EMI Calculator India
Free EMI calculator for India 2026. Calculate monthly EMI for home loan, car loan, or personal loan. Shows total interest, repayment schedule and principal split.
Monthly EMI
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Principal
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Total Interest
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Total Payment
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What is EMI Calculator India?
An EMI (Equated Monthly Instalment) calculator computes the fixed monthly amount you must pay to repay a loan — covering both principal and interest — over a chosen tenure. It is used for home loans, car loans, personal loans, and any other fixed-rate borrowing. Knowing your EMI upfront helps you plan your monthly budget accurately.
How to use
- 1 Enter the total loan amount you wish to borrow.
- 2 Input the annual interest rate charged by your lender.
- 3 Enter the loan tenure in years, or switch to months for more precision.
- 4 The years and months fields sync automatically.
- 5 Your monthly EMI, total interest payable, and total repayment amount are shown instantly along with a principal-to-interest pie chart.
Formula
Example calculation
A loan of ₹5,00,000 at 10.5% annual interest for 5 years (60 months) gives a monthly EMI of approximately ₹10,747. You repay ₹6,44,820 in total, meaning ₹1,44,820 goes toward interest over the loan term.
Frequently asked questions
What does EMI stand for?
EMI stands for Equated Monthly Instalment. It is a fixed payment amount made by a borrower to a lender on a specified date each month, comprising both principal repayment and interest.
Does a longer tenure lower my EMI?
Yes, a longer tenure reduces your monthly EMI but significantly increases the total interest paid over the life of the loan. Choose the shortest tenure your budget can comfortably handle.
What happens if I miss an EMI payment?
Missing an EMI typically incurs a late fee and a negative mark on your credit score. Persistent defaults can lead to legal action and asset seizure for secured loans like home or car loans.
Can I reduce my EMI after taking a loan?
You can reduce your EMI by making a partial prepayment, which reduces the outstanding principal. Some lenders allow you to choose between reducing your EMI or shortening your tenure after prepayment.
How is EMI different from a simple interest loan?
EMI loans use reducing-balance interest — interest is charged only on the outstanding principal each month. Simple interest loans charge interest on the original principal throughout the term, making EMI loans generally more cost-effective.