Choose Language

EMI Calculator

Calculate your Equated Monthly Installment (EMI) using the official bank formula. Plan your loan payments and understand the total cost of borrowing.

Enter the total loan amount you want to borrow
Enter the annual interest rate offered by the bank
How long you want to repay the loan
Select whether tenure is in years or months
Advanced Options
When you want to start the loan
One-time processing fee charged by the bank
Additional amount you plan to pay regularly
How often you plan to make prepayments
Monthly EMI
Total Interest
Total Amount

Payment Breakdown

Loan Amount
Total Interest
Processing Fee
Total Amount
Year Principal Interest Balance
Total Savings from Prepayment

Prepayment Details

Prepayment Amount
Total Savings

Important Assumptions

The calculation uses the official bank EMI formula for accuracy.

Interest is calculated on a monthly basis (annual rate ÷ 12).

EMI amounts remain constant throughout the loan tenure.

Processing fees and other charges are not included in the calculation.

Prepayment benefits are simplified estimates.

Consult your bank for exact terms and conditions.

Frequently Asked Questions

EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your loan. It includes both principal and interest components, calculated using the official bank formula to ensure your loan is fully repaid by the end of the tenure.

The EMI calculation uses the official bank formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is the principal amount, r is the monthly interest rate, and n is the total number of payments. This ensures accurate and consistent results.

The EMI calculation is highly accurate as it uses the official bank formula. However, actual EMI amounts may vary slightly due to processing fees, prepayment charges, or other bank-specific terms and conditions.

Yes, you can calculate EMI for any loan amount, interest rate, and tenure combination. The calculator supports loan amounts from ₹1,000 to ₹10 crore, interest rates from 0.01% to 25%, and tenures from 1 month to 30 years.

The calculator shows the breakdown to help you understand how your loan progresses over time. In the early years, most of your EMI goes toward interest, while in later years, more goes toward the principal. This is known as the amortization schedule.