Calculate your Equated Monthly Installment (EMI) for any loan. See principal vs interest split and total repayment amount.
🇳🇬 EMI Summary
Monthly EMI
₦138,095
Principal amount
₦5,000,000
Total interest
₦3,285,674
Total amount payable
₦8,285,674
Rates in Nigeria
An EMI (Equated Monthly Instalment) calculator tells you exactly how much you will pay every month on a loan. It is one of the most widely used financial tools in Nigeria because it removes the guesswork from borrowing — you know your exact commitment before you commit.
Enter your loan principal, the annual interest rate offered by your lender, and the repayment tenure. The calculator outputs your monthly EMI, the total amount payable, and the total interest charged. A month-by-month schedule shows how your balance reduces with each payment.
In Nigeria, a loan of ₦5,000,000 at 22% per annum for 60 months gives an EMI you can calculate above. Lenders such as Access Bank and GTBank offer varying rates — use this tool to compare scenarios.
EMI stands for Equated Monthly Instalment — a fixed payment made every month that covers both principal repayment and interest charges.
Yes, functionally. EMI is the term commonly used in South Asia, the Middle East, and parts of Africa, while 'monthly payment' is more common in the US and UK.
Nigerian lending rates are set by commercial banks and are influenced by the CBN Monetary Policy Rate (MPR). Rates typically range from 18%–30% per annum.
Popular lenders in Nigeria include Access Bank, GTBank, First Bank, Zenith Bank, UBA. Always compare rates from multiple providers before committing.
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