Free loan EMI calculator. Find your monthly payment, total interest and total cost for any loan amount, rate and term.
Your monthly payment (EMI) is fixed for the whole loan. Early payments are mostly interest and later ones are mostly principal. A shorter term raises the EMI but cuts the total interest paid.
EMI is the fixed monthly payment that repays a loan with interest over a set number of months.
EMI = P × r × (1+r)^N ÷ ((1+r)^N − 1), where P is the loan, r is the monthly rate and N is the number of months.