EMI Calculator
Monthly instalment, total interest and full amortisation for any loan.
An EMI is calculated as P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r the monthly interest rate and n the number of months. A ₹30 lakh loan at 8.5% for 20 years gives an EMI of about ₹26,035 and total interest of about ₹32.5 lakh.
Your Inputs
Monthly EMI
Principal
₹30 L
Interest
₹32.48 L
Total interest
₹32,48,327
Total payment
₹62,48,327
Formula used
EMI = P x r x (1+r)^n / ((1+r)^n - 1)
How this works
How lenders actually compute your EMI
Indian retail loans use reducing-balance interest. Each month, interest is charged on the outstanding principal only, and whatever is left of the EMI reduces the principal. Early EMIs are therefore mostly interest, which is why prepaying in the first half of the tenure saves far more than prepaying later.
What the EMI does not include
Processing fees (0.35% to 3.5%), documentation, legal and valuation charges, and insurance cross-sold at sanction are all outside the EMI. Add them to the loan amount when comparing lenders, because a lower headline rate with a 2.5% fee can cost more than a higher rate with a flat ₹5,000 fee.
Frequently asked questions
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