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EMI Calculator – Home, Car & Personal Loan EMI

Work out your monthly EMI, the total interest you will pay and a full repayment schedule in seconds. Free, no sign-up, and your numbers never leave your device.

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How to use the EMI calculator

  1. Enter the loan amount — type it or drag the slider. The lakh/crore value appears under the box so you can check the zeros.
  2. Enter the interest rate per year, exactly as written in your loan offer (for example 8.5).
  3. Choose the tenure in years or months.
  4. Read your monthly EMI, the total interest and the total amount payable. The chart shows how much of what you repay is interest.
  5. Scroll down for the repayment schedule. Switch between yearly and monthly view, or download it as a CSV file to open in Excel or Google Sheets.

How EMI is calculated

Indian banks calculate EMIs on the reducing balance: every month you pay interest only on the loan amount still outstanding. The formula is:

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
  • P = loan amount (principal)
  • r = monthly interest rate = annual rate ÷ 12 ÷ 100
  • n = number of monthly instalments

Worked example: a ₹25 lakh home loan

Say you borrow ₹25,00,000 at 8.5% a year for 20 years (240 months).

  • Monthly rate r = 8.5 ÷ 12 ÷ 100 = 0.0070833
  • EMI = ₹21,696 (rounded)
  • Total amount paid over 20 years ≈ ₹52,06,939, so total interest ≈ ₹27,06,939 — more than the loan itself.

In the very first month, interest is ₹25,00,000 × 0.0070833 = ₹17,708, so only about ₹3,987 of your first EMI reduces the loan. As the balance falls, the interest part shrinks and the principal part grows. That is why the early years of a home loan feel slow — the schedule shows it month by month.

Tenure makes a big difference

The same ₹25 lakh at 8.5% over 15 years has an EMI of about ₹24,618 — roughly ₹2,900 more per month — but the total interest drops to about ₹19.3 lakh. Five years shorter saves nearly ₹7.8 lakh of interest. Try a few tenures in the calculator to find a balance that suits your budget.

Tips before you take a loan

  • Keep the EMI affordable. Many lenders look at your total EMIs against your income; for your own comfort, leave enough margin for savings and emergencies.
  • Compare the total cost, not just the EMI. A slightly lower rate or a shorter tenure can save lakhs over a long home loan.
  • Prepay when you can. Even occasional part-payments early in the loan cut the outstanding balance on which interest is charged.
  • Check the extra costs. Processing fees, insurance bundled with the loan and other charges are not part of the EMI formula — ask for them in writing.

Who uses an EMI calculator

  • Home buyers planning how much they can borrow before visiting a bank.
  • Car and bike buyers comparing dealer finance with a bank loan.
  • Salaried employees checking whether a personal loan fits their monthly budget.
  • Existing borrowers checking how a rate change or prepayment affects their loan.

The results are estimates for planning. Your bank’s sanction letter is the final word — see our disclaimer. To see what your savings could grow to instead, try the SIP calculator or the FD calculator.

Frequently asked questions

How is EMI calculated?

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. This is the reducing-balance method that Indian banks use for home, car and personal loans.

Will my bank’s EMI match this calculator exactly?

It should be very close. Small differences can come from how a bank rounds the EMI, the exact disbursement date (broken-period interest in the first month), processing fees, or insurance added to the loan. Your loan agreement or sanction letter has the final figure.

Is it better to choose a longer or a shorter tenure?

A longer tenure gives a smaller EMI but much more total interest. A shorter tenure means a bigger EMI but you pay far less interest overall. Pick the shortest tenure whose EMI you can pay comfortably every month, with some money left over for emergencies.

Does part-prepayment reduce my EMI or my tenure?

Most banks let you choose. Keeping the same EMI and reducing the tenure usually saves more interest, because the loan ends earlier. Reducing the EMI gives you more monthly breathing room. Ask your lender which options and charges apply to your loan.

What happens to my EMI when the interest rate changes?

On a floating-rate loan, banks usually keep your EMI the same and change the number of instalments when rates move. Some reset the EMI instead. You can re-run this calculator with the new rate and the remaining balance to see the effect.

Can I use this for a car loan or personal loan?

Yes. Any loan repaid in equal monthly instalments on a reducing balance works the same way — home, car, two-wheeler, education and most personal loans. Some flat-rate loans (often for consumer goods) are calculated differently and cost more than the quoted rate suggests.

Is my information saved anywhere?

No. The calculation runs entirely in your browser. Nothing you type is sent to a server or stored.

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