Simple EMI Calculator Online
Loan EMI, total interest and a full amortisation summary.
Set the loan amount, interest rate and tenure to get the exact monthly instalment. The yearly schedule shows how much of each payment clears the principal versus the interest, which makes it easy to compare two offers or test a shorter term.
How to use EMI Calculator
- 1
Enter loan amount, annual interest rate and tenure.
- 2
Read the monthly EMI and total interest.
How the monthly EMI is calculated
This calculator uses the standard reducing-balance formula banks apply to home, car, personal and business loans: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
The instalment stays the same every month; what changes is its make-up. It does not calculate flat-rate interest, which is quoted differently and generally works out costlier for the same headline rate.
Reading the repayment schedule
The schedule below the result breaks the loan down year by year: how much principal you repaid, how much went to interest, and the balance left at the end of that year.
Early years are interest-heavy because interest is charged on the outstanding balance. That is also why a shorter tenure, or a part-prepayment made early, cuts total interest far more than a small rate difference does.
Comparing loan offers
Run each offer with its own rate and tenure and compare total interest, not just the monthly figure — a longer tenure always looks cheaper per month while costing more overall.
Remember the EMI does not include processing fees, insurance or any charges the lender bills separately, so treat the total as the financing cost rather than the full cost of the loan.
What to do next
- work out tax on a purchase — for the GST on equipment or a vehicle bought on finance
- check the business maths — see whether the earnings cover the instalment
About this tool
EMI Calculator is part of the MyShopBuy business tools collection — a free suite built for people who need a reliable result in seconds, not another signup form. Loan EMI, total interest and a full amortisation summary. Processing happens entirely inside your browser using modern web APIs, so nothing is uploaded, queued or stored. That makes it fast enough for daily use and safe enough for sensitive documents.
There are no watermarks, no file-count limits and no paywalls. If you use it often, create a free account to keep favourites and history in sync across your devices.