EMI Calculator
Calculate monthly EMI for home loans, car loans, and personal loans.
Calculate your monthly loan EMI for any home loan, car loan, or personal loan in India. Enter the principal amount, annual interest rate, and tenure — get your EMI, total interest payable, and a full year-by-year amortization schedule instantly. All calculations happen in your browser, no signup required.
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | ₹59,707 | ₹2.53 L | ₹29.40 L |
| Year 2 | ₹64,984 | ₹2.47 L | ₹28.75 L |
| Year 3 | ₹70,728 | ₹2.42 L | ₹28.05 L |
| Year 4 | ₹76,980 | ₹2.35 L | ₹27.28 L |
| Year 5 | ₹83,785 | ₹2.29 L | ₹26.44 L |
| Year 6 | ₹91,190 | ₹2.21 L | ₹25.53 L |
| Year 7 | ₹99,251 | ₹2.13 L | ₹24.53 L |
| Year 8 | ₹1.08 L | ₹2.04 L | ₹23.45 L |
| Year 9 | ₹1.18 L | ₹1.95 L | ₹22.28 L |
| Year 10 | ₹1.28 L | ₹1.84 L | ₹21.00 L |
| Year 11 | ₹1.39 L | ₹1.73 L | ₹19.61 L |
| Year 12 | ₹1.52 L | ₹1.61 L | ₹18.09 L |
| Year 13 | ₹1.65 L | ₹1.47 L | ₹16.44 L |
| Year 14 | ₹1.80 L | ₹1.33 L | ₹14.64 L |
| Year 15 | ₹1.95 L | ₹1.17 L | ₹12.69 L |
| Year 16 | ₹2.13 L | ₹99,701 | ₹10.56 L |
| Year 17 | ₹2.32 L | ₹80,899 | ₹8.25 L |
| Year 18 | ₹2.52 L | ₹60,435 | ₹5.73 L |
| Year 19 | ₹2.74 L | ₹38,162 | ₹2.98 L |
| Year 20 | ₹2.98 L | ₹13,921 | ₹0 |
Frequently Asked Questions
- What is the EMI for a ₹30 lakh home loan at 8.5% for 20 years?
- The monthly EMI for a ₹30 lakh loan at 8.5% annual interest for 20 years is approximately ₹26,035. Total interest paid over the tenure would be around ₹32.5 lakh.
- 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), and n is the number of monthly instalments.
- Does prepaying a loan reduce EMI or tenure?
- It depends on your bank's policy. Most lenders allow you to choose between reducing your EMI amount or shortening the loan tenure. Reducing tenure saves more interest overall.
- What is the difference between flat rate and reducing balance EMI?
- Flat rate EMI calculates interest on the full principal for the entire tenure. Reducing balance calculates interest only on the outstanding principal — making it significantly cheaper. Most bank loans use reducing balance.
What is EMI Calculator?
EMI Calculator is a tool for working out the monthly instalment on any loan. EMI stands for Equated Monthly Instalment. It is the fixed amount you pay your bank every month until the loan is fully cleared. Each payment covers a portion of the principal and a portion of the interest. In the early months, most of the payment goes toward interest. By the end of the tenure, most of it goes toward principal.
The calculator gives you the monthly EMI, total interest payable over the full tenure, and a year-by-year amortization schedule showing how the principal reduces over time.
How does it work?
Enter three values: the loan amount (principal), the annual interest rate, and the tenure in months or years. The calculator applies the standard reducing balance formula: EMI = P x r x (1+r)^n divided by ((1+r)^n minus 1). Here P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly instalments.
For a ₹50 lakh home loan at 8.75% annual interest over 20 years: monthly r = 8.75/12/100 = 0.007292, n = 240. The EMI works out to approximately ₹44,265. Total repayment = ₹1,06,23,600. Total interest paid = ₹56,23,600.
EMI Calculator in India
Indian banks use the reducing balance method for home loans, car loans, and personal loans. Under this method, interest is calculated on the outstanding principal each month, not the original loan amount. A flat rate loan, common for some two-wheeler and consumer durable loans, calculates interest on the full principal throughout the tenure and is considerably more expensive than its headline rate suggests.
The RBI mandates that banks disclose the Annual Percentage Rate (APR) alongside the interest rate. APR includes processing fees, insurance charges, and other costs. For a meaningful comparison between loan offers, use APR rather than the stated interest rate.
Home loan rates in India are typically linked to the bank's repo rate or MCLR. When the RBI changes the repo rate, floating rate home loan EMIs adjust accordingly. A fixed rate loan gives certainty but is usually priced higher than a floating rate at the time of disbursement.
Tips to get the best results
- Compare loans by total interest paid, not just the monthly EMI. A longer tenure lowers the EMI but significantly increases total interest cost.
- Add a 1% processing fee to your effective loan cost when comparing offers. On a ₹50 lakh loan, that is ₹50,000 upfront.
- Model prepayment scenarios by reducing the principal input. Paying an extra ₹1 lakh in year 2 of a 20-year loan can cut 2-3 years off the tenure.
- For floating rate loans, test the EMI at a rate 1-2% higher than the current rate to check affordability if rates rise.
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