Calculators · EMI
Know your EMI before anyone quotes it.
Move the sliders to see your monthly instalment, the principal–interest split and a year-by-year repayment schedule. The same reducing-balance math every bank and NBFC uses — with nothing hidden.
What is an EMI?
An EMI (Equated Monthly Instalment) is the fixed amount you repay every month on a loan. Each instalment has two parts: interest on the amount still outstanding, and repayment of the principal itself. Early in the tenure most of your EMI goes to interest; as the balance shrinks, more of every instalment repays principal.
Your EMI depends on three things — the loan amount, the annual interest rate, and the tenure in months. A longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.
The EMI formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. This calculator applies that exact formula on a reducing balance, so the result matches what a lender's system will compute.
Example: on a ₹5,00,000 loan at 10.99% p.a. for 36 months, the EMI works out to about ₹16,367 — roughly ₹89,000 in total interest over three years.
How to use this calculator well
Start from the EMI you can comfortably afford — most lenders like your total EMIs to stay under 40–50% of monthly income — then adjust tenure until the EMI fits. Compare the total-interest figure across tenures, not just the monthly number: a ₹1,000 lower EMI can quietly cost tens of thousands more in interest.
Open the year-wise schedule to see how your balance falls. If you expect a bonus or surplus, prepaying while the balance is high saves the most interest, because interest accrues on the outstanding amount.
Common questions.
How is EMI calculated on a loan?
EMI is calculated with the reducing-balance 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 tenure in months. Interest is charged only on the outstanding balance each month.
Does a longer tenure make a loan cheaper?
It lowers the monthly EMI but raises the total interest, because the balance stays outstanding for longer. Choose the shortest tenure whose EMI you can pay comfortably.
Is this EMI calculator accurate for all loans?
It matches any loan charged on a monthly reducing balance — personal, business, education, wedding and gold loans included. Some products quote flat rates, which work differently; use our flat vs reducing calculator to compare.
Can I reduce my EMI after taking a loan?
Yes — by prepaying part of the principal, refinancing at a lower rate, or extending tenure. Many lenders on Samridhya allow part-prepayment with low or zero charges on floating-rate loans.
What EMI can I afford on my salary?
A common rule is to keep all EMIs combined under 40–50% of take-home income. Lenders apply a similar check (called FOIR) when deciding your eligibility.