EMI Calculator — home, car, personal and education loans

Work out the exact monthly instalment, total interest and total repayment for any loan amount, interest rate and tenure. Uses the reducing-balance formula every Indian bank uses.

EMI कैलकुलेटर: किसी भी लोन की सही मासिक किस्त (EMI), कुल ब्याज और कुल भुगतान जानें — वही reducing-balance फ़ॉर्मूला जो हर भारतीय बैंक इस्तेमाल करता है।

Formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly rate (annual ÷ 12 ÷ 100) and n is the number of months.

Ready-made scenarios (154)

Home loan

Car loan

Personal loan

Education loan

Bike loan

Frequently asked

How is EMI calculated in India?

Banks use the reducing-balance method: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the principal, r the monthly interest rate and n the number of monthly instalments. Early EMIs are mostly interest; later ones mostly principal.

Does a longer tenure reduce my EMI?

Yes, but total interest rises sharply. Doubling a home-loan tenure from 10 to 20 years typically cuts the EMI by around 30% while roughly doubling the interest paid.

Is prepayment worth it?

On floating-rate home loans RBI rules prohibit prepayment penalties for individuals, so a lump-sum prepayment early in the tenure saves the most interest. Ask Simpledot with your exact loan details for a prepayment schedule.