Online EMI Calculator

Online EMI Calculator to Check EMI Amount for Any Loan Type

An EMI calculator is an error-free tool that helps plan EMI payments. Enter the loan amount, interest rate and tenure to get an idea of monthly EMI outgo, total interest amount and repayment schedule.


A Loan Calculator helps find out the cost of borrowing and is useful for monthly budgeting and financial planning. A variety of online EMI calculators are available, such as a Personal Loan EMI Calculator, Business Loan EMI Calculator, and Pre-Owned Car EMI Calculator.

  • Step 1: Enter the loan amount.
  • Step 2: Enter the interest rate offered.
  • Step 3: Type in the loan duration in years under the Tenure section.
  • Step 4: Click on the ‘Calculate’ button.

Results will be displayed instantly under the ‘EMI amount’ section.

The formula to calculate EMI is:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where, ‘E’ denotes EMI.
‘P’ denotes the principal amount.
‘R’ denotes interest, which is applicable every month.
‘N’ denotes tenure in months.

Let’s take for example,
P= 10,00,000
R= (10/12/100) = 0.008
N= 60 months
EMI= [10,00,000 x 0.008 x (1+0.008)60]/ [(1+0.008) (60-1)]
So, the EMI would be Rs. 21,247.

  • Easy to Use: Online EMI calculators are user-friendly and can be used from anywhere for free. Just enter the loan details and get accurate EMI calculations within seconds.
  • Accurate results: Online EMI calculator provides accurate calculations, ensuring precise estimations of monthly payments.
  • Helps in Planning Loan tenure: Whether aiming for shorter repayment periods to reduce interest costs or opting for a longer tenure to reduce monthly EMI, these calculators provide valuable insight and help plan loan tenure.
  • Easy Comparison: Online EMI calculators help users compare EMIs across different products or lenders, allowing them to choose the most suitable option based on their financial requirements and preferences.
What is an EMI?

EMI stands for equated monthly instalment, which is the total of the principal amount and the interest that a borrower pays to the lender every month in equal instalments.

What is the repayment schedule?

A repayment schedule is a document showing how the borrower needs to repay the loan through a series of equal monthly payments called EMIs.

What happens if you fail to make an EMI payment?

Failing to pay your EMI can lead to various consequences like a drop in the credit score, late payment fees and interest on the failed amount.

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