How is EMI calculated?

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], where P is principal, R is the monthly interest rate, and N is the number of monthly instalments.

Does a longer tenure reduce my EMI?

Yes, a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.

Calculate your loan EMI, total interest and total payment. Free online EMI calculator for home, car and personal loans.

Loan amount (₹)Interest rate (% p.a.)Loan tenure (years)

Monthly EMI₹8,678

Total interest₹10,82,776

Total payment₹20,82,776

How is EMI calculated?: EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], where P is principal, R is the monthly interest rate, and N is the number of monthly instalments.
Does a longer tenure reduce my EMI?: Yes, a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.