Enter the loan amount, the interest rate and the tenure to get the monthly EMI, the total interest you'll pay and a year-by-year schedule of principal repaid, interest and the balance left. Pick Home, Car or Personal to start from example values, then put in your lender's figures.
How to use EMI Calculator
Choose Home, Car or Personal to fill in example values, or type your own.
Enter the loan amount and the yearly interest rate.
Enter the tenure in years or months.
Read the monthly EMI, the principal and interest split, and the yearly schedule.
Frequently asked questions
How is EMI calculated?
With the reducing-balance formula banks use: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months. A ₹10 lakh loan at 8.5% for 20 years has an EMI of about ₹8,678.
Why is so much of my early EMI interest?
Interest each month is charged on the balance still owed. At the start the balance is largest, so most of the EMI goes to interest; as the balance falls, more of each EMI repays the principal. The yearly schedule shows the shift.
Does a shorter tenure save money?
Yes. A shorter loan has a higher EMI but far less total interest, because the balance is paid down faster. Change the tenure and compare the total interest figure.
Are the Home, Car and Personal rates real offers?
No. They're example starting values. Rates depend on the lender, your credit score and the loan, so enter the rate you've been quoted.
Does it include processing fees or a floating rate?
No. It assumes the rate stays fixed for the whole loan and leaves out processing fees, insurance and prepayments. On a floating-rate loan the EMI or tenure changes when the rate does.
EMI per ₹1 lakh borrowed
Multiply by the number of lakhs you borrow. Rounded to the rupee.