Get your exact monthly EMI, total interest, and a full year-by-year amortization schedule.
Monthly EMI
| Year | Principal paid | Interest paid | Balance |
|---|
EMI uses the 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 number of monthly instalments. A longer tenure lowers your EMI but raises the total interest paid. Planning a business loan? A bank-ready project report can improve your sanction chances — see KyaTax's Project Report for Bank Loan.
Prepayment reduces your outstanding principal. You can choose to either lower the EMI or shorten the tenure — shortening the tenure usually saves more interest.
This calculator assumes a fixed rate for the full tenure. For floating-rate loans the EMI or tenure changes whenever the benchmark rate is revised.
No. EMI covers only principal and interest. Processing fees, insurance and GST on charges are billed separately by the lender.
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