About this tool
EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays each month toward a loan, common in personal, auto, and home loans particularly in South Asian markets. This calculator uses the standard EMI formula to compute your monthly installment, total interest, and total repayment.
How to use it
- 1Enter the principal loan amount, annual interest rate, and tenure in months.
- 2Read the EMI, total interest, and total payment.
Common mistakes to avoid
- Entering the tenure in years instead of months — this calculator expects months.
- Not accounting for processing fees or other charges a lender may add on top of EMI.
Use cases
- Planning a personal, auto, or home loan budget before applying.
- Comparing EMI across different tenure lengths.
Frequently asked questions
How is EMI different from a regular loan payment calculation?
EMI uses the same amortization math as any fixed-rate loan payment — it's simply the term commonly used in South Asian banking for the equal monthly installment.