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About the EMI Calculator
An EMI — Equated Monthly Instalment — is the fixed amount you pay a lender every month until a loan is cleared. Each instalment is split two ways: interest on the balance you still owe, and principal that actually reduces the debt. In the early years most of your EMI is interest; by the closing years almost all of it is principal.
This calculator works for any reducing-balance loan in India — home, personal, business, car, gold or property. Change the amount, rate or tenure and the numbers, the donut and the full amortisation schedule update instantly.
The formula
Every bank and NBFC in India uses this reducing-balance formula. Interest is charged only on the outstanding balance, so the interest share of each EMI falls as the loan runs down while the principal share rises.
Things worth knowing
Frequently asked questions
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 tenure in months. The calculator applies this formula and then rebuilds the full month-by-month schedule so you can see the interest and principal split.
No. A longer tenure reduces the monthly outgo but increases the total interest, because you owe the money for longer. A ₹50 lakh loan at 8.5% costs about ₹54 lakh in interest over 20 years, but around ₹73 lakh over 30 years.
On a floating-rate loan linked to an external benchmark, lenders usually keep the EMI unchanged and adjust the tenure instead. If the rate rises far enough that the EMI no longer covers the interest, the bank must increase the EMI. You can ask for either treatment in writing.
It will be within a rupee or two. Small differences come from the disbursal date — most lenders charge broken-period or pre-EMI interest for the days between disbursal and your first full instalment.
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