Calculate your home loan, car loan, or personal loan EMI
An EMI (Equated Monthly Instalment) is the fixed amount you pay every month on a loan — covering both principal repayment and interest. Most Indian banks use the standard reducing-balance EMI formula, and that's exactly what this calculator uses. Enter the loan amount, the annual interest rate, and the tenure in years; we'll show you the monthly EMI, the total interest you'll pay over the loan's life, and a full month-by-month amortization schedule.
How EMI is calculated
The formula is: EMI = P × r × (1 + r)^n / ((1 + r)^n − 1) where P is principal, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of months. We round to the nearest rupee for display but use full precision internally so the amortization adds up to the penny.
Loans this calculator covers
- Home loans — typically 8.5–9.5% from SBI, HDFC, ICICI, Axis. Tenures 5–30 years.
- Car loans — typically 9–11%. Tenures 3–7 years.
- Personal loans — typically 11–18%. Tenures 1–5 years. Use this calculator before agreeing to anything; bank executives quote EMI without showing total interest.
- Education loans — typically 8–12% with subsidy options. Tenures 5–15 years.
- Business loans — vary widely; use to compare offers.
What the "Interest % of total" number tells you
A 25-year home loan at 9% means you'll pay roughly equal in interest as principal — a ₹50 lakh loan costs you ~₹1 crore in total. That's worth seeing in advance. If interest is more than 50% of total payment, you're better off either paying a larger down-payment or shortening the tenure. The amortization table below shows you the principal-vs-interest split for every single month.
Prepayment & part-payment tips
Most banks allow prepayment of home loans without penalty (some charge for personal loans). Even one extra EMI a year toward principal can shave 4–5 years off a 20-year loan. Use this calculator: drop the tenure by 4 years and see how much interest you save — that's roughly what one extra EMI per year buys you.
FAQ
Is this the same EMI my bank will quote?
Yes, for the reducing-balance method (the standard in India). Some lenders use flat-rate calculations on personal loans, which produce higher effective rates — ask the bank to confirm which method they use.
Does this account for processing fees?
No — processing fees are usually 0.5–1% upfront and don't affect EMI. They do increase your effective annual cost, so factor that in separately.
How do I compare two loan offers?
Calculate EMI for both at the same tenure. The lower EMI wins — but also compare total interest paid (shown above). Sometimes a slightly higher rate with no processing fee beats a lower rate with a 2% fee.
What if my interest rate is floating?
Most home loans are floating-rate (linked to repo rate or MCLR). Use the current rate for now; if rates change, recalculate. Banks adjust EMI or tenure when rates move.
Does my credit score affect EMI?
Indirectly — a better credit score (CIBIL 750+) gets you a lower interest rate, which lowers EMI. Use this calculator to see the EMI difference between, say, 8.5% (good score) and 10% (lower score) — often ₹2,000+/month on a ₹50 lakh loan.