FREE EMI CALCULATOR

Calculate Your Loan EMI
Instantly

Home loan, car loan, personal loan or any custom loan — get your monthly EMI, total interest, and full amortization schedule in seconds.

Loan Details

Loan Amount

₹

₹10K ₹50L ₹1Cr

Annual Interest Rate

% p.a.

1% 18% 36%

Loan Tenure

Yrs

1 Yr 15 Yrs 30 Yrs

Amortization Schedule

Period	Principal	Interest	EMI	Balance

Monthly EMI

₹0

for 20 years

₹0

Principal

₹0
Total Interest

₹0

Total Payment

Principal vs Interest Breakup

Principal—

Interest—

Rate Comparison

Rate	EMI	Total Interest

What is EMI?

EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan over a set period. Every EMI has two components — a portion that goes toward the principal (the borrowed amount) and a portion that covers interest charges. In the early months, more of your payment goes toward interest; over time, the principal portion increases.

EMI Formula EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]
P = Principal | r = Monthly interest rate (annual rate ÷ 12 ÷ 100) | n = Number of months

Types of Loans

This calculator works for all common loan types. Here's a quick overview of typical rates and tenures:

Home Loan

Typical rate: 8–10% p.a. Tenure: up to 30 years. Largest loan most people ever take.

Car Loan

Typical rate: 8.5–12% p.a. Tenure: 1–7 years. Usually no prepayment penalty.

Personal Loan

Typical rate: 11–24% p.a. Tenure: 1–5 years. Unsecured, higher rates.

Education Loan

Typical rate: 8–15% p.a. Tenure: up to 15 years. Moratorium during study period.

Bank Interest Rate Comparison (2026)

Bank / NBFC	Home Loan	Car Loan	Personal Loan
SBI	8.50% – 9.85%	8.75% – 9.50%	11.45% – 14.00%
HDFC Bank	8.75% – 9.90%	8.80% – 10.20%	10.85% – 24.00%
ICICI Bank	8.75% – 9.80%	9.00% – 10.50%	10.85% – 19.00%
Axis Bank	8.75% – 9.65%	9.10% – 10.80%	11.25% – 22.00%
Kotak Bank	8.75% – 9.95%	8.99% – 11.99%	10.99% – 24.00%
Bank of Baroda	8.40% – 10.60%	8.80% – 10.85%	12.15% – 16.50%

Frequently Asked Questions

How is EMI calculated?

EMI is calculated using the formula: 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 divided by 12 and 100), and n is the total number of monthly instalments. Our calculator uses this exact formula.

Does prepayment reduce EMI or tenure?

Most banks give you both options. Reducing tenure saves more interest in the long run because you pay off the principal faster and interest accrues on a lower balance. Reducing EMI improves monthly cash flow but costs more in total interest over the life of the loan.

What is the difference between flat rate and reducing balance?

With a flat rate, interest is calculated on the entire principal throughout the loan period. With reducing balance (used by most banks), interest is charged only on the outstanding principal — so your effective cost is lower. This calculator uses the reducing balance method, which is the standard for all bank loans in India.

How can I reduce my EMI?

You can reduce your EMI by: (1) negotiating a lower interest rate or improving your credit score, (2) increasing the loan tenure — though this means more total interest paid, (3) making a larger down payment to reduce the principal, or (4) making part-prepayments during the loan to reduce the outstanding balance.

Is this EMI calculator accurate?

Yes. This calculator uses the standard reducing balance EMI formula used by all banks and financial institutions. The results may differ slightly from your bank's figures if they apply processing fees, GST, insurance premiums, or round off differently — but the core EMI calculation is identical.

What is an amortization schedule?

An amortization schedule is a complete table showing every payment over the life of the loan. It breaks each payment into principal and interest components, and shows the outstanding balance after each instalment. It's useful for understanding exactly how much of your early payments go toward interest vs. actually paying down the loan.

Calculate Your Loan EMIInstantly