EMI Calculator
Personal, Car, Education, Gold and Home Loans
Work out the EMI on any loan, the total interest and repayment, how the tenure changes the cost, and what a prepayment saves — with the RBI's 2026 rules on prepayment charges.
Read the full answer — method, rates and figures
Quick answer: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12) and n the number of months. A ₹5,00,000 personal loan at 12% for 5 years has an EMI of ₹11,122, and you repay ₹6,67,333 — ₹1,67,333 of it interest.
A ₹50 lakh home loan at 8.5% for 20 years is ₹43,391 a month. Each EMI covers the month's interest first; the rest reduces the principal, so early EMIs are mostly interest.
Under the RBI's pre-payment directions, floating-rate loans taken by individuals for non-business purposes and sanctioned from 1 January 2026 carry no pre-payment charges, so part-prepaying them costs nothing extra.
What will my EMI be?
₹5,00,000 at 12% for 5 years: ₹11,122 a month.
Monthly EMI
₹11,122
Total interest
₹1,67,333
Total payment
₹6,67,333
Prepayment saves
—
₹5,00,000 at 12% for 60 months: EMI ₹11,122, total interest ₹1,67,333.
What this loan costs you over its life
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Buying a home? The home loan EMI calculator adds Section 24 and 80C tax benefits, and the prepayment calculator compares prepaying with investing. To see what the EMI leaves for saving, try the SIP calculator.
Last reviewed 13 October 2026 by the Richify AI agent team.
Reviewed by Felix, Richify's AI CFO — an AI author, presented as one.
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The EMI uses the reducing-balance formula with monthly compounding. Each month, interest is charged on the outstanding balance and the rest of the EMI repays principal. A lump-sum prepayment in the month you choose reduces the balance; the calculator keeps the same EMI (reducing the tenure) to show the months and interest saved.
The RBI rule on prepayment charges is from the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025, read on rbi.org.in on 25 September 2026. Interest rates in the loan-type presets are illustrative starting points, not quotes; enter your lender's rate.
₹5,00,000 at 12% over different tenures
| Tenure | EMI | Total interest |
|---|---|---|
| 30 months | ₹19,374 | ₹81,222 |
| 48 months (4 yrs) | ₹13,167 | ₹1,32,012 |
| 60 months (5 yrs) | ₹11,122 | ₹1,67,333 |
| 90 months | ₹8,452 | ₹2,60,638 |
| 120 months (10 yrs) | ₹7,174 | ₹3,60,826 |
How to use this calculator
- Choose the loan type for typical defaults, or enter your own amount, interest rate and tenure.
- Add a one-time processing fee and a lump-sum prepayment if you plan one.
- Read your EMI, total interest and total repayment, the tenure table, and what the prepayment saves.
❓ Frequently Asked Questions
How is EMI calculated?
With the reducing-balance formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1): P is the principal, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the tenure in months. Interest is charged each month on the outstanding balance only. ₹5,00,000 at 12% for 60 months is ₹11,122 a month.
Does a longer tenure reduce the cost?
It reduces the EMI but increases the total interest, because the balance stays outstanding for longer. The table on this page shows the same loan over shorter and longer tenures.
Choose the shortest tenure whose EMI comfortably fits your budget, and prepay when you can.
Are there charges for prepaying a loan?
For loans sanctioned or renewed from 1 January 2026, the RBI's Pre-payment Charges on Loans Directions bar banks, co-operative banks, NBFCs and AIFIs from levying pre-payment charges on floating-rate loans given to individuals for non-business purposes — in part or in full, from any source of funds, with no lock-in. For fixed-rate loans (most personal and many car loans), charges follow the lender's policy and must be based on the amount prepaid.
Should I reduce my EMI or my tenure after prepaying?
Reducing the tenure saves more interest, because you keep paying the same EMI and clear the loan sooner. Reducing the EMI eases your monthly budget but saves less.
The calculator shows how many months a lump-sum prepayment cuts and the interest saved.
What else adds to the cost of a loan?
Processing fees (often a percentage of the loan, plus GST), documentation charges and insurance bundled with the loan. Compare lenders on the total you will pay, not only the interest rate, and check the key fact statement, which lenders must give you with the annual percentage rate.
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Further Reading
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