BORROWING TOOL

EMI Calculator

Estimate the monthly payment, total repayment and total interest for a fixed-rate loan.

Reviewed 18 September 2026

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Estimate for a fixed-rate, reducing-balance loan with monthly payments. Interest rate changes, fees, insurance and lender rounding are excluded.

What this estimate shows

The result helps you compare a loan amount, interest rate and repayment term. A longer term usually lowers the monthly EMI but increases the total interest paid.

How the calculation works

The estimate uses the standard reducing-balance EMI formula with monthly payments and a monthly interest rate derived from the annual rate.

Before you rely on the result

Actual lender schedules can differ because of processing fees, insurance, rate changes, rounding, prepayments and the precise disbursal date.

Common questions

Does a lower EMI mean a cheaper loan?

Not always. Extending the term can reduce the EMI while increasing total interest.

Does this include processing fees?

No. Add lender fees and insurance separately when comparing offers.

Can I use it for a floating-rate loan?

You can explore a current rate, but future EMI or tenure changes are not predicted.

Formula, assumptions and example

Formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is principal, r is the monthly interest rate and n is the number of monthly payments.

Worked example: Using the starting values above, a ₹5,00,000 loan for 5 years at 9% a year gives an estimated monthly EMI of ₹10,379. Total repayment is approximately ₹6,22,751, including ₹1,22,751 of interest. Totals use the unrounded EMI.

The interest rate and EMI stay fixed for the full tenure.
The estimate excludes processing fees, insurance, taxes, penalties and rate resets.
Compare the lender’s annual percentage rate and Key Facts Statement before borrowing.

Official reference: RBI lending disclosures and Key Facts Statement guidance.

Methodology maintained by K N Krishna, founder and editor of Indian Decode. Last checked 18 September 2026.