How to use this loan EMI calculator
- Enter the loan amount you want to borrow.
- Set the annual interest rate using the slider or type the value directly.
- Choose your loan tenure in years.
- The calculator instantly shows your monthly EMI, total interest, total payable, pie chart breakdown, and balance-over-time chart.
- Expand the amortization schedule to see the month-by-month or year-by-year breakdown of principal and interest.
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed monthly payment a borrower makes to a lender to repay both the loan principal and the interest over a defined period.
Each EMI is split into two parts: an interest component and a principal component. In the early months, a larger share goes toward interest. As the loan progresses, more of each EMI goes toward repaying the principal. The amortization table above shows this shift clearly.
EMI formula
Where P = principal, r = monthly rate (annual ÷ 12 ÷ 100), n = tenure in months.
Frequently asked questions
What is the difference between fixed and floating interest rates?
A fixed rate stays the same for the entire loan tenure. A floating rate moves with the market — your EMI or tenure can change when the lender revises rates.
Does paying a higher down payment reduce EMI?
Yes. A higher down payment lowers the principal, which directly reduces both your monthly EMI and the total interest paid.
Can I prepay my loan to reduce EMI?
Most lenders allow prepayment, which reduces either your EMI amount or your remaining tenure. Check with your lender for any prepayment charges.
What does the amortization schedule show?
It shows how each payment is split between principal and interest. Early payments are interest-heavy, while later payments go mostly toward principal. Click any year row to expand it and see the month-by-month breakdown.
Why does the calculator ask for a loan start date?
The loan start date lets the amortization schedule label each EMI with its actual calendar date (for example, 25 Apr 2026). Click any year in the schedule to expand it and see every monthly payment. The total EMI and interest figures themselves do not change with the start date — only the labels do.