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Enter the loan or fee amount, annual interest rate, and repayment tenure to get your monthly EMI, total interest paid, and total amount repaid — using the same reducing-balance formula banks and NBFCs use.
The standard reducing-balance EMI formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months. This is the formula used industry-wide by banks and NBFCs for fixed-rate reducing-balance loans.
It will match for a fixed-rate loan at the exact rate and tenure you enter. Actual loans can add processing fees, insurance, or a floating rate that changes over time — none of which this calculator assumes, so check your loan's official amortization schedule from the lender for the final figure.
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