EMI calculator

Work out the monthly EMI, total payment, and total interest for a loan from its amount, rate, and tenure.

Loan amount Annual interest rate (%) Tenure (months)

Formula and algorithm

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
P = loan principal, r = monthly rate = annual rate ÷ 12 ÷ 100, n = number of monthly instalments.
Total interest = EMI × n − P.

Input: ₹1,00,000 at 12% for 12 months

Output: EMI ₹8,884.88

Total paid ₹1,06,618.55; interest ₹6,618.55.

Input: Same loan at 0%

Output: EMI ₹8,333.33

With no interest, EMI = principal ÷ months.

Input: ₹1,00,000 at 12% for 12 months

Output: ₹6,618.55 interest

About 6.6% of the principal is paid as interest over the year.

What does EMI stand for?

Equated Monthly Instalment — a fixed monthly payment that covers both interest and principal.

Is the rate monthly or yearly?

Enter the annual rate; the tool converts it to a monthly rate (annual ÷ 12 ÷ 100).

Does this include processing fees?

No. It computes the pure loan EMI; lenders may add fees, insurance, or GST separately.

Updated: June 7, 2026