Free Online EMI Calculator
Calculate your monthly loan EMI, total interest, and complete repayment breakdown in seconds. Plan your home, vehicle, or personal loan with confidence.
Accurate Monthly Payment
Uses official reducing-balance banking formulas trusted by SBI, HDFC, ICICI, and major financial institutions.
Total Interest Breakdown
Know exactly how much extra interest you are paying over the original principal before committing to a loan.
Instant Calculation
Enter the principal, interest rate, and years to get instant monthly budget estimates.
Understanding Your Loan EMI
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.
The total sum of money borrowed from the bank or financial institution.
The yearly percentage rate charged by the bank on your outstanding loan balance.
The total duration over which you plan to repay the borrowed amount.
Frequently Asked Questions
What is the mathematical formula used to calculate EMI?
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is Principal loan amount, R is the monthly interest rate (Annual Rate / 12 / 100), and N is tenure in total number of months.