RapidCheck

EMI Calculator

Calculate the monthly EMI, total interest and total payment for any loan.

Last updated: 8 Aug 2026

Quick answer

Your EMI is calculated as P·i·(1+i)^n ÷ ((1+i)^n − 1), where P is the loan amount, i is the monthly interest rate, and n is the number of months. Enter your loan amount, interest rate and tenure above to get the monthly EMI, total interest and total payment instantly.

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An EMI (Equated Monthly Instalment) is the fixed amount you pay a lender each month — part principal, part interest — until the loan is repaid. This calculator uses the standard reducing-balance formula to show your EMI, total interest and total payment for any loan.

How to calculate your EMI

  1. 1 Enter the loan amount (principal).
  2. 2 Enter the annual interest rate and the tenure in years.
  3. 3 We compute EMI using the reducing-balance formula.
  4. 4 See your monthly EMI, total interest and total amount payable.

Frequently asked questions

How is EMI calculated?
EMI = P·i·(1+i)^n ÷ ((1+i)^n − 1), where P is the principal, i is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments.
Does a longer tenure reduce EMI?
Yes — a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.
Is this EMI exact?
It is an accurate reducing-balance estimate. Your lender's EMI may differ slightly due to fees, insurance and rounding.

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