EMI Calculator
Calculate your monthly EMI for home loan, car loan, or personal loan. See total interest paid and full amortization schedule.
HOTEnter values and click Calculate EMI to see results
Formula
EMI Formula
EMI = P × r × (1+r)n / ((1+r)n − 1)
- P — Loan principal amount
- r — Monthly interest rate (annual rate / 12 / 100)
- n — Total number of monthly instalments
Total Interest = (EMI × n) − P
Total Payment = EMI × n
How to Use the EMI Calculator
Enter the loan amount, annual interest rate, and loan tenure in months. Click Calculate to see your monthly EMI, total interest payable, and total amount. Expand the amortization schedule to see the year-by-year breakup of principal and interest payments.
What is EMI?
EMI (Equated Monthly Instalment) is a fixed amount paid by a borrower to a lender every month. It includes both the principal repayment and the interest charged on the outstanding balance. EMIs remain constant throughout the loan tenure, but the interest-principal composition changes — early EMIs are interest-heavy, while later ones are principal-heavy.
EMI Formula
Current Loan Interest Rates in India (2026)
Home loan rates in India typically range from 8.25% to 9.5% depending on the bank and your credit score. Car loan rates range from 8.5% to 12%, and personal loan rates from 10% to 24%. Use this calculator to compare different scenarios and find the most affordable option before applying.
Indicative ranges as of FY 2026-27. Lender pricing changes frequently with RBI repo-rate moves and your credit profile — always confirm the offered rate on your sanction letter.
Tips to Reduce Your EMI Burden
- Make a larger down payment to reduce the principal
- Choose a longer tenure for lower EMIs (but you pay more total interest)
- Maintain a high credit score (750+) for better interest rates
- Consider making prepayments when you have surplus funds
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, and n is the number of monthly installments.
Does prepayment reduce EMI or tenure?
You can choose either. Reducing tenure saves more on total interest, while reducing EMI lowers your monthly outflow. Most banks allow partial prepayment without charges on floating-rate loans.
Is this calculator free, and do I need to sign up?
Yes, it is completely free with no sign-up. There are no usage limits and no paywalls.