EMI Calculator — Loan EMI, Interest & Schedule
Use our free EMI Calculator to find out the exact monthly EMI you'll pay on any loan — personal, vehicle, education or home. Enter the loan amount, annual interest rate and tenure, and instantly see your EMI, total interest paid, total payment and a month-wise amortization schedule.
Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1] where: P = loan principal (₹) R = monthly interest rate = annual rate / 12 / 100 N = number of monthly installments (tenure in months)
Example
For a ₹5,00,000 loan at 9.5% p.a. for 5 years (60 months): • Monthly EMI ≈ ₹10,500 • Total interest ≈ ₹1,29,919 • Total payment ≈ ₹6,29,919
Frequently Asked Questions
How is EMI calculated?
EMI is calculated using the reducing-balance formula: EMI = P × R × (1+R)^N / ((1+R)^N − 1), where P is principal, R is monthly interest rate, and N is the number of months.
Does EMI Mitra store my loan details?
No. All inputs and results stay inside your browser. We do not upload any data to servers.
Can I download the EMI schedule?
Yes. After calculating, you can export the full month-wise schedule from the Transactions screen as JSON / CSV.
Does the EMI calculator include processing fees?
No, EMI is computed on principal only. Processing fees are typically charged separately at disbursal.
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