EMI & total loan cost
See the EMI, but also what you'll really pay: interest, fees, the amount you actually receive, and the APR.
Same loan, different tenures
Smaller EMI ≠ cheaper loanWhat you pay each year
Month-by-month schedule (table)
How we calculate this
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), r = annual rate ÷ 12 ÷ 100 If r = 0: EMI = P ÷ n APR = monthly internal rate of return of (amount received, EMIs) × 12 — as in RBI's KFS illustration We don't put the APR into the EMI formula: fees are part of APR, not of interest.
Calculation version 0.1 · Lenders may round EMIs and adjust the last instalment, and the first EMI may include broken-period interest.
Read: Small EMI, big cost · How to read a KFS · APR vs flat rate
How to read your EMI result
This calculator shows your EMI (the fixed amount you repay every month) and what the whole loan costs you. That second number matters more. A small EMI can still hide a big total.
What the numbers mean
EMI is your monthly payment on a reducing-balance loan. Interest is charged only on the part you still owe, so the balance goes down with each payment.
Total interest is everything you pay above the amount you borrowed. Below it we show this as a share of the loan.
Total you repay adds the loan amount and the interest. Fees are not included here.
You actually receive is the money that reaches you. Many lenders take the processing fee, plus 18% GST on it, out of the loan before paying you. Untick “Fees are deducted” if you pay them separately.
APR (annual percentage rate) is the yearly cost of the loan with fees included. Lenders must show it in the KFS (Key Facts Statement), a short summary of the loan you get before you sign. Use APR, not the advertised rate, to compare two offers.
Cost of borrowing is interest plus all fees. It is the real price of the loan in rupees.
Under the results, the tenure table puts the same loan side by side over 12 to 60 months. The yearly chart and the month-by-month schedule show how each EMI splits into principal (the borrowed money) and interest. If you would pay more in interest than you borrowed, a warning appears.
Worked example
This is a fictional loan, the one the page opens with: ₹2,00,000 at 14% a year for 36 months. The fee is 2% plus GST, taken out of the loan.
| Result | Value |
|---|---|
| EMI | ₹6,836 |
| Total interest | ₹46,079 (23% of the loan) |
| Total you repay | ₹2,46,079 |
| You actually receive | ₹1,95,280 (after ₹4,720 fees) |
| APR | 15.7% |
| Cost of borrowing | ₹50,799 |
The rate is 14%, but the APR is 15.7%. The gap comes from the fee: you get less money but repay the same EMIs. In month 1, ₹2,333 of the EMI is interest. By year 3, interest falls to ₹5,896 for the whole year.
Stretch the same loan to 60 months and the EMI drops to ₹4,654. The interest grows to ₹79,219.
What this tool doesn’t do
It works for equal monthly EMIs on a reducing balance. Flat-rate quotes need a different method, and the page links to a tool for them. For balloon payments (a large last payment) or irregular dates, ask the lender for the schedule. Lenders may round the EMI or adjust the last one. Your first payment may also include broken-period interest, which covers the days before your first EMI date. Your KFS and repayment schedule are the final word. The tool doesn’t check whether the EMI fits your budget, and it can’t tell you if a lender is safe.
Common questions
Is a lower EMI always better? No. A lower EMI usually means a longer loan and more interest. Pick the shortest tenure whose EMI still fits your weakest month.
Why is my APR higher than the interest rate? APR includes the processing fee and other charges. Interest alone doesn’t. If the fee comes out of your loan, you pay interest on money you never received.
Can I pay the loan off early? Often, yes. For floating-rate loans to individuals for non-business use, sanctioned or renewed from 1 January 2026, lenders can’t charge for paying early. For fixed-rate loans, check the charges in your KFS.
Do you see the numbers I type? No. The sums run in your browser, and amounts never leave your device. “Save on this device” keeps them only on your phone or computer.