Planning to take out a loan? This calculator works out your fixed monthly repayment (EMI — Equated Monthly Installment) from your loan amount, interest rate, and loan term, using the standard amortization formula banks use — so you know what to expect before you borrow.
Frequently Asked Questions
What does EMI mean?
EMI stands for Equated Monthly Installment — a fixed payment amount you pay each month toward a loan, covering both principal and interest, until it’s fully repaid.
Is this accurate compared to what my bank will quote me?
It uses the same standard amortization formula banks use, so it should closely match a bank’s quote for the same amount, rate, and term — though your bank’s actual offer may include additional fees not captured here.
What interest rate should I use?
Use the annual interest rate your lender has quoted or advertised for your loan type. If you’re comparing lenders, run each rate through the calculator to see the EMI difference.
Does this include loan processing fees or insurance?
No — this calculates the core principal-and-interest EMI only. Processing fees, insurance, or other add-ons some lenders charge are separate and not included in this figure.
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