amounts, interest rates and tenures in seconds and pick a monthly instalment that fits your budget.

EMI calculator formula

Banks in India and around the world use the same EMI formula:

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

• P = principal loan amount
• r = monthly interest rate (annual rate ÷ 12 ÷ 100)
• n = number of monthly instalments (tenure in years × 12)

EMI calculation example

For a loan of ₹10,00,000 at 9% a year for 5 years: r = 9 ÷ 12 ÷ 100 = 0.0075 and n = 60. EMI = 10,00,000 × 0.0075 × (1.0075)⁶⁰ ÷ ((1.0075)⁶⁰ − 1) = ₹20,758. Over 60 months you pay ₹12,45,501, of which ₹2,45,501 is interest.

EMI calculator with repayment schedule

Below the result you get an EMI calculator with repayment schedule (amortization table) showing principal paid, interest paid and balance for each year. In the early years most of your EMI goes towards interest; as the outstanding balance falls, the principal share grows. That is why prepaying early saves the most interest.

Reducing rate vs flat rate EMI

This is an EMI calculator with reducing interest rate: interest is charged only on the balance you still owe. Some lenders quote a flat rate, where interest is charged on the full original amount for the whole tenure. A 10% flat rate costs roughly the same as an 18% reducing rate, so always ask for the reducing-balance rate before you compare loans.

EMI with prepayment, moratorium and zero interest

Prepayment

A part-prepayment reduces your outstanding principal. You can keep the EMI and cut the tenure (saves the most interest) or keep the tenure and lower the EMI. To model it, enter the balance after prepayment as the loan amount with the remaining tenure.

Moratorium

During a moratorium (common on education loans) no EMI is paid, but interest still accrues and is added to the principal. Add that interest to the loan amount to estimate the EMI after the moratorium ends.

Zero-interest (no-cost) EMI

No-cost EMI on mobiles and gadgets sets the rate to 0%, so EMI = price ÷ months. Enter 0 as the interest rate to check it, and watch for processing fees and GST on them.

How to calculate EMI in Excel

You can check any result in Excel or Google Sheets with the PMT function: =PMT(rate/12, years*12, -loan_amount). For the example above, =PMT(9%/12, 60, -1000000) returns 20,758. For a quarterly instalment use rate/4 and years*4.

What affects your loan EMI?

Loan amount

EMI rises in direct proportion to the principal. A bigger down payment reduces the loan amount and the monthly EMI.

Interest rate

Even 0.5% lower interest can save lakhs on a long home loan. Improve your credit score and compare banks and NBFCs before you sign.

Tenure

A longer tenure means a smaller monthly EMI but more total interest; a shorter tenure means a higher EMI and a cheaper loan overall. The loan calculator helps you compare options.

Tips to reduce your EMI

• Keep a credit score above 750 to get the lowest rate.
• Pay a larger down payment to borrow less.
• Choose a longer tenure if the EMI strains your budget, then prepay whenever you get a bonus.
• Use a balance transfer when rates fall, and keep total EMIs under 40–50% of your take-home salary.

EMI calculator yearly installment and quarterly options

Most loans in India are repaid monthly, but farm loans, some business loans and a few NBFC products use a yearly or quarterly schedule. The formula is the same; only the period changes.

EMI calculator quarterly: how to convert

To use this EMI calculator for a quarterly repayment, work out the monthly figure here and then check the quarterly amount with Excel: =PMT(9%/4, 20, -1000000) gives ₹62,642. Three monthly EMIs (₹62,275) cost slightly less, because each monthly payment reduces the balance sooner.

EMI calculator yearly installment for crop and tractor loans

Tractor and crop loans are often repaid once a year after harvest. For a yearly installment use =PMT(rate, years, -loan): ₹10 lakh at 9% for 5 years needs ₹2,57,092 each year.

EMI calculator with moratorium

An EMI calculator with moratorium has to add the interest that builds up while you pay nothing. On an education loan of ₹10 lakh at 9% with a 12-month moratorium, about ₹90,000 of simple interest accrues. If it is added to the principal, you repay ₹10.9 lakh, and a 5-year EMI becomes ₹22,627 instead of ₹20,758. Paying just the interest during the moratorium keeps the EMI at the lower figure.

EMI calculator for JCB and construction equipment

A JCB backhoe loader or excavator loan works like a vehicle loan: the lender funds 80–90% of the machine price and you repay over 3–5 years. For a ₹30 lakh JCB loan at 10% for 4 years, the EMI calculator gives about ₹76,088 a month. Check that the machine's monthly hire income comfortably covers that EMI before you buy.

EMI calculator India: what Indian lenders add

This EMI calculator uses the standard reducing-balance method that every bank and NBFC in India follows under RBI rules. The EMI itself matches your sanction letter, but the total cost also includes a processing fee (often 0.5–2% plus 18% GST), insurance if bundled, and prepayment charges on fixed-rate loans. Floating-rate loans to individuals carry no prepayment penalty.

EMI calculator vs FD calculator

An EMI calculator tells you what a loan costs; an FD calculator tells you what a deposit earns. Use them together before you break an FD to prepay a loan: ₹10 lakh in a 7% FD earns about ₹4.15 lakh in 5 years (before tax), while the same amount borrowed at 9% costs about ₹2.46 lakh in interest over 5 years. When the loan rate is higher than your post-tax FD rate, prepaying usually wins.

EMI calculator app or download? Not needed

You don't need to download an app. This EMI calculator runs in any mobile or desktop browser, works offline once loaded, and you can add it to your home screen for one-tap access like an EMI calculator app. If you want a file, the Excel PMT formula above recreates the same calculation in a spreadsheet.

Frequently asked questions

Last updated 2026-09-18