Use this free EMI calculator to estimate a loan’s monthly payment, total interest and repayment schedule. Enter your proposed loan amount, annual interest rate and tenure to compare scenarios before speaking with a bank. Results are estimates in Indian rupees, not a lender quote.
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Calculate your monthly loan EMI
Change the loan amount, rate or tenure to compare repayment scenarios.
Enter loan details
The fee is displayed separately; GST, insurance and other bank charges are not included.
Estimated monthly EMI
₹12,668
Fixed annual rate · Reducing-balance repayments
Borrowed principal
₹10,00,000
Interest across tenure
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Illustrative fixed-rate EMI. A floating rate, prepayment, processing charge or lender rounding can change the actual schedule.
View year-wise repayment schedule
| Year | Principal paid | Interest paid | Balance left |
|---|
View every monthly instalment
| Month | EMI paid | Principal | Interest | Balance left |
|---|
How to use the EMI calculator
1. Enter the principal you plan to borrow. 2. Enter the annual reducing-balance interest rate quoted by your lender. 3. Set the loan tenure in years. 4. Optionally add a processing-fee percentage. The calculator immediately displays the estimated EMI and a year-wise or month-wise repayment breakdown.
EMI calculation formula and worked example
For a conventional fixed-rate reducing-balance loan, EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1). Here P is the principal, r is the monthly interest rate (annual percentage ÷ 1,200), and n is the number of monthly payments. For a zero-interest loan, EMI is simply principal divided by months.
Example: a ₹10,00,000 loan at 9% annual interest for 10 years produces an estimated payment of about ₹12,668 each month. Over 120 payments, total interest is approximately ₹5.2 lakh. The schedule shows why early instalments contain more interest and later ones contain more principal.
What does the repayment schedule show?
For each month, the interest component is the current outstanding principal multiplied by the monthly rate. The principal component is the EMI minus that interest. After the principal portion is deducted, the next month begins with a lower balance. Expand the table above to inspect each monthly instalment or view the annual summary.
Why your bank quote may differ
This calculator assumes a constant annual reducing-balance rate, monthly instalments paid in arrears, and no prepayments or delayed instalments. It does not model floating interest rates, step-up EMIs, moratoriums, insurance, taxes on processing fees or lender-specific rounding. The optional processing fee adds to an illustrative total cost but does not change the monthly EMI. Request a formal repayment schedule and the annualised cost of credit from your lender.
Frequently asked questions
Does a longer loan tenure reduce EMI?
Usually, yes. Spreading the same loan over more months reduces the monthly instalment but generally increases the total interest paid, assuming the same interest rate. Compare both the EMI and total repayment before choosing a tenure.
Does this include personal, home and car loans?
The mathematical estimate can be used for conventional fixed-rate reducing-balance personal, home and car loans. Some products use different repayment conventions, variable rates, fees or balloon payments, so confirm your bank’s method.
What happens when the interest rate is 0%?
The payment becomes the principal divided by the number of months. Financing charges or merchant fees, if any, can still create a cost even when the advertised rate is zero.
Are these current bank interest rates?
No. You supply the rate. The calculator does not compare live lender offers or determine eligibility. For a reference explanation of the formula, see ClearTax’s EMI formula guide.
Other free finance calculators
Already saving or planning a deposit? Compare a one-time investment using our FD Calculator or monthly contributions using the RD Calculator. See all three tools together at the Loan & Deposit Calculator hub, or browse our Finance guides.
Disclaimer: Educational calculator only. Actual instalments, charges and total repayment depend on the lender’s sanction terms, payment dates, rate changes and other conditions. Confirm amounts with the financial institution before committing.