Work out your monthly EMI, the total interest, and the full repayment schedule. Free, instant, and built for Indian loans.
What is an EMI?
An EMI is an Equated Monthly Instalment. It is the fixed amount you pay the lender every month until the loan closes. Each payment covers the interest for that month first, and the rest reduces the principal.
Why does most of my early EMI go to interest?
Interest is charged on the balance you still owe. That balance is highest at the start, so the interest slice is largest then. As the principal falls, more of each EMI goes to the principal.
Does a longer tenure reduce my EMI?
Yes, but it raises the total interest. Spreading the same loan over more months lowers each payment and increases how long interest accrues. Compare the total interest, not just the EMI.
Can I lower the interest by prepaying?
Yes. Any extra payment goes straight to the principal, so future interest is charged on a smaller balance. Prepaying early saves far more than prepaying late.
Is this calculator accurate for my bank?
Yes, to within a few rupees. The formula is the industry standard reducing balance method that Indian banks use. Your actual EMI may differ by a few rupees because of processing fees, insurance, or the exact day your loan is disbursed.