EMI calculator
Free, no sign-up · Facts checked 18 Oct 2026
EMI for any loan, the loan your EMI can buy, or the real rate, with fees.
1₹5 lakh personal loan · 11% · 5 years
Monthly EMI₹10,871- Loan amount
- ₹5,00,000
- Total interest
- ₹1,52,273
Work it out
Monthly EMI
₹10,871
for 5 years · ₹6.52 lakh in all
A loan of ₹5,00,000 at 11% for 5 years has an EMI of ₹10,871: you pay ₹1,52,273 of interest, ₹6,52,273 in all.
- Loan amount
- ₹5,00,000
- Total interest
- ₹1,52,273
- Total you pay
- ₹6,52,273
39% of your first year’s EMIs goes to interest. Paying a little extra early cuts it fastest.
What you still owe
Move along the chart to read any year.
What it is made of
Point at a part to see it on its own.
From your numbers
Worked out from what you entered. Try one.
- Paying ₹2,000 more a month saves ₹31,335 of interest and ends 11 months sooner.
- One year shorter: the EMI rises to ₹12,923, and you save ₹31,980 of interest.
- If the rate rises by 1%, the EMI becomes ₹11,122 (or the bank adds months instead).
Milestones
When the loan crosses each mark.
- 25% repaidyear 2
- 50% repaidyear 3
- 75% repaidyear 4
- Loan-freeyear 5
If the rate rises
Your EMI at today’s rate and if a floating rate goes up.
Banks often keep the EMI and add months instead; ask yours which it does.
Year by year
Always open. Point at a row to find it on the chart.
| Year | Paid | Interest | Principal | Still owed |
|---|---|---|---|---|
| Year 1 | ₹1,30,455 | ₹51,077 | ₹79,377 | ₹4,20,623 |
| Year 2 | ₹1,30,455 | ₹41,892 | ₹88,563 | ₹3,32,060 |
| Year 3 | ₹1,30,455 | ₹31,643 | ₹98,811 | ₹2,33,249 |
| Year 4 | ₹1,30,455 | ₹20,209 | ₹1,10,246 | ₹1,23,003 |
| Year 5 | ₹1,30,455 | ₹7,452 | ₹1,23,003 | ₹0 |
Full breakdown
- Loan amount
- ₹5,00,000
- Total interest
- ₹1,52,273
- Total you pay
- ₹6,52,273
Guide
What an EMI is
An EMI (equated monthly instalment) is the fixed amount you pay every month until a loan is repaid. Each EMI has two parts: interest on what you still owe, and principal, the part that brings the loan down. In the first months most of the EMI is interest; towards the end almost all of it is principal. That is why paying a little extra early saves so much.
The EMI depends on three things: the amount, the yearly interest rate and the term. Lenders in India use the reducing-balance method, which this tool uses too: interest is worked out every month on the amount still owed.
Three questions, one tool
- Amount → EMI. You know the loan you need: the tool gives the EMI, the total interest and what you pay in all.
- EMI → loan. You know what you can pay each month: the tool shows how big a loan that EMI can repay.
- Find my rate. A lender quoted an EMI without a clear rate: type the amount, the EMI and the term, and the tool finds the real yearly rate.
Use the goal chips at the top to start from a typical personal, home, car or education loan, then change any number.
Meena's personal loan
Meena runs a tailoring shop in Salem. She wants ₹5 lakh to buy two industrial sewing machines and is offered 11% a year for 5 years.
| Part of the loan | Amount |
|---|---|
| Her EMI | ₹10,871 a month |
| Total interest over 5 years | about ₹1.52 lakh |
| Total she repays | about ₹6.52 lakh |
| Interest in her first year's EMIs | about 39% |
If she pays ₹2,000 extra each month, she saves a good part of that interest and finishes months early. If the lender charges a 1.5% processing fee, the true yearly cost goes above 11%; turn on Processing fee to see it.
Fees and the true yearly cost
Most loans carry a processing fee, and in India GST of 18% is added to it. The fee is usually taken out of the loan, so you receive less than you borrow while repaying the full amount. Since 1 October 2024 the Reserve Bank of India (RBI) asks banks and NBFCs to give every retail borrower a Key Facts Statement that shows the annual percentage rate (APR), which includes such charges. This tool works out a similar true yearly cost, so you can compare offers fairly.
When rates change
Home loans and many other loans have floating rates linked to the RBI repo rate or a bank benchmark. When the rate rises, banks often keep your EMI the same and add months to the loan; some raise the EMI instead. The If the rate rises bars show both risks in money.
Under RBI rules, banks and NBFCs may not charge a prepayment or foreclosure fee on floating-rate loans to individuals for non-business purposes, and the rule was extended to more loans from 1 January 2026. Fixed-rate loans can still carry a charge, so check your loan agreement.
Common mistakes
- Comparing EMIs only. A longer term gives a smaller EMI but a much bigger total. Compare the total you pay.
- Ignoring the fee. A low rate with a high fee can cost more than a slightly higher rate with no fee.
- Borrowing to the limit. Keep all EMIs well within your take-home pay; many lenders look for 40–50% at most.
- Never paying extra. Even small extra payments early in the loan cut the interest sharply.
A short checklist
- Ask for the Key Facts Statement and read the APR, not just the rate.
- Compare at least two offers with Compare offers.
- Pick the shortest term you can comfortably afford.
- Plan a small extra payment every month or a lump sum every year.
Rates, fees and rules change; check the lender's current terms before you sign. This is a guide, not advice.
Sources
Facts checked 18 Oct 2026RBIKey Facts Statement (KFS) for Loans & Advances (RBI/2024-25/18) · Reserve Bank of India2024
Banks and NBFCs must give retail borrowers a Key Facts Statement with the APR, which includes all fees and charges, for loans from 1 October 2024. 15 Apr 2024
GSTCGST rates for services (heading 9971, financial and related services) · GST Council2026
Financial and related services not listed elsewhere, such as a loan processing fee, carry 18% GST (9% CGST + 9% SGST). checked 18 Oct 2026
RBIReserve Bank of India (Pre-payment Charges on Loans) Directions, 2025 (RBI/2025-26/64) · Reserve Bank of India2025
No pre-payment or foreclosure charge on floating-rate loans to individuals for non-business purposes, sanctioned or renewed from 1 January 2026. 2 Jul 2025
RBIReset of floating interest rate on EMI based personal loans (RBI/2023-24/55) · Reserve Bank of India2023
When a floating rate rises, borrowers can choose a higher EMI, a longer term or both. 18 Aug 2023
Questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months. This tool does it for you, and also works backwards from an EMI.
How much loan can I get for a ₹20,000 EMI?
At 11% for 5 years, a ₹20,000 EMI can repay a loan of about ₹9.2 lakh. Pick EMI → loan and type your own rate and term.
Does the processing fee change the interest rate?
Not the quoted rate, but it raises what the loan really costs. Turn on Processing fee to see the true yearly cost.
Is it better to reduce the EMI or the term after a prepayment?
Reducing the term usually saves more interest. Reducing the EMI eases your monthly budget. Ask your lender which it applies.
Can I prepay my loan without a charge?
For floating-rate loans to individuals for non-business use, RBI rules say no prepayment or foreclosure charge may be levied. For fixed-rate loans, check your agreement.
Why does my bank's EMI differ slightly from this?
Banks round the EMI and may charge interest from the day the money is paid out (broken-period interest), so their figures can differ by a few rupees.
Reviewed by S. Anand Kumar · Updated 22 Oct 2026