EMI Calculator
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Quick Summary
- Calculate your monthly EMI, total interest and repayment schedule for any home, car or personal loan. Enter amount, rate and tenure. Free, instant.
- For example, ₹30 lakh home loan, 8.5%, 20 years works out to EMI ≈ ₹26,035 · total interest ≈ ₹32.5 lakh.
- Built for home, car or personal loan applicants comparing monthly instalments before borrowing
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Paying even ₹5,000 extra per month as prepayment can reduce your loan tenure by 5–7 years and save lakhs in interest.
How the EMI Calculator Works
Your loan amount, interest rate and tenure are plugged into the standard amortization formula to compute a fixed monthly instalment. Each EMI is split between interest and principal — in the early years most of it is interest, and that mix shifts toward principal as the loan matures.
Example Scenarios
| Scenario | Result |
|---|---|
| ₹30 lakh home loan, 8.5%, 20 years | EMI ≈ ₹26,035 · total interest ≈ ₹32.5 lakh |
| ₹10 lakh car loan, 9%, 7 years | EMI ≈ ₹16,089 · total interest ≈ ₹3.5 lakh |
| ₹5 lakh personal loan, 11%, 5 years | EMI ≈ ₹10,871 · total interest ≈ ₹1.5 lakh |
* Illustrative estimates assuming constant annual returns. Actual results vary with market conditions.
Frequently Asked Questions
EMI (Equated Monthly Installment) is calculated using the formula EMI = P × r × (1+r)^n / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the loan tenure in months.
The EMI formula is identical across loan types — only the principal, interest rate and tenure differ. Home loans typically offer the lowest rates (8-9.5%) with tenures up to 30 years; car loans run 8-13% over 5-7 years; personal loans are unsecured and charge 10-24% over 1-5 years.
Most Indian lenders let you choose: reduce the EMI (lower monthly outgo, same tenure) or reduce the tenure (same EMI, loan closes sooner). Reducing tenure saves significantly more on total interest paid over the life of the loan.
Common Mistakes to Avoid
- Choosing the longest tenure purely to minimize EMI without checking total interest paid over the life of the loan.
- Not checking whether the lender applies a prepayment penalty before assuming you can reduce tenure freely.
- Ignoring processing fees, insurance add-ons, and other charges that increase the effective cost of the loan.
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* Calculations assume constant annual returns. Actual mutual fund returns vary. Past performance is not indicative of future results. FD comparison uses 7% p.a. SIP returns are compounded monthly.
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