# EMI Calculator: Monthly EMI, Interest and Schedule > Free EMI calculator for any loan in India: enter amount, rate and tenure for your monthly EMI, total interest, fee with GST and a yearly repayment table. Source: https://trykosh.com/tools/emi-calculator Free tool - Loans and credit cards # EMI calculator Find the monthly instalment on any loan, how much of it is interest, and how the balance falls year by year. Works for home, car, personal, bike and business loans quoted on a reducing balance. Rules checked 25 October 2026Free - no sign-upRuns in your browser Monthly EMI INR 21,247 for 5 years at 10% a year Total interest**INR 2,74,823** Total of all EMIs**INR 12,74,823** Interest in year 1**INR 92,696** Principal **INR 10,00,000**Interest **INR 2,74,823** Loan amount INR 10,00,000 Total interest INR 2,74,823 Total you pay back INR 12,74,823 Repayment schedule, year by year Loan year Principal paid Interest paid Balance left Year 1 INR 1,62,268 INR 92,696 INR 8,37,732 Year 2 INR 1,79,260 INR 75,705 INR 6,58,472 Year 3 INR 1,98,031 INR 56,934 INR 4,60,442 Year 4 INR 2,18,767 INR 36,198 INR 2,41,675 Year 5 INR 2,41,675 INR 13,290 INR 0 Interest adds 27.5% to what you borrow. Early EMIs are mostly interest; the principal share grows every month. ## Upload your statement and Kosh does this for you. Upload a bank or card statement and Kosh finds every EMI and card charge, then builds the fastest way out of debt that still fits your month. [Start free](/signup?via=tool-emi-calculator) ## How the EMI calculator works An EMI (equated monthly instalment) is a fixed payment that covers that month's interest plus a slice of the principal. Indian banks and NBFCs work interest on the reducing balance: each month's interest is charged only on what you still owe, so as the balance falls, more of the same EMI goes towards principal. Enter the loan amount, the yearly interest rate from your sanction letter and the tenure in years or months. The calculator converts the yearly rate to a monthly one (rate / 12), applies the standard EMI formula, then runs the loan month by month to build the schedule you see below the result. If the lender charges a processing fee, add it as a percentage. GST at 18% is added to the fee, and the calculator works out the APR: the true yearly cost once the fee is counted, which is the number RBI now requires lenders to show in the Key Fact Statement for retail loans. The schedule shows principal, interest and the balance left at the end of each loan year (month by month for loans of two years or less). Use it to see how front-loaded the interest is, and how much a prepayment in an early year could save. EMI = P x r x (1 + r)ⁿ / ((1 + r)ⁿ − 1) P loan amount r monthly rate = yearly rate / 12 / 100 n number of monthly instalments ## Worked example: Sana renovates her flat in Indore Sana borrows INR 15 lakh at 10.75% for 7 years to redo her kitchen and bathrooms. Her EMI is INR 25,487 and she will pay INR 6,40,900 in interest over the loan. In the first year, INR 1,53,909 of her EMIs goes to interest and only INR 1,51,934 to principal; by year 7 interest is down to INR 17,089. Monthly EMI INR 25,487 for 7 years at 10.75% a year Total interest**INR 6,40,900** Total of all EMIs**INR 21,40,900** Interest in year 1**INR 1,53,909** Principal **INR 15,00,000**Interest **INR 6,40,900** Loan amount INR 15,00,000 Total interest INR 6,40,900 Total you pay back INR 21,40,900 Interest adds 42.7% to what you borrow. Early EMIs are mostly interest; the principal share grows every month. [Load this example into the calculator ->](?amount=1500000&rate=10.75&tenure=7#calculator) ## Good to know - Ask whether the rate is fixed or floating. A floating rate moves with the lender's benchmark (usually the repo-linked rate), and banks often keep the EMI and stretch the tenure when rates rise. - Compare loans on APR, not the headline rate. Since October 2024 lenders must give you a Key Fact Statement showing the APR with all fees before you sign. - A longer tenure lowers the EMI but raises total interest sharply. Pick the shortest tenure whose EMI you can carry comfortably. - The first EMI may be smaller or larger than the rest if the disbursal date doesn't line up with the EMI date. That 'broken period' interest is normal. ## Frequently asked questions How is EMI calculated in India? On a reducing balance using EMI = P x r x (1 + r)ⁿ / ((1 + r)ⁿ − 1), where r is the monthly rate and n the number of months. Each EMI pays that month's interest on the outstanding balance and the rest reduces the principal. Does a lower EMI mean a cheaper loan? Not necessarily. A lower EMI usually comes from a longer tenure, which means paying interest for more years. A INR 15 lakh loan at 10.75% costs about INR 6.4 lakh in interest over 7 years, and far more if you stretch it further. What is the difference between EMI and APR? EMI is what you pay each month. APR is the yearly cost of the loan including processing fees and other charges, worked out from the actual cash you receive and repay. Two loans with the same rate can have different APRs if their fees differ. Is GST charged on loan EMIs? No. Interest on a loan is exempt from GST, so your EMI carries no GST. GST at 18% is charged on processing fees and other service charges, and on interest only for credit-card EMIs. Can I reduce my EMI after taking the loan? Yes, in three ways: prepay part of the principal and ask the lender to recalculate the EMI, move the loan to a lender with a lower rate, or ask your current lender to reprice it. Floating-rate loans to individuals carry no prepayment charge. ## Sources and assumptions - [Reserve Bank of India](https://www.rbi.org.in/) Rules and rates last checked on 25 October 2026. Results are estimates for planning and education, not tax, legal or investment advice. Kosh is an educational financial planning tool by Primedepth Labs. It is not a SEBI-registered investment adviser and does not offer personalised investment advice, hold your money or execute trades. 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