EMI Calculator
Monthly EMI, total interest and repayment schedule for any loan.
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This EMI calculator works out the fixed monthly instalment for any loan, using the reducing-balance method that Indian banks use. Enter the loan amount, interest rate and tenure to see your EMI, total interest, total payment and a year-wise schedule. It also shows what the EMI would be at the same flat rate, so you can spot costly flat-rate offers.
What is a EMI Calculator?
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay your lender every month until a loan is repaid. Each EMI has two parts: interest on the outstanding balance and a repayment of the principal. In the early months most of the EMI goes to interest; towards the end, most goes to principal.
An EMI calculator tells you that monthly amount before you borrow, so you can check whether it fits your budget. It also shows the total interest, which is the real cost of the loan. Banks in India calculate EMIs on a reducing balance, meaning interest is charged only on what you still owe. This calculator uses the same method.
How does the EMI Calculator work?
The calculator converts the yearly rate into a monthly rate and applies the standard EMI formula. It then builds the repayment schedule month by month: interest is charged on the opening balance, the rest of the EMI reduces the principal, and the balance carries forward.
For comparison, it also shows a flat-rate EMI. Under a flat rate, interest is charged on the full original loan for the whole tenure, which makes the effective cost much higher.
How to use the EMI Calculator step by step
- Enter the loan amount you plan to borrow.
- Enter the interest rate quoted by the lender (yearly, reducing balance).
- Enter the loan tenure and choose years or months.
- Press Calculate to see the EMI, total interest and total payment.
- Scroll the year-wise schedule to see how much principal you repay each year.
- Download the schedule as CSV to keep with your loan papers.
EMI Calculator example with real numbers
You take a ₹5 lakh personal loan at 11% a year for 3 years.
| Example input | Value |
|---|---|
| Loan amount | ₹5,00,000 |
| Interest rate per year | 11% |
| Loan tenure | 3 |
| Tenure in | Years |
| Example output | Value |
|---|---|
| Monthly EMI | ₹16,369 |
| Loan amount | ₹5,00,000 |
| Total interest | ₹89,297 |
| Total amount payable | ₹5,89,297 |
| Tenure | 3 years |
| EMI at the same flat rate | ₹18,472 |
The EMI calculator shows a monthly instalment of ₹16,369. Over 36 months you pay ₹89,297 as interest. If a lender quoted the same 11% as a flat rate, the EMI would be ₹18,472, which is far more expensive, so always ask whether a rate is flat or reducing.
Key features of this EMI Calculator
- Reducing-balance EMI, as used by Indian banks
- Tenure in years or months
- Total interest and total payment
- Flat-rate EMI comparison
- Year-wise principal, interest and balance
- CSV download of the full schedule
Who should use the EMI Calculator?
Who is this EMI Calculator for?
- Anyone planning a home, car, personal, education or business loan
- Borrowers comparing offers from banks and NBFCs
- Consumer durable buyers checking no-cost EMI offers
- Finance students learning loan maths
Practical use cases
- Checking the EMI on a ₹5 lakh personal loan for 3 years
- Comparing a 15-year and 20-year home loan
- Seeing how much a 0.5% lower rate saves
- Testing whether a lender’s flat-rate quote is a good deal
Key benefits
- Budget with confidence: know the EMI before you sign.
- See the real cost: total interest is shown upfront.
- Spot bad offers: the flat-rate comparison reveals hidden cost.
- Plan prepayments: the schedule shows how slowly principal falls in early years.
Tips for better results
- Keep total EMIs below about 40–50% of your take-home pay.
- A shorter tenure has a higher EMI but much lower total interest.
- Ask every lender for the reducing-balance rate and the APR including fees.
- Use the prepayment calculator to see how part payments cut interest.
- Check the loan eligibility calculator before applying.
Common mistakes to avoid
- Choosing the longest tenure only to get a small EMI.
- Comparing a flat rate with a reducing rate.
- Ignoring processing fees, insurance and GST on fees.
- Taking a loan whose EMI leaves no room for an emergency fund.
Limitations of this EMI Calculator
- It assumes a fixed rate for the whole tenure; floating rates change with the lender’s benchmark.
- It does not include processing fees or insurance bundled with the loan.
- Banks may round the EMI or charge broken-period interest for the first month, so your actual EMI can differ by a few rupees.
EMI Calculator vs other ways to calculate
| Method | Rate type | Schedule | Best for |
|---|---|---|---|
| Qorico EMI calculator | Reducing, with flat comparison | Year-wise, downloadable | Comparing offers |
| Bank EMI calculator | Reducing | Sometimes | One bank’s product |
| Excel PMT function | Reducing | If you build it | Custom schedules |
| Lender’s quote | Varies | On request | Final numbers before signing |
Excel’s PMT(rate/12, months, -amount) gives the same EMI. Bank calculators use the same formula; the difference is usually fees and how the first month’s interest is handled. For a month-by-month table, use the loan amortization schedule.
Privacy and data handling
This EMI Calculator runs entirely in your browser. The numbers you type are not sent to Qorico or stored on any server, and nothing is saved after you close the page. The Copy and Download buttons create the result on your own device. If the page has analytics turned on, it may count that a calculation happened, but it does not record the values you entered.
EMI Calculator FAQs
What is the EMI formula?
EMI = P × r × (1 + r)^n ÷ [(1 + r)^n − 1], where P is the loan amount, r the monthly interest rate and n the number of months.
What is the EMI on a ₹5 lakh loan for 3 years?
At 11% a year on a reducing balance, the EMI is about ₹16,369, and you pay about ₹89,300 in total interest. At 13% it rises to about ₹16,850.
What is the difference between flat and reducing rate?
A flat rate charges interest on the full original amount for the whole tenure. A reducing rate charges interest only on the balance left. The same headline number costs much more as a flat rate.
Does a longer tenure reduce total interest?
No. A longer tenure lowers the EMI but increases the total interest, because you borrow the money for longer.
Can I reduce my EMI after taking a loan?
Yes, by making a part prepayment and asking the lender to reduce the EMI, by refinancing at a lower rate, or by extending the tenure if the lender allows.
Are there prepayment charges on floating-rate loans?
RBI rules do not allow banks and NBFCs to charge foreclosure or prepayment penalties on floating-rate term loans taken by individuals for non-business purposes.
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Sources and references
We checked the method and the current figures used in this EMI Calculator against these official and primary sources:
Written and reviewed by the Qorico Team
