Loan EMI Calculator

Calculate the monthly payment (EMI) for a personal, car or home loan, plus total interest and total amount payable.

  • Runs privately in your browser
  • Free, no sign-up
  • Updated

Loading tool…

How to use the Loan EMI Calculator

  1. Enter the loan amount.
  2. Enter the yearly interest rate and the term in months (e.g. 60 for 5 years).
  3. Your EMI, total interest and total payable appear instantly.

EMI (equated monthly instalment) = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n the number of months. A loan of 1,000,000 at 9% for 60 months has an EMI of about 20,758.36.

Example

Loan amount1,000,000
Interest rate9% per year (0.75% per month)
Term60 months (5 years)
Monthly EMI≈ 20,758.36
Total interest≈ 245,501

How to lower your EMI

  • Longer term: smaller EMI, but more interest in total.
  • Lower rate: compare lenders — even 1% less saves a lot over several years.
  • Bigger down payment: borrow less in the first place.

Works for personal loans, car loans, home loans and education loans with fixed monthly payments.

Frequently asked questions

Is the result exact?

It is an accurate estimate based on the numbers you enter. Your lender’s figures can differ slightly because of fees, rounding, insurance or different payment dates.

Which currency does it use?

Any. Enter amounts in your own currency — the maths is the same everywhere.

What does EMI stand for?

Equated Monthly Instalment — the fixed amount you pay every month until the loan is repaid. Each payment covers that month’s interest plus part of the loan.

How do I convert years to months?

Multiply by 12: 3 years = 36 months, 5 years = 60 months, 20 years = 240 months.

Related tools