Monthly EMI
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of months. At a 0% rate the EMI is simply P ÷ n.
Know every rupee before you sign.
EMI, interest, GST and fees, plus a month-by-month schedule. Everything runs in your browser and is saved only on this device.
Repayment schedule
How the numbers are worked out
Interest & principal each month
interest = balance × r · principal = EMI − interestEarly EMIs are mostly interest. As the balance falls, more of each EMI goes to principal.
GST on interest
GST = interest × GST rateCredit-card EMIs in India attract GST (usually 18%) on the interest part, and on any processing fee. GST is paid on top of the EMI.
Broken-period interest
extra = P × annual rate × days ÷ 365If the first EMI is moved to your next statement date, the days between purchase and statement are charged as simple interest on the first bill. The gap is capped at 60 days.
Effective rate
the IRR of the cash flows, × 12This is the rate that equates everything you actually pay (EMIs, GST, fees, broken-period interest) to the amount you borrowed. Use it to compare offers, especially “no-cost” EMIs.
Questions
Where are my saved calculations stored?
In your browser’s local storage on this device only. Nothing is sent to a server. Clearing site data removes them, so use “Export backup” if you want a copy.
What does a prepayment do here?
Prepayments reduce the principal directly. The EMI stays the same and the loan finishes earlier. The calculator shows the months and interest you save against the same loan with no prepayments.
Is a “no-cost EMI” really free?
Often not. Set the rate to 0%, switch on GST and add the processing fee. If the effective rate comes out above 0%, the deal costs you something.
Why is my bank’s EMI a few rupees different?
Lenders round EMIs, may use daily-reducing balances or 360-day years, and adjust the final instalment. The differences are usually small.