This EMI calculator shows the monthly installment for any bank loan — home loan, car loan, personal loan or bike loan. Enter the loan amount, annual interest rate and tenure to see your EMI, the total interest you will pay and a year-by-year repayment schedule. It works for loans in taka, rupees or any other currency.
The rate that appears when you pick a loan type is only an example. Rates differ between banks, so enter the rate your bank has offered you.
What is an EMI?
An EMI (Equated Monthly Installment) is the fixed amount you pay every month until a loan is repaid. Each installment contains both principal and interest. Early in the loan most of the EMI goes towards interest; over time the principal share grows.
EMI formula
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
Here P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly installments.
Example
A personal loan of 5,00,000 at 13% a year for 5 years (60 installments) has an EMI of about 11,377. Total interest comes to about 1,82,592 and the total repayment to about 6,82,592.
Ways to lower your EMI
- A bigger down payment reduces both the loan amount and the interest.
- A longer tenure lowers the EMI but increases the total interest you pay.
- Compare interest rates, processing fees and prepayment charges across several banks.
Frequently asked questions
Will the result match my bank exactly?
It is usually very close. Small differences can come from how the bank counts interest (daily or monthly), processing fees, insurance and rounding. Your bank’s loan schedule is the final word.
Is a flat rate the same as a reducing rate?
No. This calculator uses the reducing-balance method, where interest is charged only on the outstanding principal. A flat rate charges interest on the full loan amount for the whole tenure, so a flat-rate loan costs more at the same headline rate.
What happens if I enter 0% interest?
The EMI is simply the loan amount divided by the number of installments.
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Disclaimer: results are estimates for guidance only and are not financial advice.