EMI Calculator — Calculate Loan EMI Online Free

EMI (Equated Monthly Instalment) is a fixed payment made each month to repay a loan. Each EMI covers both principal and interest on the outstanding balance using the reducing balance method.

EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is principal, R is monthly interest rate (annual rate ÷ 12), and N is tenure in months.

EMI in arrears is paid at the end of each month (standard for most loans). EMI in advance is paid at the start of the month, resulting in a slightly lower EMI amount.

Prepayments reduce outstanding principal. You can choose to reduce tenure (same EMI, loan ends sooner) or reduce EMI (same tenure, lower monthly payment). Reducing tenure saves more total interest.

Yes. Click Download CSV to export the full month-by-month schedule with principal, interest, prepayment, and balance columns.

RBI guidelines prohibit prepayment penalties on floating rate home loans from banks. Fixed rate loans may have penalties — check your loan agreement.

Use Home Loan for mortgages (typically 8–9% for 15–30 years), Car Loan for vehicle finance (9–12% for 3–7 years), or Personal Loan for unsecured credit (11–18% for 1–5 years).

Yes. The reducing balance EMI formula is standard across Indian banks and NBFCs. Actual EMI may differ slightly due to processing fees, insurance, or rounding.