How to use the calculator
- Loan amount — slide or type the amount you want to borrow.
- Interest rate — enter a yearly rate. Use a rate close to what lenders may offer you; the calculator is an estimate.
- Tenure — choose how many months you want to repay over.
The calculator shows your monthly EMI, the total interest you would pay and the total amount repaid.
How the EMI is worked out
The calculator uses the standard reducing-balance formula:
P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the tenure in months. For example, ₹5,00,000 at an illustrative 12% a year for 36 months gives an EMI of about ₹16,607. Read the full explanation in how EMI is calculated.
Choosing the right EMI
- Keep it comfortable — your total EMIs should leave room for expenses and savings. Many lenders look for them to stay within roughly half of your take-home income.
- Shorter tenure, less interest — a longer tenure lowers the EMI but raises the total interest.
- Look beyond the EMI — processing fees and other charges are in the lender's Key Fact Statement. See what the KFS shows.
- Watch for flat rates — a flat rate costs more than a reducing rate of the same number. See flat vs reducing rate.
The figures are estimates. The lender's offer shows the final amount, rate, tenure and fees.