Equated Monthly Installment Calculator

An equated monthly installment calculator works out the fixed monthly payment due on a loan over a chosen tenure. It uses the standard reducing-balance formula EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate and n is the number of monthly payments. Because the result is instant, you can compare loan offers side by side before signing anything.

Lenders quote eligibility in EMI terms, so this tool is the most practical way to size up any borrowing decision — home loans, vehicle finance or personal loans all follow the same math.

If you are using it as a calculator of car loan scenarios, compare the result here with our auto loan calculator for vehicle-focused planning and our blog for step-by-step borrowing guides.

Enter your loan amount, annual interest rate and tenure in years. The result updates instantly with your monthly payment, total interest payable and overall cost of the loan. Adjust the rate or tenure to see how each variable changes your payment.

Treat it like a planning workbench: try a shorter tenure to cut interest, raise the principal to test affordability, or model a higher rate to stress-test your budget.

Every monthly payment is split between interest and principal. Early in a loan, interest dominates because the outstanding balance is high. As months pass, the principal portion grows while interest shrinks. Understanding this curve helps you decide whether part-prepayment is worthwhile — paying early in the schedule eliminates the most interest.

For a vehicle loan, plug in the on-road price minus your down payment as the loan amount, your dealer or bank rate, and a tenure between 12 and 84 months. You'll see your monthly outflow and the lifetime interest cost — essential numbers before signing a finance contract. For more vehicle-specific options, try our auto loan calculator.

Increase your down payment to reduce principal, negotiate a lower rate by improving your credit score, or extend tenure carefully — longer tenures lower the monthly payment but raise total interest paid. Re-run each scenario before committing.

You can also model partial prepayments by re-entering a reduced principal after a few months. The new payment shows exactly how much interest your prepayment saves.