Free EMI Calculator Online

Calculate Equated Monthly Installments (EMI) for loans. See complete amortization schedule.

Last updated May 8, 2026

Loan Amount

Interest Rate (%)

Tenure

Monthly EMI

₹10,258

Total Interest

₹1,15,496

Total Payment

₹6,15,496

Principal (81.2%)Interest (18.8%)

Before you sign any loan agreement, you need to know two things: how much will hit your bank account every month, and how much you will end up paying in total once interest is added on top of the principal. Our free online EMI calculator answers both in real time. Type in the loan amount, the annual interest rate the lender quoted, and the tenure in years or months — the monthly EMI, total interest paid over the life of the loan, and the grand total amount payable update instantly as you slide. The full amortization schedule is one click away: month-by-month it shows exactly how much of each payment goes to principal versus interest, so you can see the well-known but often-forgotten reality that the early years of any long loan are heavily interest-loaded. Common workflows people use it for: comparing home loan offers from SBI, HDFC, ICICI, Axis, and other Indian banks before settling on one, deciding whether to take a 20-year or 25-year home loan (a five-year extension typically lowers the EMI by 10–15% but adds 30–40% to total interest), planning a car loan EMI alongside the down payment so the all-in monthly cost fits the household budget, sanity-checking a personal loan or education loan offer where the rate is much higher than secured loans, and modelling the effect of part-prepayments on total interest. The maths is the standard reducing-balance EMI formula used by every bank in India: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where r is the monthly interest rate. We do not collect or store any of the numbers you enter — the entire calculation runs in your browser. Pair this with the [GST Calculator](/tools/gst-calculator) for tax planning, the [Tax Calculator](/tools/tax-calculator) for take-home income, and the [Percentage Calculator](/tools/percentage-calculator) for prepayment scenarios.

How to Use EMI Calculator

Enter Loan Details

Input the loan amount (principal), annual interest rate as a percentage (e.g. 8.5 for 8.5% per annum), and loan tenure in either months or years.

View EMI Breakdown

The monthly EMI, total interest payable, and total amount appear instantly. A visual progress bar shows the principal-vs-interest split so you can see what fraction of your payments is interest.

Check Amortization Schedule

Toggle the amortization schedule to see a month-by-month or year-by-year table showing principal repaid, interest paid, and outstanding balance after every payment.

Compare Scenarios

Adjust the tenure or interest rate to compare loan options side by side. The numbers recalculate live as you change inputs.

Features

Instant EMI Calculation

Get your EMI amount instantly as you adjust loan parameters. No "Calculate" button — every keystroke updates the result.

Visual Breakdown

See principal vs interest split with an intuitive progress bar so you understand what fraction of each EMI is actual loan repayment versus interest charge.

Amortization Schedule

View detailed month-by-month repayment schedule with running balance, principal paid, and interest paid for every installment of the loan.

Flexible Tenure

Enter loan tenure in either months or years. Easy to switch back and forth when you are comparing 240-month versus 20-year quotes from different lenders.

Indian Rupee Friendly

Designed with Indian loan workflows in mind — shows lakhs and crores formatting where it makes the totals easier to read.

Browser-Based & Private

Loan amount, rate, and personal numbers never leave your device. The calculation runs locally in JavaScript, so your financial planning stays confidential.

Benefits of Using EMI Calculator

Completely Free

Use EMI Calculator without any cost, limits, or hidden fees. No premium plans needed.

No Installation

Works directly in your browser. No software downloads or plugins required.

100% Private

Your files and data are processed locally. Nothing is uploaded to external servers.

Works Everywhere

Compatible with Chrome, Firefox, Safari, Edge on desktop, tablet, and mobile.

No Sign-Up

Start using the tool immediately. No account creation or email verification.

Always Available

Access this tool 24/7 from anywhere in the world, on any device.

Frequently Asked Questions

EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan. Every EMI is the same amount, but its split between principal and interest changes over time — early payments are mostly interest, later payments are mostly principal. By the final EMI, almost the entire payment goes to principal. This is the reducing-balance method that every Indian bank uses for home loans, car loans, and personal loans.

EMI = P × r × (1+r)^n divided by ((1+r)^n − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12, then divided by 100), and n is the number of monthly installments. The calculator runs this formula in JavaScript every time you change an input. For example, on a ₹50,00,000 home loan at 8.5% per annum for 20 years, the EMI works out to roughly ₹43,391.

Yes — extending the tenure spreads the principal over more months, so each EMI is smaller. But the total interest you pay goes up significantly. As a rough rule of thumb on a 20-year vs 25-year home loan: the EMI drops by about 10–15%, but the total interest paid over the loan life increases by 30–40%. Choose the shortest tenure your monthly cash flow can comfortably absorb.

A part-prepayment reduces the outstanding principal, which means future EMIs apply to a smaller balance and the loan finishes earlier. Most banks let you keep the EMI the same and shorten the tenure (saves the most interest), or keep the tenure the same and lower the EMI (improves monthly cash flow). The first option saves dramatically more money — a single ₹2 lakh prepayment in year 3 of a 20-year home loan can save ₹6–8 lakhs in interest if applied to tenure reduction.

A fixed rate stays the same for the entire loan tenure, so your EMI is predictable but typically starts higher. A floating rate (also called variable or repo-linked) moves with RBI policy rate changes, so EMIs can rise or fall. Most Indian home loans are now repo-linked, meaning your EMI changes whenever RBI raises or cuts the repo rate. The calculator works for both — just enter the current rate and adjust if the rate changes.

Yes, if the lender deducts the processing fee from the disbursed amount (most do for unsecured loans). If you borrow ₹10 lakh and the bank deducts ₹15,000 as processing fee, you actually receive ₹9,85,000 but pay EMIs on ₹10 lakh. The effective interest rate is therefore slightly higher than the headline rate. For a more accurate picture, calculate EMI on the full loan amount and then divide total payment by what you actually received.

Yes — the maths is exactly what every Indian bank and NBFC uses internally. Differences between this calculator and a bank quote usually come from three things: the bank may include processing fees, GST, or insurance in the EMI; the bank may calculate interest on a different cycle (monthly rest is standard, but some lenders use daily rest); and the bank may have rounded the rate or tenure. For headline planning the result will match within 0.5%.

No. The calculation runs entirely in your browser using JavaScript. Loan amount, interest rate, tenure, and the resulting EMI are never sent to any server, never logged, and never stored. Close the tab and the numbers are gone — the same privacy posture as a calculator app on your phone.

Complete Your Calculators Workflow

These free tools work seamlessly with EMI Calculator to handle every step of your workflow.

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