EMI Calculator — Equated Monthly Instalment
EMI (equated monthly instalment) is the fixed amount you pay each month on a loan. Enter the amount, rate and number of months.
Updated
For information only — not financial, tax or legal advice. Verify rates and figures with your bank, FBR or another official source before making decisions.
Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Total interest = EMI × n − P
P = amount borrowed, r = monthly rate (annual ÷ 12 ÷ 100), n = number of months. With a 0% rate the EMI is simply P ÷ n.
Examples
Rs 3 lakh over 12 months at 20%
Monthly instalment: Rs 27,790 for 12 months
Rs 20 lakh over 36 months at 16%
Monthly instalment: Rs 70,314 for 36 months
Rs 1.5 lakh over 6 months at 0%
Monthly instalment: Rs 25,000 for 6 months
Important information
- '0% markup' installment plans for phones and appliances sometimes have a higher cash price or an upfront fee — compare the total paid with the cash price.
- Credit-card installment plans often have processing fees.
Frequently asked questions
What does EMI stand for?
Equated Monthly Instalment — a fixed monthly repayment that covers both interest and principal.
Why is most of my early EMI interest?
Interest is charged on the outstanding balance, which is highest at the start, so early payments are mostly interest.
How do I calculate EMI for 0% installments?
Divide the total price by the number of months. Set the rate to 0 in the calculator.
Does a longer tenure save money?
No — a longer tenure lowers the EMI but increases the total interest paid.
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