EMI Calculator
Work out the monthly EMI on a home, car or personal loan, with the total interest and the total you will pay. Switch to a flat rate to see what it really costs. It runs in your browser.
Also searched as: loan emi calculator · home loan emi calculator · car loan emi calculator · personal loan emi calculator · flat rate emi calculator
Updated November 9, 2026
Loading the tool…
How to use it
- 1
Enter amount and rate
Type the loan amount and the yearly interest rate.
- 2
Set the tenure
Enter how long you will repay, in years or in months.
- 3
Pick how the rate is quoted
Choose reducing balance, or flat rate if your lender quotes one.
Questions about emi calculator
What is an EMI?
An equated monthly instalment: the fixed amount you pay every month to repay a loan with interest.
What is the difference between flat and reducing rates?
A reducing-balance rate charges interest on what you still owe. A flat rate charges it on the full amount for the whole term, so it costs far more than the same number as a reducing rate. The tool shows the equivalent reducing rate.
Which currency does it use?
Any. Results are plain numbers without a currency symbol.
How the EMI is worked out
EMI stands for equated monthly instalment: the fixed payment that clears a loan, with interest, in the number of months you choose. The tool uses a monthly rate of one twelfth of the yearly rate and the standard formula for a loan repaid in equal payments. For 500,000 at 10.5% over 5 years the EMI is 10,746.95, the total interest is 144,817.01 and you pay 644,817.01 in all.
A longer tenure lowers the EMI but raises the interest, as the table shows for the same amount and rate.
| Tenure | EMI | Total interest |
|---|---|---|
| 3 years | 16,251 | 85,044 |
| 5 years | 10,747 | 144,817 |
| 7 years | 8,430 | 208,148 |
| 10 years | 6,747 | 309,610 |
| 15 years | 5,527 | 494,859 |
| 20 years | 4,992 | 698,056 |
Flat rate or reducing balance
Some lenders quote a flat rate, which charges interest on the original amount for the whole term. A flat 10.5% for 5 years on 500,000 means 262,500.00 of interest and an EMI of 12,708.33. A reducing-balance rate of 10.5% on the same loan gives an EMI of 10,746.95, because interest is charged only on what you still owe.
That flat quote is really a reducing-balance rate of about 18.04%. Choose Flat rate in the tool to see this figure for any loan. When you compare offers, always ask whether the rate is flat or reducing, because the same number can mean very different costs.