Free Loan EMI Calculator
Monthly EMI, interest & total payable — instantly
Enter your loan principal, annual interest rate, and tenure to instantly calculate your monthly EMI, total amount payable, and total interest — with a visual principal vs interest breakdown.
What Is an EMI Calculator?
An EMI calculator helps you determine the monthly instalment amount for any loan — home, car, personal, or business. By entering the principal amount, annual interest rate, and tenure, you instantly get your monthly EMI using the standard reducing-balance formula. It also shows the total interest cost, helping you compare different loan offers and choose the most affordable option.
How to Use the EMI Calculator
Step 1 — Enter Loan Principal
Input the total loan amount you are borrowing or plan to borrow.
Step 2 — Enter Annual Interest Rate
Enter the annual interest rate offered by your bank or lender (e.g., 8.5%).
Step 3 — Enter Tenure
Select whether your tenure is in months or years, then enter the value. The calculator instantly shows monthly EMI, total amount payable, and total interest.
Who Uses an EMI Calculator?
Home Loan Applicants
Check monthly EMI affordability before applying for a home loan and compare different loan amounts and tenures.
Car Buyers
Calculate the EMI for a vehicle loan and decide on the right down payment to keep EMIs comfortable.
Business Owners
Evaluate the monthly burden of a business loan before committing to ensure it fits within cash flow.
Personal Finance Planners
Compare total interest across different tenures to choose the most cost-effective loan structure.
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Instalment) is a fixed payment amount made each month to repay a loan. It includes both principal repayment and interest components.
How is EMI calculated?
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 months.
Does this calculator work for home loans, car loans, and personal loans?
Yes. The EMI formula is the same for all loan types. Just enter your loan amount, the applicable interest rate, and the tenure.
What is total interest payable?
Total Interest Payable = Total Amount Payable − Principal. It shows the extra amount you pay the lender above the borrowed amount over the loan tenure.
Is this calculator free?
Yes, 100% free. No login, no subscription, no limits.