How to use the EMI Calculator
- Enter the loan amount.
- Enter the yearly interest rate.
- Enter the tenure in years or months.
About this tool
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months.
Early EMIs are mostly interest; as the balance falls, more of each EMI goes towards the principal — the yearly table shows this clearly.
Frequently asked questions
What is the EMI on a ₹20 lakh loan at 8.5% for 20 years?
About ₹17,356 per month, with roughly ₹21.65 lakh paid as interest over the 20 years.
Does a longer tenure reduce EMI?
Yes, but you pay much more interest in total. Prepaying part of the loan early saves the most interest.