EMI Calculator
Calculate your loan EMI instantly. Enter loan amount, interest rate and tenure to see monthly EMI, total interest payable and total payment with a clear breakup.
Formula last reviewed 4 August 2026 · How we verify our calculators
Monthly EMI
- Total interest
- ₹11,59,342
- Total payment
- ₹21,59,342
Updates live as you type
Frequently asked questions
An Equated Monthly Instalment (EMI) is the fixed amount you pay your lender every month until a loan is repaid. Each EMI covers part interest and part principal.
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate and n is the number of months. This calculator applies that formula exactly.
Yes — a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan. A shorter tenure costs more per month but far less overall.
A fixed rate stays constant for the term, so your EMI never changes. A floating rate moves with the market, so your EMI or tenure can rise or fall over time.
Yes. Prepaying lump sums reduces the outstanding principal, which cuts the interest charged in all remaining months — most effective early in the tenure.
A ₹10 lakh loan at 9% doesn't cost ₹10 lakh — it costs ₹21.6 lakh
That's the number most people don't see until they've already signed: a ₹10,00,000 loan at 9% over 20 years carries a monthly EMI of ₹8,997, and across 240 payments that adds up to ₹21,59,342 — meaning the ₹11,59,342 in interest is actually *more* than the amount you borrowed. Nobody hands you that total figure at the bank counter; you only ever see the monthly number, which is exactly why this calculator exists.
The EMI itself is a fixed payment engineered to stay constant for the whole tenure, even though the split behind it changes every month:
EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]
with P the principal, r the monthly rate (annual rate ÷ 12 ÷ 100), n the tenure in months. Early on, most of that fixed ₹8,997 is servicing interest on the full outstanding balance; only later, once the balance has shrunk, does more of each payment start actually reducing what you owe. The donut chart above makes that principal-versus-interest split visible at a glance — it's usually a bigger wedge of interest than borrowers expect, especially past the 15-year mark.
Why the tenure slider is more dangerous than it looks
A longer tenure feels like the "safe" choice because it lowers the monthly number, but it does that by quietly inflating the total interest — stretching this same loan a further five years would drop the EMI only modestly while adding a disproportionate amount to the ₹11.59L interest figure, because interest keeps compounding on a balance that's shrinking more slowly. The inverse is just as real: shaving even half a percentage point off the rate, or a few years off the tenure, can save several lakhs on a loan this size, which is worth pushing for at the negotiation stage far more than most borrowers realise.
Two levers to use after the loan is running, not just before signing it: prepay lump sums whenever you have surplus cash — this cuts the outstanding principal directly and therefore every month's interest going forward, and it's most powerful early in the tenure, before the balance has had years to shrink on its own. And when comparing offers between lenders, put the total payment side by side, not the EMI — a lower monthly figure built on a longer tenure can be the more expensive loan once you add it all up, and processing fees, prepayment penalties and bundled insurance never show up in the EMI line at all.