EMI Calculator

Loan Amount


Rate of Interest (Annual)


Loan Tenure

3 Months

Monthly EMI:

Principal Amount:

Total interest:

Total amount:

What is EMI?

EMI or Equated Monthly Installment is a fixed monthly payment that needs to be made by the loan borrower for the repayment of their home, car, personal, or any other loan. An EMI includes both your principal and the interest component, through which the entire loan amount is paid off within the stipulated number of months or years.

An EMI can be of two types: interest EMI and no-cost EMI. While most loans have interest levied on them like is usual, certain no-cost EMI plans are offered on e-commerce platforms such as Amazon, Flipkart, and Reliance Digital wherein you can purchase a product using EMI plans that have no interest levied on them. In such cases, usually, the retailer and the bank share the interest load as marketing expenses.

How to use BankKaro EMI calculator online?

The online monthly BankKaro EMI calculator is easy to use. You can calculate your EMI and total repayment amount within a few seconds.

  • Use the slider to set the loan amount, rate of interest (annual), and loan tenure.
  • The graph will show the share of interest and principal components in your repayment schedule.
  • The bottom box shows you your monthly EMI amount, principal amount, total interest, and total amount.

Factors affecting your loan due amount

Your EMI or Equated Monthly Installment is dependent on a lot of factors including the ones mentioned above. You will need to understand them in detail before applying for any kind of loan.

Loan amount

Loan amount is one of the most important factors that determine your EMI. This is the least amount of money that you will need to repay. While personal loans usually have a lower loan amount of between Rs 50,000-20,00,000; car loans, home loans, and education loans have much higher loan amounts with some sort of collateral backing them.

Rate of interest

The annual interest rate is something that you need to observe carefully before applying for a new loan. Usually, secured loans like home loans and vehicle loans have lower interest rates in the range of 6-10%. On the other hand, unsecured loan interest rates for personal loans could be in the range of 10-25%, and for credit cards, even as high as 45%.

Loan tenure

The loan tenure is dependent on your repayment capabilities and the type of loan. Usually, large ticket loans like home loans and car loans have a higher loan tenure that is more than 60-70 months. In the case of personal loans, the loan tenure begins from as low as 3 months.

What is the Formula to calculate loan EMI amount?

BankKaro uses this formula to calculate the total amount and EMI amount for your loan.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

  • Total Interest Payment = (EMI * tenure in months)-Principal.
  • Total Amount = EMI amount * No of EMI

Types of EMI calculators

Personal Loan EMI calculator

A personal loan is an unsecured loan usually taken for purposes of marriage, expensive gadget purchases, international travel, or a sudden large expense. Because of their unsecured nature, personal loans usually attract high rates of interest. The Personal Loan EMI calculator by BankKaro provides you the ease of calculating your EMI amount based on the loan amount, loan tenure, and rate of interest.

Short Term Personal Loan EMI calculator

Short term personal loan is a personal loan that has a short loan tenure, and usually is accompanied by a higher rate of interest. However, given the short tenure of a few days or weeks, the total interest amount payable is usually much lower. Short term personal loans are generally availed by salaried individuals who are short on funds during the days leading up to salary credits. BankKaro has a Short Term Personal Loan EMI calculator that allows you to calculate your EMI amount before you get one for yourself.

Home Loan EMI calculator

A home loan is a secured loan taken for the purchase of a land plot, a building floor, or an apartment. Until the tenure of the loan, the house or property is owned in the name of the bank to avoid loss in times of default. This is usually a long-term loan with maximum tenures going beyond 30 years for repayment. Apart from sporting a long tenure, a home loan also has low-interest rates and big-ticket amounts. You can use the Home Loan EMI calculator by BankKaro to determine how much EMI you will be paying for your upcoming home loan.

Vehicle loan EMI calculator

A vehicle loan is the one taken for your new car or bike. Buying a new vehicle for your commute is a big decision and taking a vehicle loan is usually a good idea to space out repayments for the big-ticket purchase. On failure of repayment, the vehicle is usually taken over by the bank and auctioned off for recovery. The BankKaro vehicle loan EMI calculator will help you calculate the perfect EMI plan and loan tenure during your new car or bike purchase.

Education loan EMI calculator

An education loan is one of the best kinds of loans given the returns it offers in terms of knowledge and networking. In case you are looking to pursue higher education in India or outside, you can explore education loans from several banks and NBFCs in India, across different interest rates and tenures. The BankKaro education loan EMI calculator lets you calculate the EMI and total amount repayable using the loan amount, tenure, and interest rate.

Loan Against Property EMI calculator

Loan against property is the loan which you can avail against your property, residential or commercial, to obtain funds for other purposes. This is a type of secured loan wherein your property will be transferred into the name of the loan issuing bank. You should use the BankKaro Loan Against Property EMI calculator to calculate the EMI that will be most feasible for you to repay in order to avoid any defaults on this kind of loan.

Advantages of using BankKaro EMI calculator

There are several advantages of using the BankKaro EMI calculator:

  • It is completely free of cost. BankKaro will never charge you a single rupee for using the EMI calculator, no matter the number of times you use it.
  • You will be able to calculate your EMI amount for your upcoming loan. It is always a good idea to know the amount you will be paying before you get a loan approved.
  • The loan calculator online is completely accurate and reliable.

Apart from EMI calculator, BankKaro also has a Personal Loan EMI calculator, Home Loan EMI calculator, Vehicle Loan EMI calculator, Loan Against Property EMI calculator, and more.


How is EMI amount calculated?

The EMI amount on your loan is calculated based on three major factors: Loan Amount – the amount of loan you avail; Rate of Interest – the annual interest rate applicable on your loan; and Loan Tenure – the months and years the loan has been availed for.

What is EMI calculator?

An EMI calculator is a tool that allows you to see your monthly EMI and the total amount to be repaid based on your loan amount, interest rate, and loan tenure.

How does the EMI calculator work?

The EMI calculator works using a simple formula which takes into consideration factors like your loan tenure, loan amount, and interest rate to find out your interest amount and the total amount payable in real time.

What is the use of EMI calculator?

Using the BankKaro monthly EMI calculator, you can know in advance the amount of EMI you will be paying for your personal loan, car loan, home loan, or any other loans. This will allow you to go for an amount and tenure that suits your capability to repay.

How is principal and interest calculated on EMI?

While principal in an EMI is the amount that you borrowed, broken up into equal installments, the interest element depends on the bank and the type of loan.

Are the calculators for home, car, and personal loans the same?

Yes, the calculators for home, car, and personal loans largely work on the same formula that we have implemented in our online EMI calculator.

Is the Equated Monthly Instalment amount shown by the calculator the same as that which the bank will ask me to pay?

Ideally, if the details entered are accurate, the EMI amount shown by the calculator should be the same as what the bank will ask you to pay. However, floating interest rates can change your EMI amount or loan tenure during the repayment period.

Is my loan EMI fixed or can it change over the loan tenure?

In a floating interest plan, the loan EMI can change over the loan tenure. On the other hand, the loan EMI is fixed in a fixed interest plan.

Is it good to pre-close a loan before the end of its tenure?

Preclosure of a loan is usually subject to a penalty charge. Before pre-closing your loan before the end of its tenure, always calculate whether the loan interest payments will be less than or more than the penalty being charged.

What is Floating Rate of Interest?

All loan interest rates are dependent upon the repo rate issued by the Reserve Bank of India. With changing market conditions, this repo rate goes up and down affecting your interest rates. Thus, most loans in the market have a floating rate of interest that goes up and down as market interest rates.

What happens if I fail to make an Equated Monthly Instalment payment?

If you fail to make an Equated Monthly Installment (EMI) payment, the response differs from bank to bank. You might be charged penalties, higher interest rates, or even get a credit default charge.