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EMI Calculator โ Free Online Tool
An EMI, or equated monthly instalment, is the fixed amount you pay your lender each month until a loan is cleared. This EMI calculator uses the standard reducing-balance formula, EMI = P ร r ร (1 + r)^n รท ((1 + r)^n โ 1), where r is the monthly interest rate and n is the number of months. Enter the loan amount, the annual interest rate and the tenure in years, and you will see the monthly instalment in rupees together with the total amount you will repay over the full term. The default example of โน10,00,000 at 8.5% for 20 years shows how much extra you pay in interest on a typical home loan, which is often a surprise to first-time borrowers. Use it before you talk to a bank to compare home loan, car loan and personal loan offers, or try a shorter tenure to see how a higher EMI can save lakhs in interest. Most Indian banks quote floating rates linked to an external benchmark, so your EMI or tenure may change when the rate does. Processing fees, insurance and prepayment charges are not included, so use the figure as a planning estimate and confirm the final schedule with your lender. All calculations stay in your browser.
Use our EMI Calculator on AllConvertor โ no registration, no download, works on iPhone, Android, Windows, and Mac. All processing runs in your browser when possible for maximum privacy and speed.
How to use EMI Calculator
- Enter the loan amount you plan to borrow.
- Type the annual interest rate offered by the lender.
- Set the repayment tenure in years.
- Read your monthly EMI and the total payment shown below.
Key benefits
- โ 100% free โ no paywall or trial limits
- โ No account or email required
- โ Mobile-friendly responsive design
- โ Instant results in your browser
- โ Secure โ data stays on your device
- โ Trusted by thousands of users daily
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Frequently Asked Questions
How is EMI calculated?
EMI = P ร r ร (1 + r)^n รท ((1 + r)^n โ 1), where P is the loan amount, r is the monthly interest rate (annual rate รท 12 รท 100) and n is the number of monthly instalments.
How do I calculate the EMI for a home loan?
Enter the loan amount, the annual interest rate and the tenure in years. For โน50 lakh at 8.5% for 20 years, you will see the monthly instalment and the total payment for the full term.
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers the monthly EMI but increases the total interest paid. A shorter tenure raises the EMI but saves interest overall.
Does the calculator include processing fees or insurance?
No. It only shows the principal and interest EMI. Processing fees, GST on fees, insurance premiums and prepayment charges are separate and depend on the lender.
What happens to my EMI if the interest rate changes?
On a floating-rate loan the bank may keep the EMI the same and change the tenure, or adjust the EMI. Re-run the calculator with the new rate and remaining tenure to see the impact.