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Loan calculator

EMI calculator with a month-by-month schedule

Enter the loan amount, the yearly interest rate and the tenure. You get the EMI, the total interest, a year-by-year summary and the full repayment schedule, which you can download as a CSV file for a spreadsheet.

Use the rate in your sanction letter. 8.5% is only a starting example.

Adds calendar months to the schedule and CSV.

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Your result

Monthly EMI
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Total interest
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Total of all EMIs
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Number of EMIs
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How the EMI is worked out

An EMI (equated monthly instalment) loan charges interest only on the amount you still owe. Each month the lender adds one month's interest to the outstanding balance and your EMI is taken off it. The EMI is fixed at the level that brings the balance to exactly zero with the last instalment.

EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]

  • P is the loan amount.
  • r is the monthly rate: the yearly rate ÷ 12 ÷ 100. At 8.5% a year, r = 0.0070833.
  • n is the number of monthly instalments: 20 years = 240.

In month 1 the interest part is P × r; everything else in the EMI repays principal. Because the balance falls every month, the interest part shrinks and the principal part grows, which is why the early years of a long loan are mostly interest.

The same arithmetic shows why tenure matters so much: on ₹25,00,000 at an example rate of 8.5% for 20 years, the EMI is ₹21,696 and the interest over the full term adds up to ₹27,06,939, more than the amount borrowed. The EMI lesson compares other tenures.

Worked example you can check by hand

Loan of ₹1,00,000 at 12% a year for 12 months.

  1. Monthly rate r = 12 ÷ 12 ÷ 100 = 0.01.
  2. (1.01)12 = 1.126825.
  3. EMI = 1,00,000 × 0.01 × 1.126825 ÷ 0.126825 = ₹8,884.88.
  4. Month 1: interest = 1,00,000 × 0.01 = ₹1,000.00; principal repaid = ₹7,884.88; balance left = ₹92,115.12.
  5. Month 2: interest = 92,115.12 × 0.01 = ₹921.15; principal repaid = ₹7,963.73.
  6. Over 12 months you pay ₹1,06,618.55, of which ₹6,618.55 is interest.

Why your lender's figures may differ slightly

  • Lenders round the EMI (often to the nearest rupee) and adjust the last instalment. This calculator keeps full precision and shows rupees.
  • Some lenders count interest by the actual days in each month, and the first instalment can include extra interest for the days between disbursement and the EMI start date.
  • Fees, insurance and other charges are not part of this EMI. RBI's Key Facts Statement rules require lenders to show the Annual Percentage Rate (APR), which includes the interest rate and other charges, together with the loan's amortisation schedule (Source: Reserve Bank of India, checked 26 October 2026).
  • On a floating-rate loan the rate can change. At a reset, RBI requires lenders to give EMI-based personal-loan borrowers the choice of a higher EMI, a longer tenure or both, and to let them prepay in part or in full (Source: Reserve Bank of India, checked 26 October 2026). Try the prepayment calculator to compare.

Sources

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