How to estimate your EMI
- Enter the amount borrowed and the nominal annual interest rate.
- Enter the term in months or years; it must equal a whole number of monthly payments.
- Calculate, review the principal/interest breakdown, browse every monthly payment and download the full schedule if useful.
The calculation
For principal P, monthly rate r = annual rate ÷ 1,200, and n months, EMI = P × r ÷ [1 − (1 + r)−n]. At 0% interest, EMI = P ÷ n. This is a reducing-balance model with payments at the end of each month.
Worked example
A 10,000-unit loan at 8% nominal annual interest over 10 months gives an EMI of approximately 1,037.03. That example matches Microsoft’s published PMT reference. It is an example, not a quoted loan offer.
Assumptions and limitations
The rate is fixed, all months are equal calculation periods, and payments are monthly in arrears. Fees, taxes, insurance, prepayments, missed payments, daily interest, rate changes and lender-specific rounding are excluded. The final schedule balance is zero; small rounding differences can occur when adding displayed figures. Limits: loan amount 0.01–1 trillion units, annual rate 0–100%, and 1–600 whole months.
This is an estimate for comparison, not financial advice or a lender quote. Confirm your actual agreement before borrowing. HDFC Bank’s formula explanation also describes principal, monthly rate and tenure.
Privacy
Values and schedules stay in browser memory. Nothing is uploaded or saved to local storage. Reset clears the result and restores the illustrative inputs. Undo reset recovers the previous input draft, term unit, currency search, accepted result and schedule position. Editing an input discards that recovery step. CSV exports include the principal, nominal annual rate and total monthly term for each payment.
Does changing currency convert the loan amount?
No. It changes only the symbol and number formatting. Enter the amount in your chosen currency.
Why does my lender quote differ?
Your lender may use fees, payment dates, daily accrual, different rounding or a changing interest rate. This model excludes those factors.