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Free EMI Calculator

What will this loan actually cost you?

Work out your monthly instalment, the total interest you’ll pay and the full month-by-month payment schedule for any home, car, personal or business loan. Everything is calculated in your browser — nothing is stored or sent anywhere.

Your loan

₹10.00 L
8.5% p.a.
20 years

Your monthly instalment

EMI ₹8,678.23 a month over 20 years. Total interest ₹10,82,776.

Monthly EMI
₹8,678.23

240 instalments at this level EMI — individual rows round to the paise.

₹10,00,000.00
Principal borrowed
₹10,82,775.74
Total interest
₹20,82,775.74
Total you repay
20 years
Tenure

Indicative only. Your bank or NBFC may quote a different EMI — processing fees, insurance, a different day-count convention or a floating rate reset will all move the number. Always confirm against the lender’s own sanction letter.

Full payment schedule

20 years, 240 instalments. Open a year to see every month’s interest and principal split.

Every figure above is rounded to the paise while the outstanding balance behind it is carried at full precision, so a printed instalment can sit a paise or two either side of the level EMI of ₹8,678.23. Nothing is swept under the last row: each year’s figures add up to the totals, the principal column adds up to exactly ₹10,00,000.00, and instalment 240 of ₹8,678.23 closes the balance at exactly ₹0.00.

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We never see the loan amount, rate or tenure you typed above — those stay in your browser and are not sent with this form.

Questions people ask

How is EMI calculated?

On the monthly reducing-balance method that every RBI-regulated bank and NBFC in India uses: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the annual rate divided by 12 and by 100, and n is the tenure in months. Each month's interest is charged on that month's opening balance, and whatever the instalment leaves over repays principal.

What if the loan is interest-free?

At 0% the standard formula breaks down, so the calculator switches to the correct answer for a no-cost loan: the principal split evenly across the tenure, EMI = P ÷ n, with zero total interest.

Why do some rows differ by a paise?

Money is printed in whole paise, but the true instalment almost never lands on an exact paise. This calculator carries the outstanding balance at full precision and rounds only what it prints, so an individual row can show a paise or two either side of the level EMI. Nothing accumulates: the principal column adds up to exactly the amount borrowed, the yearly blocks add up to the totals, and the last row closes the balance at exactly zero. Rounding the instalment itself instead — which is what a bank does when it quotes you a figure in whole paise — compounds month on month, and over a long, high-rate tenure that difference is measured in hundreds of rupees rather than paise.

What if the instalment barely covers the interest?

At an extreme rate and tenure the level instalment can round to the same figure as the first month's interest. No instalment a lender could actually bill would ever reduce the balance, so the loan would never be repaid. The calculator says so above the schedule rather than printing a schedule that pretends otherwise — shorten the tenure or lower the rate for a figure you can act on.

Will my bank quote exactly this EMI?

Usually within a rupee or two, but treat it as indicative. Processing fees, insurance bundled into the loan, a different day-count convention, or a floating rate that resets will all move the figure. Confirm against your lender's sanction letter.

Are my loan details stored anywhere?

No. The amount, rate and tenure are calculated entirely in your browser. Nothing is saved, logged or sent to a server, and they are not included if you choose to fill in the contact form.