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EMI Calculator

Calculate loan EMI instantly — monthly payment, total interest, and full amortization schedule for home, car, and personal loans. Free, no sign-up.

⚠️ Not financial advice. Results are illustrative only and should not be used as the basis for any investment, tax, or financial decision. Consult a qualified financial adviser or chartered accountant before acting on any figure shown.

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What is an EMI calculator?

An EMI (Equated Monthly Instalment) calculator tells you exactly how much you'll pay every month for a loan — home loan, car loan, personal loan, or any other. Enter the loan amount, interest rate, and tenure, and it instantly shows your monthly EMI, total interest payable, and the full repayment schedule.

How to use this EMI calculator

  1. Enter the loan amount in rupees (e.g., 50,00,000 for ₹50 lakh).
  2. Enter the annual interest rate (e.g., 8.5 for 8.5% per annum).
  3. Enter the tenure in years or months (e.g., 20 years for a home loan).
  4. Results appear instantly: monthly EMI, total interest, and total payment.
  5. Scroll down to see the full amortization schedule — month by month.

Typical loan interest rates in India (2025)

  • Home loan: 8.5% – 9.5% p.a. (floating, top banks)
  • Car loan: 8.7% – 13% p.a.
  • Personal loan: 10.5% – 24% p.a.
  • Education loan: 8.5% – 15% p.a.

How to reduce your EMI

Four levers: (1) make a larger down payment to reduce the principal; (2) negotiate a lower interest rate — even 0.5% savings on a ₹50 lakh loan over 20 years saves ~₹3.5 lakh; (3) extend the tenure (lower EMI but higher total interest); (4) prepay whenever you have surplus funds — directing prepayment toward principal early in the tenure has the greatest impact.

Flat rate vs reducing balance — a critical difference

Many NBFC and two-wheeler loans advertise low "flat rates" of 8–10%. This sounds cheaper than a bank's 12% reducing balance rate — but it is not. A flat rate of 8% is equivalent to approximately 14.5–15% on a reducing balance basis. This is because the flat rate calculates interest on the original loan amount throughout the tenure, even as you pay down the principal.

Always convert flat rates to reducing balance equivalents before comparing loan offers. The approximate conversion is: reducing balance rate ≈ flat rate × 1.8. Use this EMI calculator with the reducing balance interpretation (which is standard here) to get an accurate picture of your true cost.

Frequently asked questions

What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until the loan is fully repaid. Each EMI covers two components: interest on the outstanding principal, and a portion that reduces the principal itself. Early in the loan tenure, most of the EMI goes toward interest; as the principal reduces, more goes toward principal repayment.
How is EMI calculated?
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ – 1), where P is the principal 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 used by all banks in India.
Does a longer tenure reduce EMI?
Yes, a longer tenure means lower monthly EMI — but you pay significantly more total interest. A ₹50 lakh home loan at 8.5% for 20 years costs ~₹43 lakh in interest. The same loan for 10 years costs ~₹19 lakh in interest. Shorter tenure saves more money overall.
What is the difference between flat rate and reducing balance?
Flat rate calculates interest on the original principal throughout the tenure — it overstates the actual interest cost. Reducing balance (used by all banks and by this calculator) calculates interest only on the outstanding principal each month, which reduces the total interest you repay. Always compare loans using reducing balance rates.
Can I prepay my loan to save interest?
Yes. Prepaying the principal reduces the outstanding balance, which reduces future interest. Most banks allow partial prepayment with little or no penalty on floating-rate loans. Use the amortization table to identify early months where prepayment has the highest impact.
What is the EMI for a ₹10 lakh loan?
At 9% interest for 5 years, a ₹10 lakh loan costs about ₹20,758 a month (total interest ≈ ₹2.46 lakh). Stretch it to 10 years and the EMI drops to about ₹12,668, but total interest more than doubles to ≈ ₹5.2 lakh — enter your own rate and tenure above to see the exact trade-off.
Is it better to reduce EMI or tenure when prepaying?
Reducing tenure saves far more interest — the prepaid principal stops accruing interest for all the years you cut. Reducing the EMI improves monthly cash flow but keeps you paying interest for the full term. If you can hold the EMI steady, always choose tenure reduction.

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