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EMI Calculator
Enter the loan amount, interest rate and tenure to see your monthly EMI, total interest and a year-by-year schedule.
- Principal ₹0
- Interest ₹0
- Total payment ₹0
Year-by-year repayment schedule
How do I calculate EMI?
To calculate EMI, enter the loan amount, the annual interest rate and the tenure. Fileora uses the standard formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) with a monthly rate, and shows the monthly EMI, total interest, total payment and a year-by-year schedule. For example, ₹5,00,000 at 10.5% for 5 years is about ₹10,747 a month.
EMI Calculator in 3 steps
Enter the loan amount
Type it or use the slider.
Add rate and tenure
Annual interest rate and tenure in years or months.
See your EMI
Monthly EMI, total interest and the full schedule update instantly.
How can I lower my EMI?
You can borrow less, choose a longer tenure or get a lower rate. A longer tenure lowers the EMI but increases the total interest, so compare both numbers before deciding.
What is a reducing-balance loan?
Each EMI pays the interest on the balance still owed, and the rest reduces the balance. Early EMIs are mostly interest, and later EMIs are mostly principal, which the yearly schedule shows.
Does prepaying a loan help?
Yes. A part-prepayment reduces the balance directly, so you pay less interest over the rest of the loan. Check your lender's prepayment charges first.
Updated 06 October 2026 · Made by the Fileora team
Questions people ask
What formula is used to calculate EMI?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Does a longer tenure reduce the total cost?
No. A longer tenure lowers the monthly EMI but increases the total interest you pay over the loan.
Does this include processing fees or insurance?
No. It shows the EMI on the loan amount only. Add the lender's fees separately.
Is this the same EMI my bank will charge?
It uses the standard reducing-balance formula that Indian banks use. Small differences can come from the exact disbursal date and rounding.
Can I calculate EMI for a car or personal loan?
Yes. The formula is the same for home, car, two-wheeler, personal and education loans.