An EMI (equated monthly instalment) is the fixed amount you pay your bank or NBFC every month until a loan is fully repaid. This EMI calculator shows the EMI for any home loan, car loan, two-wheeler loan, education loan or personal loan in rupees or any other currency, together with the total interest payable and the total amount you will pay back.
Enter the principal, the annual interest rate and the tenure in years or months. The EMI, the split between principal and interest and a year-wise repayment schedule appear instantly; click any year to see each monthly EMI broken into principal and interest. Use it to compare loan offers from different banks before you apply.
How to use the EMI Calculator tool
- Enter the loan amount (principal) in rupees, for example 25,00,000 written as 2500000.
- Enter the interest rate per year from the bank’s offer, for example 8.5%.
- Enter the tenure in years or months.
- Read the monthly EMI, total interest and total payment.
- Open the repayment schedule to see the outstanding balance at the end of each year.
Why use ToolOrca EMI Calculator
- EMI for home, car, education and personal loans
- Total interest and total payment
- Year-wise schedule with monthly breakdown
- Tenure in years or months
- Rupee symbol by default, other currencies available
- EMI formula shown with your numbers
EMI formula with an example
Banks in India calculate EMI with the reducing-balance formula EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the principal, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months.
Example: a home loan of ₹25,00,000 at 8.5% for 20 years has r = 8.5 ÷ 1200 ≈ 0.007083 and n = 240. The EMI is about ₹21,696 a month. Over 20 years you pay about ₹52.07 lakh in total, so the interest is roughly ₹27.07 lakh, more than the amount borrowed.
Typical EMIs for other loans: ₹8,00,000 car loan at 9% for 5 years ≈ ₹16,607; ₹5,00,000 personal loan at 11% for 3 years ≈ ₹16,369; ₹10,00,000 at 10.5% for 5 years ≈ ₹21,494.
How to lower your EMI or total interest
A longer tenure lowers the EMI but increases the total interest; a shorter tenure does the opposite. Part-prepayments reduce the outstanding principal, so later EMIs carry less interest. Floating-rate home loans change with the bank’s benchmark rate, so your EMI or tenure can move over time. Processing fees and insurance are not included here.
This calculator is for information and planning only and is not financial advice. Lenders may calculate interest differently, add fees or round payments, so always check the exact figures in your loan offer.
Frequently asked questions
What is the EMI for a ₹25 lakh home loan at 8.5% for 20 years?
About ₹21,696 per month. The total interest over 20 years is roughly ₹27.07 lakh.
What is the EMI on a ₹5 lakh personal loan at 11% for 3 years?
About ₹16,369 per month, with total interest of about ₹89,300.
Is EMI calculated on a flat rate or reducing balance?
Most bank home, car and personal loans use the reducing-balance method used here, where interest is charged only on the outstanding principal. Some lenders quote a flat rate, which looks lower but costs more; ask for the reducing-balance rate to compare.
Does prepaying a loan reduce my EMI?
It can. After a part-prepayment, banks usually let you either keep the EMI and shorten the tenure, or keep the tenure and reduce the EMI. Shortening the tenure normally saves more interest.
Is the EMI shown exactly what my bank will charge?
It is a close estimate for information only, not financial advice. Banks may round the EMI, charge broken-period interest for the first month, or add fees and insurance.