About the EMI Calculator
An EMI (equated monthly instalment) is the fixed amount you pay every month to repay a loan. Enter the loan amount, annual interest rate and tenure to see the EMI, the total interest you will pay and how the balance falls each year.
How to use it
- Enter the loan amount and the annual interest rate.
- Enter the tenure and choose years or months.
- Read the EMI and open the yearly schedule to see principal and interest paid.
Frequently asked questions
- How is EMI calculated?
- 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.
- Is the result the same as my bank statement?
- It should be very close for a reducing-balance loan. Fees, insurance and rounding rules can change the bank figure slightly.
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