How to work out the EMI of a loan

EMI is the fixed amount you pay each month for a loan. It depends on three things: the loan amount, the yearly interest rate and how long you borrow for. Try a few numbers before you decide.

Steps

1. Open the EMI Calculator.
2. Type the loan amount.
3. Type the yearly interest rate and the number of years or months.
4. Read the monthly payment, the total interest and the total you will pay.
5. Change the length or the amount and compare.

Open the tool: EMI Calculator

Good to know

• A longer loan means a smaller monthly payment but more total interest.
• Ask the bank about extra fees. They are not part of the EMI.
• The result is a guide, and the bank may round numbers differently.
• This is not financial advice.