EMI Calculator
Calculate your monthly EMI and total interest payable instantly.
₹50,00,000
8.5%
20 Yr
Monthly EMI
₹43,391
Principal Amount
₹50,00,000
Total Interest
₹54,13,879
Total Payable
₹1,04,13,879
How is EMI Calculated?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. The EMI formula used by banks in India is:
E = P × r × (1 + r)n / ((1 + r)n - 1)
Where:
E = EMI Amount
P = Principal Loan Amount
r = Monthly Interest Rate (Annual Rate / 12 / 100)
n = Loan Tenure in Months