EMI Loan Calculator
Plan your loan repayment with our free EMI calculator. Calculate your monthly installment, compare principal versus interest breakdown, and explore full year-by-year amortization schedules for home loans, car loans, and personal loans.
How to use it
- Select your loan type: Home Loan, Car Loan, or Personal Loan.
- Adjust the loan amount using the slider or type the exact required amount.
- Set the annual interest rate offered by your bank or NBFC.
- Choose your loan repayment tenure in years.
- Instantly view your monthly EMI, total interest payable, visual interest-to-principal donut ratio, and year-by-year amortization schedule.
Frequently asked questions
What is an Equated Monthly Installment (EMI)?
An EMI is a fixed monthly payment made by a borrower to a lender on a specified date each month. EMIs consist of both principal repayment and interest charges, structured so the loan is paid off over a set tenure.
What is the formula used for EMI calculation?
The standard mathematical formula is: EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (annual interest / 12 / 100), and n is the total number of monthly installments.
How does loan tenure affect EMI and total interest?
A longer tenure reduces your monthly EMI amount, making payments more manageable in the short term. However, it significantly increases the total interest you pay over the life of the loan. A shorter tenure increases monthly EMI but saves substantial interest.
What are typical home and car loan interest rates in India?
In India, home loan interest rates typically range from 8.35% to 9.50% p.a., car loans from 8.75% to 10.50% p.a., and unsecured personal loans from 10.50% to 18.00% p.a., depending on the borrower's credit score (CIBIL) and income profile.
Can I prepay my loan to reduce EMI or tenure?
Yes. Most banks in India allow floating-rate home loan prepayment with zero penalty under RBI guidelines. Prepaying even a small amount directly reduces your principal, saving massive long-term interest.
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