# EMI calculator

> Your monthly instalment, the total interest and the total you repay, for any loan.

An EMI (equated monthly instalment) stays the same each month; early instalments are mostly interest and later ones mostly principal.

The calculation uses the standard reducing-balance formula banks use. Processing fees and insurance are not included.

## Does a longer tenure lower my cost?

It lowers the EMI but raises the total interest. Compare both numbers before choosing.

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