EMI Calculator

Worked example

Example: ₹10,00,000 at 9% for 20 years (240 months) often lands near ₹9,000/month EMI before fees—your lender’s schedule may differ.

When to use this

• Checking home or personal loan EMI before applying in India or abroad.
• Comparing tenure options when the bank offers 15 vs 20 years.
• Validating a lender's quoted installment against your own math.
• Planning monthly cash flow for a large appliance or education loan.

Common examples

• ₹10,00,000 personal loan at 11% for 5 years (60 months) → EMI near ₹21,742; total repayment near ₹13.05 lakh before processing fees.
• ₹25,00,000 home loan at 8.5% for 20 years (240 months) → EMI near ₹21,696; total interest often exceeds the original principal over the full term.
• ₹5,00,000 two-wheeler loan at 10.5% for 3 years → EMI near ₹16,251—useful for comparing dealer finance vs bank offer.
• ₹8,00,000 car loan at 9.5% for 7 years → EMI near ₹13,200; total interest often rivals a shorter 5-year term.
• $25,000 personal loan at 14% for 48 months → EMI near $685 in USD-style amortization.

Common mistakes

• Entering annual rate where the form expects monthly tenure in months.
• Forgetting processing fees and insurance are not in the EMI formula.
• Using remaining principal after partial prepayment without recalculating tenure.
• Confusing flat-rate marketing quotes with reducing-balance EMI.

How it works

Uses the standard equated monthly installment formula to estimate monthly EMI, total interest, and total amount payable. Converts the annual rate to a monthly rate. Optional upfront or processing fees are added into total cost on top of EMIs.

Limitations

EMI results assume fixed interest and equal installments. Processing fees, insurance, and floating rates are not modeled.

Privacy and file handling

Your data stays on your device and is not uploaded.

Accuracy & methodology

This section documents how the calculator works, what it leaves out, and when results were last reviewed. Figures are educational estimates—not professional advice—and are not labeled "current" unless tied to automatically updated reference data.

Formula source or methodology

Equated monthly installment (EMI) formula: P × r × (1+r)^n / ((1+r)^n − 1), where r = annual rate ÷ 12 and n = months.

Jurisdiction

India / general EMI convention (not lender-specific)

Unit system

INR or other currency as entered; rate % per year; tenure in months or years

Rounding method

Currency amounts round to two decimal places (half up via Math.round × 100 / 100).

Assumptions

• Fixed interest rate; monthly rest
• Disbursement at loan start; EMI paid monthly in arrears

Known omissions

• Not tax, legal, investment, or lending advice. Confirm material decisions with qualified professionals.
• Processing fees, GST on fees, and insurance premiums
• Floating / MCLR / repo-linked rate resets
• Moratorium or step-up EMI structures

Test cases (automated)

• Standard principal, rate, and tenure return EMI greater than zero
• Invalid tenure or rate returns an error

Version & last verified

Logic version 1.0. Content and formulas last verified 2026-07-24.

Important notice

Results are estimates for educational purposes and are not financial advice. Fees, insurance, and lender-specific terms may not be included. Consult a qualified financial professional for personal guidance.