Verified 31 Jul
Calculate monthly EMI, total interest, and total payment when converting credit card purchases to EMI. Compare 6, 12, 18, and 24 month tenures.
Data as of 19 Jun 2026
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EMI stands for Equated Monthly Instalment. It is the fixed rupee amount you pay a bank every month on a personal loan, car loan, home loan, education loan, or a credit-card purchase converted to No-Cost / Low-Cost EMI at the checkout counter. The EMI has three internal ingredients — the principal you owe, the interest the bank charges, and (sometimes) a premium on insurance bundled into the loan — but to you, the borrower, it shows up as one number on the same date each month. The EMI Calculator turns the loan agreement into a monthly schedule and gives you the total interest cost, the principal-vs-interest mix of every instalment, and the date on which your loan actually closes.
The reason a calculator is useful and not just a mental-math problem is that the EMI formula is front-loaded with interest. On a 20-year home loan, the first EMI is roughly 3% principal and 97% interest. By the tenth year the principal share has grown to roughly 25%. Without a schedule, almost every borrower under-estimates how slowly they build equity, and is then surprised when they switch jobs mid-tenure and discover the outstanding principal is still 70% of what they borrowed. The RBI's Fair Practices Code for Lenders (updated 2022) requires banks to disclose the amortisation schedule on request, so you can always ask for this printout; the calculator is a much faster way to see it before signing.
The standard EMI formula is:
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
where P is principal, r is monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of monthly instalments. From this, the schedule is computed by:
If a prepayment is entered, it is subtracted from the closing outstanding on that month, and the remaining schedule is re-amortised at the same EMI or at the same tenure as the user chooses. Total interest paid = Σ(monthly interest) over the whole schedule. Effective cost of capital = internal-rate-of-return on the actual cash flows after fees and GST, which the calculator surfaces only when a processing fee is entered.
The prepayment IRR is what the bank does not advertise. A loan at 8.5% reducing where you also paid 1% processing fee has an effective rate closer to 9.3%, and a 3-year early closure makes the effective rate 12–14% once the sunk costs of paperwork are added. The calculator prints this number alongside the headline rate.
The EMI model is right for fixed-rate, fixed-tenure, no-rate-change retail loans. It will mislead you in four situations. First, floating-rate home loans: most Indian banks reprice the loan every 3–5 years against the repo rate; a 0.25% repo cut gives you a smaller EMI or a shorter tenure, the calculator cannot forecast RBI policy. Second, credit-card EMI on big-ticket purchases: there is a one-time processing fee (typically ₹99–₹399) and a GST component that does not appear in the headline EMI; the true cost is therefore higher than the schedule suggests. Third, gold loans: these use a monthly reducing rate, but interest is collected upfront on the day of disbursal (so you effectively pay interest on the disbursal amount, not on the balance); the schedule shown will understate the cost by one full month. Fourth, mortgage balance-transfer arbitrage: the calculator does not know the foreclosure charges of the old bank, which on home loans can be 2–4% of the outstanding, large enough to wipe out a year of savings if you refinance too soon.
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