Calculate Your EMI
Your EMI Result
Yearly Amortization Summary
| Year | Principal Paid | Interest Paid | Yearly Payment | Balance |
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EMI Calculator India
An EMI, or Equated Monthly Instalment, is the amount a borrower generally pays every month toward a loan. The payment normally contains both principal and interest.
OneIndia's EMI Calculator is designed for common Indian borrowing decisions such as home loans, car loans, personal loans and education loans. Enter the loan amount, annual interest rate and repayment period to estimate the monthly EMI.
How is EMI calculated?
The standard reducing-balance EMI formula is:
Where:
- P = principal loan amount
- r = monthly interest rate
- n = total number of monthly instalments
For example, an annual interest rate of 8.5% is converted to a monthly rate by dividing it by 12 before applying the formula.
What affects your EMI?
Three main factors affect a standard EMI calculation: the amount borrowed, the interest rate and the loan tenure.
- Higher loan amount: usually results in a higher EMI.
- Higher interest rate: increases both EMI and total interest.
- Longer tenure: usually lowers the monthly EMI but can increase the total interest paid.
Home loan EMI
Home loans are often repaid over long periods, making it useful to compare different loan amounts, interest rates and tenures before borrowing. Use the calculator to compare scenarios rather than looking only at the monthly EMI.
Car loan EMI
For a vehicle purchase, compare the EMI with the total repayment and remember that the overall cost of owning a vehicle can also include insurance, registration, maintenance and fuel.
Personal loan EMI
Personal loans can have different interest rates and terms from secured loans. A higher interest rate can significantly increase the total amount repaid, so comparing total interest is important.
Education loan EMI
Education loans can have specific repayment structures, moratorium periods and lender-specific conditions. This calculator provides a standard EMI estimate and should not be treated as a lender's final repayment schedule.
Does a longer tenure reduce EMI?
Usually, yes. Increasing the tenure spreads repayment across more months, reducing the monthly instalment. However, because interest continues to accumulate for a longer period, the total interest paid can increase.
Important information
The result from this calculator is an estimate based on the information entered. Actual loan repayments can differ because of lender-specific calculations, processing fees, insurance, taxes, floating interest rates, prepayments, rounding and other terms.