Loan EMI Calculator
Calculate monthly loan installments (EMI) from principal, rate and tenure.
About Loan EMI Calculator
Loan EMI Calculator estimates the equal monthly instalment for a loan from its amount, annual interest rate and repayment period. It also separates the original principal from the total interest and shows the total payment across the chosen term. Use it to understand how a quoted loan could fit a monthly budget before comparing lender offers.
Changing one input at a time helps you see the trade-offs. A longer tenure can lower the monthly payment while increasing total interest. The calculation assumes a constant rate and regular monthly repayments; it is not a lender quote. Enter an annual interest rate rather than a monthly rate, and keep the loan amount in one consistent currency.
How to use Loan EMI Calculator
- Enter the amount
Set Loan amount to the principal you plan to borrow.
- Set the annual rate
Enter Interest rate (% per annum), for example 12 for 12% a year.
- Choose the tenure
Set Tenure and select Years or Months in Tenure unit.
- Read the estimate
Results update automatically. Compare Monthly EMI, Total interest and Total payment; use Copy or Print if needed.
Example: A one-year loan
For a principal of 100,000 at 12% per year over 12 months, the estimated EMI is 8,884.88 and total payment is about 106,618.55. These are currency units, not a lender quote; actual charges and rounding can differ.
How it works
The calculation uses the reducing-balance formula EMI = P × r × (1 + r)^n / ((1 + r)^n − 1). P is the loan principal, r is the annual rate divided by 12 and by 100, and n is the number of monthly repayments. If you choose years, the calculator multiplies the tenure by 12. At a zero interest rate, the monthly payment is simply the principal divided by the number of months.
For a constant rate, the payment stays equal while the interest share normally decreases as the outstanding principal falls. Total payment is the calculated EMI multiplied by the repayment count, and total interest is that total minus the principal. Displayed figures are rounded; the underlying calculation uses unrounded values. The chart compares principal with estimated interest, rather than presenting a lender-specific repayment schedule.
When is this useful?
- Estimate a monthly borrowing budget.
- Compare two interest-rate offers using the same term.
- See how extending a tenure changes total interest.
Things to know
- Fees, insurance, taxes, late charges and prepayments are not included.
- The rate is fixed for the entire term; variable-rate changes and lender-specific day-count rules are not modeled.
- Use whole-month repayment periods for ordinary monthly loans.
Privacy & processing
Loan inputs are passed to a local calculation function in this browser. The calculator does not submit the amount, rate or tenure to a lender or ToolMyth processing API.
Further reading
Frequently asked questions
What does EMI mean?
Equated monthly instalment: an equal regular repayment covering principal and interest under the calculator’s fixed-rate assumptions.
Does a lower interest rate reduce EMI?
For the same principal and tenure, a lower positive annual rate reduces the calculated monthly payment.
What happens when I increase the tenure?
The monthly payment usually falls, but you pay interest for longer. Compare Total interest as well as Monthly EMI.
Does this include processing fees?
No. It estimates principal-and-interest payments only. Compare the lender’s full repayment terms and charges separately.