EMI Calculator
Calculate a loan's EMI, interest and dated repayment schedule, and what prepayments save.
₹ 1,000 to ₹ 10,000 crore
0.1% to 50%
1 to 50 years
Loan Amortization Schedule
| # | Opening (₹) | EMI (₹) | Interest (₹) | Principal (₹) | Closing (₹) |
|---|---|---|---|---|---|
| 1 | 10,00,000 | 11,870 | 6,250 | 5,620 | 9,94,380 |
| 2 | 9,94,380 | 11,870 | 6,215 | 5,655 | 9,88,725 |
| 3 | 9,88,725 | 11,870 | 6,180 | 5,691 | 9,83,034 |
| 4 | 9,83,034 | 11,870 | 6,144 | 5,726 | 9,77,308 |
| 5 | 9,77,308 | 11,870 | 6,108 | 5,762 | 9,71,546 |
| 6 | 9,71,546 | 11,870 | 6,072 | 5,798 | 9,65,748 |
| 7 | 9,65,748 | 11,870 | 6,036 | 5,834 | 9,59,913 |
Works out the monthly instalment (EMI) for any fixed-rate loan, what you pay in interest over the whole term, and how each payment splits between interest and principal, month by month. Add prepayments to see how much interest they save and how much sooner the loan ends.
Understanding the result
The EMI is what leaves your account every month. Total interest is the real cost of the loan: compare it with the principal on the chart to see how much the loan costs on top of what you borrowed.
A longer tenure lowers the EMI but raises total interest, often steeply. Try the same loan at two tenures before choosing one.
How to use it
- Loan amount — the amount you borrow, after any down payment.
- Annual interest rate — the yearly rate your lender quotes on a reducing balance, from 0.1% to 50%.
- Loan tenure — in years (1 to 50) or months (1 to 600). Switching the unit keeps the length: 10 years becomes 120 months, and months round to the nearest year.
- First EMI — the month and year of EMI no. 1. It opens on next month, and dates the schedule.
The results beside these show the monthly EMI, the total interest and the total you repay, with a chart of principal against interest. Add prepayments opens one extra payment and shows what it changes.
- How often — monthly, yearly or one-time. It opens on yearly.
- Prepayment — the extra amount, paid on top of the EMI. It opens at ₹ 25,000; an empty field prepays nothing.
- From EMI no. — the EMI the first prepayment is paid with, as numbered in the # column of the schedule; later ones follow every month or every 12 months. For a one-time prepayment the field reads At EMI no. It opens at 12, the twelfth EMI, and the month that EMI falls in shows below it.
- After a prepayment — Reduce tenure keeps the EMI and ends the loan sooner; Reduce EMI keeps the tenure and lowers the EMI.
For a loan already running, enter the balance still owed and the tenure left, so EMI no. 1 is your next EMI.
Beside the prepayment the tool shows the interest saved, when the loan is paid off or what the EMI falls to, the total prepaid and the total interest with prepayments. The amortization schedule lists every month's date, opening balance, EMI, extra payment, interest, principal and closing balance, with the months of a prepayment highlighted. Yearly sums it into years: the EMIs paid, extra payments, interest and principal of each year, and its closing balance. Loan Year counts twelve months from the first EMI, Calendar runs January to December and Financial runs April to March, the year income-tax claims follow. A first or last year shorter than twelve months shows how many it covers. Export CSV downloads the view shown.
How the EMI is calculated
Interest is charged each month on the balance still owed, so early EMIs are mostly interest and later ones mostly principal. The EMI stays the same throughout, which is why the schedule shows the interest part shrinking month by month.
A prepayment is counted with that month's EMI: it comes off the month's closing balance, and interest is lower from the next month. Under Reduce tenure the EMI stays and the last instalment is whatever clears the balance. Under Reduce EMI the EMI is worked out again after each prepayment, on the balance left over the months left. A prepayment larger than the balance is cut to the balance and closes the loan.
The EMI is rounded to the nearest rupee. Total interest and total payment use the exact EMI, so they can differ by a few rupees from adding up the rounded monthly figures.
Interest is charged in whole months. When a loan is paid out partway through a month, lenders charge interest for the extra days separately (broken-period interest); that is not included.
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = loan amount, r = annual rate ÷ 12 ÷ 100, n = tenure in months
Interest saved = total interest with no prepayments − total interest with them
Examples
₹10 lakh at 7.5% for 10 years
The EMI is ₹ 11,870. Over ten years you repay ₹ 14,24,421, of which ₹ 4,24,421 is interest on the ₹ 10,00,000 borrowed.
The same loan over 20 years
Doubling the tenure cuts the EMI from ₹ 11,870 to ₹ 8,056, but total interest rises from ₹ 4,24,421 to ₹ 9,33,424.
₹ 25,000 extra every year
On the ₹ 10,00,000 loan at 7.5% for 10 years, turn on Add prepayments and leave it as it opens: ₹ 25,000 every year from EMI no. 12, Reduce tenure. The loan is paid off in 8 years 1 month, 1 year 11 months sooner, after ₹ 2,00,000 of prepayments, and interest falls by ₹ 84,751.
The same prepayments under Reduce EMI
The loan runs its full 10 years. The EMI steps down after each prepayment, from ₹ 11,870 to ₹ 5,211 in the last month, and interest falls by ₹ 46,203: less than under Reduce tenure, because the balance stays outstanding for longer.
EMI per ₹1 lakh
| Tenure | 7% | 8% | 9% | 10% | 12% | 14% |
|---|---|---|---|---|---|---|
| 1 year | ₹ 8,653 | ₹ 8,699 | ₹ 8,745 | ₹ 8,792 | ₹ 8,885 | ₹ 8,979 |
| 3 years | ₹ 3,088 | ₹ 3,134 | ₹ 3,180 | ₹ 3,227 | ₹ 3,321 | ₹ 3,418 |
| 5 years | ₹ 1,980 | ₹ 2,028 | ₹ 2,076 | ₹ 2,125 | ₹ 2,224 | ₹ 2,327 |
| 10 years | ₹ 1,161 | ₹ 1,213 | ₹ 1,267 | ₹ 1,322 | ₹ 1,435 | ₹ 1,553 |
| 15 years | ₹ 899 | ₹ 956 | ₹ 1,014 | ₹ 1,075 | ₹ 1,200 | ₹ 1,332 |
| 20 years | ₹ 775 | ₹ 836 | ₹ 900 | ₹ 965 | ₹ 1,101 | ₹ 1,244 |
| 30 years | ₹ 665 | ₹ 734 | ₹ 805 | ₹ 878 | ₹ 1,029 | ₹ 1,185 |
Charges for prepaying
The interest saved is shown before any charge your lender makes for prepaying. Ask your lender whether a part-payment shortens the tenure or lowers the EMI; the tool shows both.
For loans sanctioned or renewed on or after 1 January 2026, the Reserve Bank of India bars banks, co-operative banks and NBFCs from charging for the prepayment of a floating-rate loan given to an individual for a purpose other than business. That holds for a part or a full prepayment, from any source of funds, with no minimum lock-in period.
On other loans, a fixed-rate loan among them, a charge follows the lender's own policy and is based on the amount prepaid. It applies only if the sanction letter and loan agreement state it.
Sources
- Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025 (RBI/2025-26/64) — Reserve Bank of India
Reviewed
Frequently asked questions
See also
- Home Loan EMI Calculator — from the property value and down payment, with the income tax saved each year.
- Car Loan EMI Calculator — from the on-road price and down payment, with EMIs in advance.
- Personal Loan EMI Calculator — with flat rates, and the amount you receive and APR after fees.