Tokkucal
EMI Calculator
Estimate the monthly instalment for any home, car or personal loan. Enter the loan amount, annual interest rate and tenure to instantly see your EMI, total interest payable and total amount repaid over the loan term.
About the EMI Calculator
How to Use
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate offered by your lender.
- Enter the loan tenure in years or months.
- Press Calculate to see your monthly EMI, total interest and a yearly repayment summary.
Formula
r = Annual Rate ÷ 12 ÷ 100
EMI = P × r × (1+r)^N ÷ [(1+r)^N − 1]
Where P is the loan amount, r is the monthly interest rate, and N is the number of monthly instalments.
Example
A loan of ₹5,00,000 at 8.5% annual interest for 5 years (60 months) works out to an EMI of about ₹10,258, with total interest of roughly ₹1,15,480 over the loan term.
Detailed Explanation
EMI (Equated Monthly Instalment) is the fixed amount you repay every month, made up of a principal portion and an interest portion. Early in the loan, more of each EMI goes towards interest; later, more goes towards principal — which is why the yearly summary above shows interest paid gradually decreasing over time.
Frequently Asked Questions
Does the EMI change during the loan tenure?
For a standard fixed-rate loan, the EMI amount stays the same every month. What changes each month is the split between principal and interest within that fixed EMI.
What if my lender charges a 0% processing fee or 0% interest offer?
At 0% interest, the EMI is simply the loan amount divided by the number of months, with no interest component.
Is this EMI figure exact?
This uses the standard reducing-balance EMI formula used by most Indian banks and NBFCs. Your actual EMI may vary slightly due to processing fees, insurance, or rounding conventions used by your specific lender.