Use this free EMI calculator to work out your monthly instalment for any loan amount, interest rate, and tenure — and use the part payment planner below to see exactly how much interest you can save by paying extra, whether as a one-time lump sum or a recurring monthly, quarterly, half-yearly, or yearly amount.
EMI Calculator & Part Payment Planner
📋 Loan Details
💰 Part Payment Details
📅 EMI Schedule (Amortization Table)
What Is EMI?
EMI (Equated Monthly Instalment) is the fixed monthly amount you pay towards a loan, covering both principal and interest, until the loan is fully repaid over its tenure. In the early months of a loan, a larger portion of the EMI goes towards interest; over time, the principal portion increases.
EMI Formula Explained
The standard EMI formula used by lenders and this calculator is:
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments (tenure in years × 12).
This calculator uses the exact same formula shown here — no hidden markup or adjustment is applied.
Reduce Tenure vs Reduce EMI
When you make a part payment (an extra payment beyond your regular EMI), most lenders let you choose how the reduced principal is applied:
- Reduce tenure, keep EMI the same — you finish repaying the loan sooner. This option generally saves more total interest.
- Reduce EMI, keep tenure the same — your monthly outgo becomes smaller for the rest of the loan term, but you save comparatively less interest overall.
Actual lender rules on part payment (minimum amount, frequency limits, and any charges — particularly for fixed-rate loans) vary, so confirm the specifics with your lender before making a part payment.
Frequently Asked Questions
Does part payment always reduce tenure or EMI?
You choose which one it reduces. Reducing tenure (keeping EMI fixed) generally saves more total interest than reducing EMI (keeping tenure fixed).
Is there a charge for part payment?
Many floating-rate loans in India do not charge a part-payment or prepayment penalty, but fixed-rate loans and certain lenders may. Always confirm with your specific lender.
Does this calculator use real bank data?
No — this is a standalone calculator based on the figures you enter. To connect your EMI calculation with your actual bank statement and get a fuller assessment, use the Bank Statement Analyzer.