EMI (Equated Monthly Installment) is the fixed monthly payment used to repay a loan. Each EMI covers part of the principal plus the interest for that month.

How is EMI calculated?

EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of monthly payments.

What is the difference between EMI in arrears and in advance?

In arrears (the usual method), the first EMI is paid one month after the loan is disbursed. In advance, the first EMI is paid at disbursement, which slightly reduces the total interest paid.

Can prepayment change my EMI?

Yes. Prepaying principal lowers the outstanding balance, which reduces future interest. Depending on your lender, this can either shorten the tenure or lower later EMIs.

EMI Calculator - Home, Car & Personal Loan (Free)

Loan Amount ₹

₹1L₹200L

Interest Rate %

1%20%

Loan Tenure YrMo

0 yr30 yr

EMI Scheme

EMI in advance lowers total interest because the first payment is made at disbursement.

Regular Part-Payment ₹

Shorten Tenure Reduce EMI

Extra amount paid every month or year reduces the principal. Choose to either shorten the tenure (EMI stays the same) or lower the EMI instead.

Payment Schedule

Year	Payment	Principal	Interest	Balance

Summary

Loan EMI: -
Total Interest Payable: -
Total Payment (Principal + Interest): -
Loan closes in: -

Payment Break-up

Principal: -
Interest: -

Preclosure / Early Closure

Months completed

Part-prepayment now ₹

Bank (optional)

Preclosure charge % %

Charges are indicative; confirm with your bank.

Outstanding Principal: -
Paid So Far: -
Interest Saved: -
Preclosure Charge: -
Amount to Close Now: -

The figures shown are estimates. Actual amounts may differ slightly due to rounding, lender-specific charges, or policy changes. Please confirm the final payable amount with your bank.

Payment Schedule

Summary

Payment Break-up

Preclosure / Early Closure

Frequently asked questions