Skip to content
CalcMate

EMI Calculator

Enter a loan amount, interest rate and tenure to see the monthly EMI along with the total interest you will pay. The month-by-month schedule below shows exactly how each instalment splits between interest and principal.

On this page

Calculator and results

A ₹10,00,000 loan at 9% over 10 years has an EMI of ₹12,668, and costs ₹5,20,078 in total interest.

₹
%

Monthly EMI

₹12,668

for 10 years

Principal

₹10,00,000

Total interest

₹5,20,078

Total payment

₹15,20,078

Principal vs interest

Total₹15.2 L
Principal
65.8%
₹10,00,000
Total interest
34.2%
₹5,20,078

Compare tenures

EMI and total interest at different tenures
TenureEMITotal interestTotal payment
3 years₹31,800₹1,44,789₹11,44,789
5 years₹20,758₹2,45,507₹12,45,507
10 years₹12,668₹5,20,078₹15,20,078
15 years₹10,143₹8,25,614₹18,25,614
20 years₹8,997₹11,59,454₹21,59,454

Amortisation Schedule

How each instalment splits between interest and principal over time.

Saved scenarios stay in this browser only. No sign-up.

Monthly EMI

₹12,668

10 years
What it is:
A reducing-balance EMI calculator for any loan taken in India.
What it calculates:
The fixed monthly instalment, the total interest over the tenure, and how every instalment splits between interest and principal.

Key Assumptions

  • The rate stays fixed for the whole tenure.
  • Interest accrues monthly on the outstanding balance.
  • Processing fees, insurance and stamp duty are excluded.

How does the EMI Calculator work?

Indian lenders charge interest on a reducing balance: every month interest is calculated on what you still owe, not on the original loan amount.

The instalment stays fixed, so early EMIs are mostly interest and later ones are mostly principal. The schedule below makes that split visible month by month.

Figures here use the nominal rate you enter. Your sanction letter may add processing fees, insurance or a different reset date, so treat the output as a close estimate.

EMI Calculator formula

EMI = P x r x (1 + r)^n / ((1 + r)^n - 1)

P
= loan amount (principal)
r
= monthly interest rate = annual rate / 12 / 100
n
= tenure in months

At 0% interest the formula collapses to EMI = P / n, which is what no-cost EMI offers use.

EMI Calculator: worked example

A ₹10,00,000 loan at 9% for 10 years

Loan amount
₹10,00,000
Interest rate
9% a year
Tenure
10 years
Monthly EMI
₹12,668
Total interest
₹5,20,078
Total payment
₹15,20,078

EMI Calculator: frequently asked questions

How is EMI calculated on a reducing balance?
Each month, interest is charged on the outstanding balance. Your fixed EMI covers that interest first, and whatever is left reduces the principal. Because the balance keeps falling, the interest portion of every EMI falls too.
Does a longer tenure make the loan cheaper?
No, a longer tenure lowers the monthly EMI but you pay interest for more months, so the total interest goes up. Use the tenure comparison to see both numbers side by side before deciding.
Why is my bank's EMI a few rupees different?
Lenders round the instalment to the nearest rupee and some apply interest on a daily or 365-day basis rather than a flat monthly rate. The difference is usually a rupee or two per instalment.
Is the last EMI the same as the others?
Usually not. Because the EMI is rounded, the final instalment is adjusted up or down slightly to clear the balance exactly. The schedule below shows the adjusted final instalment.
Does the EMI calculator include processing fees?
No, the EMI calculator works out interest and principal only. Processing fees, documentation charges, stamp duty and insurance are charged separately by the lender and are not part of the EMI.

Get CalcMate Money Tips

Tips to pay less interest on your loans.

  • A money tip you can use the same day: saving, tax, loans or investing.
  • FD, savings and loan rate changes from our verified data.
  • New calculators and guides.
What interests you? (optional)

We never sell or share your email. See the privacy policy or what's in the emails.

Report a problem with this calculator

Reviewed by Pradipta Ray, MBA (Finance) · Updated