EMI Calculator
Live ReactiveUse this EMI calculator to work out your Equated Monthly Instalment, total interest payable and a year-by-year loan amortization schedule.
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Results
Over 20 years, interest (₹10.83 Lakh) exceeds 108% of your original borrowed principal.
Prepaying just 1 extra EMI per year can shorten your tenure by over 3.5 years!
Estimates based on reducing balance method. Processing fees and taxes not included.
An EMI calculator estimates the fixed monthly payment needed to repay a loan from its amount, annual interest rate and term. Each payment covers interest and part of the principal, while the result also shows total interest and total repayments. The estimate assumes a constant reducing-balance rate and excludes separately paid fees.
Quick Answer / Summary
A loan of ₹10 Lakh at an interest rate of 8.50% p.a. over a 20-year tenure requires a monthly EMI of ₹8,678. The total interest payable is ₹10.83 Lakh, resulting in a total repayment amount of ₹20.83 Lakh.
How the EMI calculation works
An Equated Monthly Instalment (EMI) represents a fixed monthly payment covering both accrued interest and a portion of the original borrowed principal. This calculator uses monthly reducing-balance interest on the opening outstanding balance before each payment. Actual lender schedules can differ because of payment dates, rate resets and rounding.
Step-by-step worked example
Illustration: a ₹10,00,000 loan at an assumed 8.5% p.a. for 20 years. This is an example rate, not a current lender offer:
r = 8.5 / 1200 ≈ 0.00708333n = 20 × 12 = 240 months(1 + r)^240 = (1.00708333)^240 ≈ 5.44124(10,00,000 × 0.00708333 × 5.44124) / (5.44124 − 1) ≈ ₹8,678Personal loan EMI for 5 lakh: compare repayment terms
For an illustrative ₹5,00,000 loan at 12% a year over 3 years, the monthly EMI is ₹16,607 and total interest is ₹97,858. The table changes only the tenure; the rate is an assumption, not a bank quote.
| Tenure | Monthly EMI | Total interest | Total repayments |
|---|---|---|---|
| 2 years | ₹23,537 | ₹64,882 | ₹5,64,882 |
| 3 years | ₹16,607 | ₹97,858 | ₹5,97,858 |
| 5 years | ₹11,122 | ₹1,67,333 | ₹6,67,333 |
A longer term spreads repayments across more months but leaves interest running for longer. Totals use the unrounded EMI, so multiplying the rounded displayed payment may produce a small difference.
Use your loan quote to choose the inputs
Enter the amount actually being financed and the contractual reducing-balance interest rate. Choose the proposed repayment term, then compare the instalment with the monthly amount you can set aside after other commitments.
For eligible retail term loans, RBI’s Key Facts Statement requirements provide an APR calculation and amortization schedule. APR includes loan charges as well as interest; do not substitute it for the contractual rate and expect the same EMI.
For an existing loan, the loan prepayment calculator compares reducing the EMI with reducing the term. The flat versus reducing interest rate guide explains why the two rate quotes cannot be compared directly.
Year-by-year amortization schedule
Observe how the interest portion dominates the initial years, while principal repayment speeds up in later years:
View Full Amortization Breakdown (Years 1 to 20)↓
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| Year 1 | ₹19,902 | ₹84,236 | ₹9,80,098 |
| Year 2 | ₹21,661 | ₹82,477 | ₹9,58,436 |
| Year 3 | ₹23,576 | ₹80,563 | ₹9,34,860 |
| Year 4 | ₹25,660 | ₹78,479 | ₹9,09,200 |
| Year 5 | ₹27,928 | ₹76,211 | ₹8,81,272 |
| Year 6 | ₹30,397 | ₹73,742 | ₹8,50,875 |
| Year 7 | ₹33,084 | ₹71,055 | ₹8,17,791 |
| Year 8 | ₹36,008 | ₹68,131 | ₹7,81,784 |
| Year 9 | ₹39,191 | ₹64,948 | ₹7,42,593 |
| Year 10 | ₹42,655 | ₹61,484 | ₹6,99,938 |
| Year 11 | ₹46,425 | ₹57,714 | ₹6,53,513 |
| Year 12 | ₹50,529 | ₹53,610 | ₹6,02,985 |
| Year 13 | ₹54,995 | ₹49,144 | ₹5,47,990 |
| Year 14 | ₹59,856 | ₹44,283 | ₹4,88,134 |
| Year 15 | ₹65,147 | ₹38,992 | ₹4,22,987 |
| Year 16 | ₹70,905 | ₹33,234 | ₹3,52,082 |
| Year 17 | ₹77,172 | ₹26,966 | ₹2,74,910 |
| Year 18 | ₹83,994 | ₹20,145 | ₹1,90,916 |
| Year 19 | ₹91,418 | ₹12,721 | ₹99,498 |
| Year 20 | ₹99,498 | ₹4,640 | ₹0 |
Frequently asked questions
What does EMI mean?
How is EMI calculated?
Does increasing the tenure reduce EMI?
How does prepayment affect EMI or loan tenure?
Are processing fees included in EMI?
What is the difference between flat rate and reducing balance?
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Monthly EMI
₹8,678