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About the EMI Calculator
Work out the monthly instalment (EMI) on a home, car or personal loan. Enter the amount, the yearly interest rate and the tenure to see the EMI, the total interest you will pay and how much of each year’s payments goes to principal versus interest.
How to use it
- Enter the loan amount and the annual interest rate.
- Set the tenure and choose years or months.
- Read the EMI, total interest and total payment. Open the year-by-year table to see how the balance falls.
Frequently asked questions
What formula does the EMI calculator use?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Will my bank’s figure match exactly?
It should be very close for a fixed-rate, reducing-balance loan. Banks may round differently or add processing fees and insurance, so always confirm against your sanction letter.
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Results are estimates for general information. For financial, tax, medical or legal decisions, check with a qualified professional.