Loan EMI Calculator
Calculate the monthly EMI, total interest, and total payment for a home, car, or personal loan. Enter your loan details below — figures update live in your own currency.
How to use the loan EMI calculator
- Enter the loan amount (principal) you plan to borrow, in your own currency.
- Enter the annual interest rate offered by your bank or lender.
- Enter the loan tenure and choose whether you're entering years or months.
- Your monthly EMI, total interest payable, and total repayment appear instantly and update as you adjust any field.
Why use a loan EMI calculator?
Whether you're planning a home loan in India, a car loan in Pakistan or Bangladesh, a personal loan in Nigeria, or financing in the Philippines, knowing your EMI (equated monthly installment) before you apply helps you budget accurately and compare loan offers from different lenders. This calculator uses the standard reducing-balance formula that banks use, so you can quickly see how changing the loan amount, interest rate, or tenure affects your monthly payment and total interest cost — helping you choose a tenure that fits your income without overpaying in interest. Figures shown are plain numbers; enter them in whatever currency your loan is denominated in. Results are estimates for informational purposes only, not financial advice, and actual EMI may vary slightly based on your lender's calculation method, processing fees, and rounding rules.
How is EMI calculated?
EMI uses the standard reducing-balance formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of monthly installments.
Does a longer loan tenure reduce my EMI?
Yes, a longer tenure spreads the same principal over more installments, lowering the monthly EMI. However, it also increases the total interest you pay over the life of the loan, since interest accrues for longer.
Can I use this for home, car, and personal loans?
Yes. The reducing-balance EMI formula used here applies to home loans, car loans, personal loans, and most other installment loans that charge interest on the outstanding balance.