Amount, rate, tenure
Three numbers decide the EMI. The amount is what you borrow after the down payment, the rate is the annual rate on your sanction letter, and the tenure is the full repayment period in years and months.
Free loan EMI calculator
EMI Calculator
Enter your loan amount, annual interest rate and tenure, and see your monthly EMI, the total interest you will pay and the full repayment — with a year-by-year schedule that shows how each EMI splits between interest and principal.
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₹44,186
EMI on ₹50,00,000 at 8.75%
3 inputs
Amount, rate, tenure
Reducing balance
The method lenders use
Principal + interest only. The EMI does not include the processing fee, GST, stamp duty, registration or insurance — and a lender's rounding may move the EMI by a few rupees.
Calculate your EMI
Home loanExample figures are filled in. Replace them with your own loan.
YOUR MONTHLY EMI
REDUCING BALANCE
Your monthly EMI
₹56,04,529
TOTAL INTEREST
₹1,06,04,529
TOTAL PAYMENT
53%
INTEREST SHARE
Principal ₹50,00,000 (47%)
Interest ₹56,04,529 (53%)
Your loan at a glance
Over 240 months you pay ₹56,04,529 in interest — more than the ₹50,00,000 you borrowed.
EMI = ₹50,00,000 × 0.0072917 × (1 + 0.0072917)^240 ÷ ((1 + 0.0072917)^240 − 1) = ₹44,186 a month.
First year: ₹4,33,689 interest and ₹96,537 principal — balance ₹49,03,463 after 12 payments.
Pay ₹5,000 extra a month and the loan clears in 187 months instead of 240, saving ₹14,52,427 of interest.
Principal + interest only. Processing fee, GST, stamp duty, registration and insurance are extra, and a lender's rounding may move the EMI by a few rupees.
The EMI stays fixed while the rate stays fixed. On a floating-rate loan it holds only until the next rate reset.
Recent checks · this session
Select Calculate my EMI to keep up to five checks while this page is open.
Your repayment schedule
Year by year: interest vs principal
Year-by-year split of your 240 monthly payments of ₹44,186. Interest is charged on the balance still owed, so the principal share grows every year.
| Year | Interest paid | Principal paid | Balance at year end |
|---|---|---|---|
| Year 1 | ₹4,33,689 | ₹96,537 | ₹49,03,463 |
| Year 2 | ₹4,24,895 | ₹1,05,331 | ₹47,98,132 |
| Year 3 | ₹4,15,300 | ₹1,14,926 | ₹46,83,205 |
| Year 4 | ₹4,04,831 | ₹1,25,396 | ₹45,57,810 |
| Year 5 | ₹3,93,408 | ₹1,36,819 | ₹44,20,991 |
| Year 6 | ₹3,80,944 | ₹1,49,282 | ₹42,71,709 |
| Year 7 | ₹3,67,345 | ₹1,62,881 | ₹41,08,827 |
| Year 8 | ₹3,52,507 | ₹1,77,719 | ₹39,31,108 |
| Year 9 | ₹3,36,318 | ₹1,93,909 | ₹37,37,200 |
| Year 10 | ₹3,18,654 | ₹2,11,573 | ₹35,25,627 |
| Year 11 | ₹2,99,380 | ₹2,30,846 | ₹32,94,781 |
| Year 12 | ₹2,78,351 | ₹2,51,875 | ₹30,42,905 |
| Year 13 | ₹2,55,406 | ₹2,74,820 | ₹27,68,085 |
| Year 14 | ₹2,30,371 | ₹2,99,855 | ₹24,68,230 |
| Year 15 | ₹2,03,056 | ₹3,27,171 | ₹21,41,059 |
| Year 16 | ₹1,73,252 | ₹3,56,975 | ₹17,84,085 |
| Year 17 | ₹1,40,733 | ₹3,89,493 | ₹13,94,591 |
| Year 18 | ₹1,05,252 | ₹4,24,975 | ₹9,69,616 |
| Year 19 | ₹66,538 | ₹4,63,688 | ₹5,05,928 |
| Year 20 | ₹24,298 | ₹5,05,928 | ₹0 |
Understand the result
What does an EMI calculator do?
It turns three inputs — the loan amount, the annual interest rate and the tenure — into the single number that decides whether a loan is affordable: the equated monthly instalment. Every EMI pays interest first and principal second, so the split changes every month: early EMIs are mostly interest, late EMIs mostly principal. This calculator shows the EMI, the total interest and the full repayment, plus a year-by-year schedule of that split, so you can see the true cost of the loan before you sign.
Interest on what you still owe
Interest each month is charged on the balance still owed, not the original amount. That is why early EMIs are mostly interest and late EMIs mostly principal — and why a flat-rate quote that looks cheaper usually is not.
One EMI, until the rate moves
The EMI stays fixed while the rate stays fixed. On a floating-rate loan the rate resets every few months, and most lenders then keep the EMI and change the tenure. This calculator gives the EMI only until the next reset.
How it works
From loan figures to your EMI
Start with the figures on your sanction letter. Then read the EMI together with the total interest and the schedule.
Pick a loan type, or enter your own figures
Home, personal or car loan fills in typical starting figures — a ₹50 lakh home loan at 8.75% over 20 years, a ₹5 lakh personal loan at 13% over 5 years, or a ₹10 lakh car loan at 9.5% over 7 years. Change any figure to match your sanction letter.
Enter the loan amount
The amount you actually borrow, after the down payment. The calculator accepts ₹10,000 to ₹10 crore.
Enter the annual rate and the tenure
The annual rate as printed on the sanction letter, and the tenure in years plus any extra months — up to 30 years (360 months) in total.
Read the EMI, the totals and the schedule
Your monthly EMI, the total interest and the full repayment, the interest share of the loan, and a year-by-year schedule showing how much of each year's payments went to interest and how much to principal.
The calculation, explained
The EMI formula
The formula is the standard amortising-loan formula on a reducing balance: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months. Interest each month is charged on the balance still owed, not on the original amount — so the balance falls faster as the principal share of each EMI grows. The EMI stays fixed while the rate stays fixed; on a floating-rate loan the EMI holds only until the next rate reset.
1. Find the monthly rate
r = 0.0072917
8.75% a year ÷ 12 ÷ 100 = 0.0072917 a month.
2. Raise it to the tenure
(1 + r)^240 = 5.7182
Compounding the monthly rate over 240 months gives 5.7182.
3. Apply the formula
EMI = ₹44,186
₹50,00,000 × 0.0072917 × 5.7182 ÷ (5.7182 − 1) = ₹44,186 a month.
Paying ₹5,000 extra a month clears this loan in 187 months instead of 240 — and saves ₹14,52,427 of interest.
Extra payments cut the balance early, so less interest accrues on everything after them. On a floating-rate loan taken by an individual, the RBI (Pre-payment Charges on Loans) Directions, 2025 bar prepayment charges for loans sanctioned or renewed on or after 1 January 2026. A lender's rounding may move the EMI by a few rupees.
Worked examples
Three loans, three EMIs
Select any example to load it into the calculator and check the working for yourself.
A ₹50 lakh home loan over 20 years
Borrow ₹50,00,000 at 8.75% a year for 20 years and the EMI is ₹44,186 a month. Over the full tenure you repay ₹1,06,04,529 — ₹56,04,529 of it interest, more than the amount borrowed. In the first year you pay ₹5,30,226, of which ₹4,33,689 is interest and only ₹96,537 is principal; by the final year the split has reversed.
EMI ₹44,186 · Total interest ₹56,04,529 · First year ₹4,33,689 interest, ₹96,537 principal
A ₹5 lakh personal loan over 5 years
Borrow ₹5,00,000 at 13% a year for 5 years and the EMI is ₹11,377 a month. You repay ₹6,82,592 in total — ₹1,82,592 of interest. In the first year ₹60,581 of your payments is interest and ₹75,937 is principal, leaving a balance of ₹4,24,063.
EMI ₹11,377 · Total interest ₹1,82,592 · First year ₹60,581 interest, ₹75,937 principal
A ₹10 lakh car loan over 7 years
Borrow ₹10,00,000 at 9.5% a year for 7 years and the EMI is ₹16,344 a month. You repay ₹13,72,894 in total — ₹3,72,894 of interest. In the first year ₹90,478 of your payments is interest and ₹1,05,649 is principal, leaving a balance of ₹8,94,351.
EMI ₹16,344 · Total interest ₹3,72,894 · First year ₹90,478 interest, ₹1,05,649 principal
One loan, three tenures
One loan, three tenures
The same ₹50,00,000 home loan at 8.75% a year. A shorter tenure means a higher EMI — but the total interest falls sharply, because the balance shrinks faster.
| Tenure | Monthly EMI | Total interest | Total payment |
|---|---|---|---|
| 15 years (180 months) | ₹49,972 | ₹39,95,038 | ₹89,95,038 |
| 20 years (240 months) | ₹44,186 | ₹56,04,529 | ₹1,06,04,529 |
| 25 years (300 months) | ₹41,107 | ₹73,32,155 | ₹1,23,32,155 |
Five extra years cut the EMI by ₹5,786 a month but add ₹16,09,491 of interest. Ten extra years cut the EMI by ₹8,865 a month but add ₹33,37,117 of interest. The cheapest EMI is rarely the cheapest loan — compare the total interest, not the monthly figure alone.
What rates look like now
Indicative loan rates in India, November 2026
Typical ranges from lenders' published pages, after the RBI raised the repo rate to 5.50% in October 2026. Your rate depends on your credit score, income and the lender — your sanction letter decides, not this table.
| Loan type | Indicative rate | Tenure | Amount | Notes |
|---|---|---|---|---|
| Home loan | 7.40% – 9.25% p.a. | Up to 30 years | Up to ₹10 crore | Repo-linked (EBLR) at most banks since October 2019; the RBI repo rate is 5.50% after the October 2026 hike. |
| Personal loan | 10.50% – 24% p.a. | 1 – 7 years | ₹10,000 – ₹50 lakh | Unsecured, so the rate depends heavily on your credit score and employer; the lowest published starting rates are about 10.49%. |
| Car loan | 7.85% – 11.55% p.a. | 1 – 7 years | Up to ₹1.5 crore | PSU banks start near 7.85% for new cars after the October 2026 hike; manufacturer tie-ups can add discounts. |
Reducing-balance method — the method RBI-regulated lenders use. RBI repo rate 5.50% (October 2026). The rate ranges below are indicative, from lenders' published pages, November 2026 — your sanction letter decides.
Common mistakes
Four ways to read a loan wrong
The EMI formula is short, but four readings trip borrowers up. Each one can make an expensive loan look cheap.
Comparing a flat rate as if it were reducing
A flat 10% charges interest on the full amount for the whole tenure; a reducing-balance 10% charges it only on what you still owe. The flat quote costs far more — compare reducing-balance rates only.
Choosing the lowest EMI
Stretching a ₹50 lakh home loan from 15 to 25 years cuts the EMI by ₹8,865 a month but adds ₹33,37,117 of interest. The cheapest EMI is rarely the cheapest loan — compare the total interest.
Forgetting the fees
The EMI is principal and interest only. Processing fees, GST on those fees, stamp duty, registration and insurance can add lakhs to the true cost of a home loan — add them before you compare.
Assuming the EMI never changes
On a floating-rate loan the rate resets every few months. Most lenders keep the EMI and change the tenure, so a rate rise quietly stretches your loan by years. Re-check after every reset.
Your questions, answered
EMI calculator FAQs
What is the EMI formula?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the monthly rate — the annual rate divided by 12 and by 100 — and n is the tenure in months. For a ₹50,00,000 loan at 8.75% a year over 20 years, r is 0.0072917, n is 240, (1 + r)^n is 5.7182, and the EMI works out to ₹44,186 a month. The formula assumes the rate stays fixed for the whole tenure.
Why is my bank's EMI a few rupees different from this calculator?
Banks round the EMI and accrue interest daily rather than monthly, and some start the schedule on the disbursal date rather than the first of the month. A difference of ₹50–200 a month on a large home loan is normal rounding, not an error in either figure. If the difference is larger, check that you entered the same amount, rate and tenure as the sanction letter.
Does the EMI include the processing fee, GST or insurance?
No. The EMI covers principal and interest only. Add the processing fee (usually 0.5%–2% of the loan, plus GST), stamp duty, registration and any home or loan insurance separately — they are real costs, just not part of the EMI. GST applies to the lender's fees and charges, not to the principal or interest in the EMI.
What happens to my EMI when the repo rate changes?
On a floating-rate loan, the rate resets at the interval in your loan agreement — usually every three or six months for repo-linked loans. Most lenders keep the EMI the same and change the tenure instead, so a rate rise stretches the loan and a rate cut shortens it. On a fixed-rate loan the EMI does not change at all. This calculator gives the EMI only until the next reset.
Can I prepay my loan without a penalty?
On a floating-rate loan taken by an individual for a non-business purpose, yes — the RBI (Pre-payment Charges on Loans) Directions, 2025 bar prepayment charges on such loans sanctioned or renewed on or after 1 January 2026. Fixed-rate loans may still carry a charge of 2%–5%. Prepaying early matters most: paying ₹5,000 extra a month on the ₹50 lakh home loan above clears it in 187 months instead of 240 and saves ₹14,52,427 of interest.
How much of my early EMIs goes to principal?
Very little at first, because interest is charged on the full balance. On the ₹50 lakh home loan at 8.75%, only ₹96,537 of the ₹5,30,226 you pay in the first year is principal — the other ₹4,33,689 is interest. By year 10 the split is ₹2,11,573 principal against ₹3,18,654 interest, and in the final year ₹5,05,928 of the ₹5,30,226 is principal. The schedule on this page shows the split for every year.
What is the difference between reducing balance and flat rate?
On a reducing balance the interest each month is charged on the balance still owed, so it falls as you repay. On a flat rate the interest is charged on the original amount for the whole tenure — so a flat 10% costs far more than a reducing-balance 10%. Always compare loans on the reducing-balance rate; a flat-rate quote that looks cheaper usually is not.
Can I claim tax benefits on a home loan?
Under the old tax regime, yes: up to ₹2,00,000 a year of the interest on a self-occupied home loan is deductible under Section 24(b), and the principal repaid is deductible up to ₹1,50,000 a year under Section 80C, shared with ELSS, PPF and other eligible investments. Under the new regime there is no deduction for a self-occupied home. Confirm which regime suits you with your Chartered Accountant before relying on either figure.
Does this calculator send my loan details anywhere?
No. The loan amount, rate and tenure stay in your browser — the calculation runs entirely on this page, nothing is sent to a server, and reloading the page clears your recent checks.
About the method
This page uses the standard amortising-loan formula on a reducing balance: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r the monthly rate and n the tenure in months. Interest each month is charged on the balance still owed. The EMI is rounded to the nearest rupee for display; the schedule uses the unrounded EMI, so yearly figures can differ from the displayed totals by a rupee or two. A lender's rounding and daily interest accrual can move the EMI by a few rupees — the figures here are an estimate, not a sanction.
The indicative rate ranges are from lenders' published pages as reported in November 2026: home loans 7.40%–9.25%, personal loans 10.50%–24%, car loans 7.85%–11.55%. The RBI repo rate is 5.50% after the Monetary Policy Committee's October 2026 hike. The prepayment rule is the RBI (Pre-payment Charges on Loans) Directions, 2025, which bar prepayment charges on floating-rate loans to individuals sanctioned or renewed on or after 1 January 2026. The tax notes are Sections 24(b) and 80C of the Income Tax Act under the old regime. No lender or regulator endorses this tool.
Sources: the RBI Monetary Policy Statement, October 2026, and the RBI (Pre-payment Charges on Loans) Directions, 2025, on rbi.org.in; rate ranges as published on arthzo.com, aalekh.ai and moneykarma.com.
Check another loan before you sign
Try a different amount, rate or tenure — or run the same check with the related tools for your other plans.