EMI Calculator for Home, Car and Personal Loans
Plan your loan the smart way. Instant EMI, total interest, and amortization — free.
Monthly EMI
₹0
Total interest
₹0
Total payment
₹0
Principal: ₹0
Interest: ₹0
Year-wise amortization schedule
Each row is one year of EMIs (the last row may be a part year). Figures are rounded to the nearest rupee.
| Year | Principal paid | Interest paid | Balance |
|---|
How to use this EMI calculator
- Enter the loan amount in rupees, or drag the slider.
- Set the annual interest rate quoted by your bank or NBFC. Use 0 for an interest-free (no-cost) instalment plan.
- Choose the tenure in years or months. Switching the unit converts the value for you.
- Read your monthly EMI, total interest and total payment. They update instantly.
- Scroll the year-wise schedule to see how much principal and interest you repay each year and what balance remains.
EMI formula and a worked example
Indian banks and NBFCs calculate EMIs on a reducing balance: each month, interest is charged only on the principal still outstanding, and the rest of the EMI repays principal.
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 (years × 12)
Worked example: ₹10 lakh home loan at 9% for 20 years
| Item | Value |
|---|---|
| Principal (P) | ₹10,00,000 |
| Monthly rate (r) | 9 ÷ 12 ÷ 100 = 0.0075 |
| Instalments (n) | 20 × 12 = 240 |
| Monthly EMI | ≈ ₹8,997 |
| Total interest | ≈ ₹11,59,342 |
| Total amount paid | ≈ ₹21,59,342 |
In this example you pay more in interest than you borrowed, because the loan runs for 20 years. In the first year about ₹89,240 of the ₹1,07,967 you pay goes to interest; by the last year almost all of it goes to principal. That is why early prepayments save the most.
Key facts
- EMI stands for Equated Monthly Instalment: a fixed amount paid every month until the loan is repaid.
- A longer tenure lowers the EMI but raises the total interest paid.
- At 0% interest the EMI is the loan amount divided by the number of months.
- This calculator uses the same reducing-balance formula as Indian banks; results can differ by a few rupees due to rounding.
Tips before you take a loan
- Compare the total cost, not just the EMI. Stretching a ₹10 lakh loan from 15 to 20 years at 9% lowers the EMI by about ₹1,145 a month, but adds about ₹3.3 lakh of interest.
- Add processing fees and insurance to the true cost. They are not part of the EMI formula.
- Floating rates change. When the rate is revised, the bank usually changes either your EMI or your remaining tenure. Recalculate here with the new rate.
- Prepay early if you can. Even one extra EMI a year can shorten a long home loan by years: on the ₹10 lakh, 9%, 20-year example it cuts the tenure by more than three years.
- "No-cost EMI" offers are often 0% interest with the interest given as a discount, but processing fees and GST on fees may still apply.
Frequently asked questions
How is EMI calculated?
EMI is calculated with the reducing-balance formula 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. If the interest rate is 0%, the EMI is simply P ÷ n.
What is the EMI on a ₹10 lakh loan at 9% for 20 years?
The EMI is about ₹8,997 per month. Over 240 months you pay about ₹21,59,342 in total, of which about ₹11,59,342 is interest.
Does prepayment reduce total interest?
Yes. Any prepayment cuts the outstanding principal, so every later month charges interest on a smaller balance. Prepaying early in the tenure saves the most because early EMIs are mostly interest.
Can banks charge a penalty for prepaying a floating-rate loan?
For individual borrowers, no, as long as the floating-rate loan is not for business purposes. RBI rules bar banks and other regulated lenders from levying pre-payment or foreclosure charges on such loans. Fixed-rate loans may carry charges as per the lender's policy, so check your sanction letter.
Why does my bank's EMI differ slightly from this calculator?
Small differences come from rounding and day-count conventions. Banks round the EMI to the rupee, may charge broken-period interest for the first month, and some compute interest on daily balances, so expect a gap of a few rupees.
How much of my income should go to EMIs?
A common rule of thumb is to keep all EMIs together below about 40% of your monthly take-home pay. Lenders apply their own limits, called the FOIR (fixed obligation to income ratio), which vary by lender and income level.