Loan EMI Calculator
Calculate the Equated Monthly Installment (EMI) for a personal loan, auto loan, student loan, or any other fixed-rate installment loan, using the same amortization math as a mortgage but generalized to any principal, rate, and tenure in months. Enter the loan amount, annual interest rate, and repayment period, and get the monthly EMI, total interest paid over the life of the loan, and total amount repaid. Because it works purely off principal, rate, and tenure, it applies equally to a 12-month personal loan or a 7-year auto loan. Runs entirely client-side — no loan details leave your browser.
By The Paper Room Editorial Team — Financial & Utility Tools
Frequently asked questions
What does EMI stand for and how is it calculated?▼
EMI stands for Equated Monthly Installment — a fixed monthly payment that combines principal and interest so the loan is fully paid off by the end of its tenure. It's calculated with the formula EMI = P × r × (1+r)^n / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments.
Does a lower EMI always mean a cheaper loan?▼
No — stretching the tenure lowers the monthly EMI but increases total interest paid, because you're carrying the balance longer. A shorter tenure raises the EMI but reduces total interest. Compare the 'Total interest' figure, not just the monthly number, when weighing different tenures.
Is this the same formula banks use for personal loans?▼
Yes, for standard fixed-rate, fixed-tenure installment loans (reducing-balance interest), this is the industry-standard EMI formula used by banks and lenders. Some lenders use flat-rate interest instead of reducing balance, which produces a different (higher) effective cost — check your loan's terms for which method applies.
Can I use this for a student loan or auto loan?▼
Yes — the formula is generic to any fixed-rate installment loan. Just enter the loan principal, annual interest rate, and repayment tenure in months. It won't account for loan-specific features like deferment, income-driven repayment, or balloon payments, which some student and auto loans include.
What if my interest rate changes during the loan?▼
This calculator assumes a fixed rate for the full tenure. For a variable-rate loan, re-run the calculation with the new rate and remaining principal/tenure whenever the rate resets to get an updated EMI estimate.