EMI Calculator
Calculate monthly EMI, total interest, and total payment for any loan.
Monthly EMI
₹4,992
- Principal
- ₹1,00,000
- Total interest
- ₹19,818
- Total payment
- ₹1,19,818
How the EMI formula works
The standard EMI (Equated Monthly Instalment) formula is:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1) where: P = loan principal (₹) r = monthly interest rate (annual rate / 12 / 100) n = tenure in months
The same formula is used by every bank, NBFC, and microfinance institution in India. What changes between lenders is the interest rate quoted (flat vs reducing balance), processing fees, and any insurance bundled in.
Reducing balance vs flat rate: most legitimate lenders quote reducing-balance rates. A 12% flat rate is roughly equivalent to a 22% reducing-balance rate — a big difference. Always compare on the same basis.