Total interest
₹0
EMI Calculator
Calculate your loan EMI
Pick your loan type and see your monthly EMI, total interest and payment instantly.
Your monthly EMI
₹0
Total payment
₹0
Need a personal loan?
Compare loan offers from top banks & NBFCs on RupeeMaster — check your rate free, with no impact on your credit score.
Compare loan offers →EMI figures are indicative estimates based on the amount, rate and tenure you enter. Actual EMIs, rates and eligibility are decided by the lender. This is not a loan offer or financial advice.
📊 How EMI is calculated
Your EMI (Equated Monthly Instalment) is the fixed amount you pay each month, covering both interest and principal, so the loan is fully repaid by the end of the tenure.
It uses the standard formula EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of months. "Total interest" is all your EMIs minus the amount borrowed. A longer tenure lowers the EMI but raises total interest.
How does a loan EMI work?
An EMI, or Equated Monthly Instalment, is the fixed payment you make to your lender every month until the loan is fully repaid. Each EMI is split between interest (the cost of borrowing) and principal (repaying what you borrowed). In the early months, more of the EMI goes toward interest; over time, more goes toward principal. The three things that decide your EMI are the loan amount, the interest rate and the tenure.
Personal, home, car and gold loans — what's different?
Secured loans, where you pledge an asset, usually carry lower interest rates. Home loans are secured against property and have the lowest rates and longest tenures. Car loans are secured against the vehicle. Gold loans are secured against gold and are quick to get. Personal loans are unsecured — no collateral — so they carry higher rates but offer full flexibility on how you use the money.
Shorter tenure or lower EMI?
A longer tenure makes each EMI smaller and easier on your monthly budget, but you pay more total interest over the life of the loan. A shorter tenure means higher EMIs but significantly less interest paid. Choose the shortest tenure whose EMI still fits comfortably within about 40% of your monthly income.
How is loan EMI calculated?
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r is the monthly rate, and n is the number of months. This calculator applies the formula and also shows your total interest and total payment.
What is a good personal loan interest rate?
Personal loan rates in India typically start around 10.5–11% and rise with your credit profile. Secured loans (home, gold) generally carry lower rates than unsecured personal loans.
Does a longer tenure reduce my EMI?
Yes — a longer tenure lowers the monthly EMI but increases the total interest paid. A shorter tenure means higher EMIs but less interest overall.