EMI
Calculator
Calculate your monthly loan payment (EMI), total interest, and full amortization schedule instantly.
Monthly EMI
₹22,727.84
per month for 24 months
Principal Amount
₹5,00,000
Total Interest
₹45,468.1
Total Amount Payable
₹5,45,468.1
Frequently Asked Questions
What is EMI?▾
How is EMI calculated?▾
What happens if I extend my loan tenure?▾
What is an amortization schedule?▾
How EMI Works and Loan Basics
Equal installment repayment, principal repayment, amortization, and interest calculation fully explained.
EMI (Equated Monthly Installment) Formula
EMI is a method of repaying loans in equal monthly amounts. The formula is: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1), where P is the principal, r is the monthly rate (annual rate ÷ 12), and n is the number of months. For example, borrowing ¥1,000,000 at 3% annual rate for 60 months gives a monthly rate of 0.25% and EMI of approximately ¥17,966.
Amortization Schedule
In the early stages of loan repayment, a larger portion goes to interest and less to principal. As repayment progresses, the principal portion gradually increases. This is called amortization. An amortization table shows the principal payment, interest, and remaining balance for each month.
Effect of Prepayment
Prepayment (paying part or all of the loan earlier than scheduled) significantly reduces total interest paid. Even paying a little extra toward principal each month has a large interest-saving effect. However, some loans have prepayment fees, so always check.
EMI by Interest Rate (¥1M, 60 months)