EMI calculator
Find the monthly EMI for a home loan, car loan or personal loan in rupees, the total interest you'll pay, and how prepayments shorten the loan.
- 100% free
- Runs in your browser
- No uploads
Monthly payment
Enter the loan amount, rate and term to see the payment.
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How to calculate your EMI
- Enter the loan amount. Type it with or without commas, such as 10,00,000 or 1000000.
- Enter the interest rate and tenure. Use the annual rate from your bank, and the tenure in years or months.
- Read the EMI and schedule. The EMI, total interest and total payment appear as you type. Open the schedule to see each year, or download it as CSV.
EMI examples
| Loan | Rate and tenure | EMI | Total interest |
|---|---|---|---|
| Home loan ₹10,00,000 | 8.5%, 20 years | ₹8,678 | About ₹10.83 lakh |
| Home loan ₹25,00,000 | 8.5%, 20 years | ₹21,696 | About ₹27.07 lakh |
| Home loan ₹50,00,000 | 8.5%, 20 years | ₹43,391 | About ₹54.14 lakh |
| Car loan ₹8,00,000 | 9%, 7 years | ₹12,871 | About ₹2.81 lakh |
| Personal loan ₹5,00,000 | 10.5%, 5 years | ₹10,747 | About ₹1.45 lakh |
Rates are examples, not offers. Your bank's rate depends on the loan, your credit score and the benchmark at the time.
Ways to lower your EMI or interest
- A longer tenure lowers the EMI but raises the total interest a lot: on ₹25 lakh at 8.5%, 30 years instead of 20 cuts the EMI to about ₹19,223 but adds about ₹17 lakh of interest.
- A larger down payment lowers both the EMI and the interest, because you borrow less.
- Regular prepayments, even small ones, cut years off a home loan. Try ₹2,000 to ₹5,000 in Extra per month.
- A balance transfer to a lender with a lower rate can help on a large, long loan; compare the fees against the interest saved.
Loan terms explained
- Principal
- The amount you borrow. Each EMI pays some interest and some principal.
- Tenure
- How long you repay, in months or years.
- Amortization schedule
- The month-by-month split of each EMI into interest and principal. Early EMIs are mostly interest.
- Prepayment
- Paying more than the EMI to reduce the principal early.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the annual interest rate divided by 12 and by 100, and n is the number of monthly instalments. For ₹10,00,000 at 8.5% for 20 years, r = 0.0070833 and n = 240, which gives an EMI of ₹8,678.23.
Does the EMI include processing fees or insurance?
No. The EMI here is principal and interest only. Banks often charge a processing fee, and some add loan insurance or GST on fees, so the amount you pay can be higher. Check the sanction letter for the exact figures.
How do prepayments reduce my loan?
A prepayment goes straight to the principal, so less interest builds up every month after it. Enter an amount in Extra per month to see the new end date and the interest saved. Most banks keep the EMI the same and shorten the tenure. RBI rules stop banks charging prepayment penalties on floating-rate loans to individuals, but fixed-rate loans can carry a charge.
Is the rate fixed for the whole loan?
Not usually for home loans. Most are floating-rate loans linked to an external benchmark such as the RBI repo rate, so the rate and either the EMI or the tenure change when the benchmark changes. The calculator assumes one rate for the whole term, so treat the result as an estimate.
Can I use this for a car or personal loan?
Yes. Car loans and personal loans in India are usually fixed-rate with monthly EMIs, which is exactly what this calculates. Gold loans with bullet repayment (interest and principal at the end) work differently and aren't covered.