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Monthly EMI
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How this calculator works
EMI is calculated with the reducing-balance formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Each EMI covers interest on the outstanding balance first, and the rest reduces the principal.
Frequently asked questions
What does EMI stand for?
EMI stands for Equated Monthly Instalment, the fixed amount you pay your lender every month until the loan is cleared.
How can I reduce my EMI?
Choose a longer tenure, make a larger down payment, or negotiate a lower interest rate. A longer tenure lowers the EMI but raises the total interest.
Does the calculator include processing fees?
No. It shows interest and principal only. Processing fees, insurance and other charges are extra, so check your loan offer.