How to use
- Enter the loan amount, the interest rate and the term.
- See your monthly payment (EMI) and the total interest.
- Optional: add an extra monthly payment to see how much you would save.
- Check the yearly chart, compare terms and open the full schedule.
EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P is the loan amount.
- r is the monthly rate: annual rate ÷ 12 ÷ 100.
- n is the number of monthly payments.
At 0% interest, EMI is simply P ÷ n. Each month, interest is charged on what you still owe, and the rest of the payment reduces the loan.
Example
100,000 at 10% for 5 years:
- r = 0.0083333 and n = 60
- EMI = 2,124.70 a month
- Total interest = 27,482.30
₹10,00,000 at 10.5% for 10 years: EMI = ₹13,493.50.
EMI for every 100,000 borrowed
| Rate | 5 years | 10 years | 20 years |
|---|---|---|---|
| 6% | 1,933.28 | 1,110.21 | 716.43 |
| 8% | 2,027.64 | 1,213.28 | 836.44 |
| 10% | 2,124.70 | 1,321.51 | 965.02 |
| 12% | 2,224.44 | 1,434.71 | 1,101.09 |
| 14% | 2,326.83 | 1,552.66 | 1,243.52 |
| 18% | 2,539.34 | 1,801.85 | 1,543.31 |
For 3,00,000, multiply by 3.
Flat rate vs reducing balance
- Flat rate: interest is charged on the full loan every month, so it costs more.
- Reducing balance: interest is charged only on what you still owe. This calculator uses this method.
- Tip: if you are offered a flat rate, ask for the APR before comparing loans.
How rounding works
Each payment is rounded to the cent, and so is each month’s interest. The final payment is adjusted by a few cents so the balance ends at exactly zero, which is how lenders usually do it.
Some calculators multiply the unrounded payment by the number of months, so their totals can differ from ours by a few cents.
Comparing rates or price changes? The percentage calculator shows percentage change and percentage points.