Free tool
Loan EMI Calculator
See your monthly EMI, the total interest and how the balance falls year by year - for any personal, home, vehicle, business or education loan.
Starting rates are the lowest published by the lenders we track for each loan type. Change them to match an offer you have.
How EMI Is Calculated
Indian lenders use the reducing-balance method. Each month's interest is charged on the balance still outstanding, so the same EMI pays mostly interest at the start and mostly principal towards the end.
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
- P - the loan amount
- r - the monthly rate: the annual rate ÷ 12 ÷ 100
- n - the number of monthly instalments (years × 12)
Example: ₹50,00,000 at 7.25% for 20 years works out to ₹39,519 a month, and ₹44,84,512 in interest over the loan.
What Moves Your EMI
- Interest rate. A better credit score, a strong employer or an existing account with the lender usually means a lower rate.
- Tenure. Longer tenure, smaller EMI, more total interest. Shorter tenure saves interest if you can afford the EMI.
- Amount. A bigger down payment on a home or vehicle cuts both the EMI and the interest.
- Your other EMIs. Lenders cap your total EMIs at roughly 40-60% of income, which limits how much they will lend.
EMI Calculators by Loan Type
Starting rates from the lenders we track. Each loan page explains who typically qualifies.
EMI Calculator FAQs
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate (the annual rate divided by 12, as a decimal) and n is the number of monthly instalments. Indian lenders use this reducing-balance method, so each EMI pays more principal and less interest than the one before.
Yes, a longer tenure lowers each EMI, but you pay interest for longer, so the total interest goes up. A lower EMI can also help you qualify, because lenders cap how much of your income can go to EMIs (FOIR).
It is an estimate. Your actual rate depends on the lender, your credit score, income and employer. The EMI also excludes processing fees, insurance and taxes, which some lenders add to the loan.
Most lenders keep all your EMIs, including the new one, within roughly 40-60% of your net monthly income. Run a free eligibility check to see the amount each lender may consider for your profile.
Either, depending on the lender: most keep the EMI and shorten the tenure, which saves more interest. Floating-rate loans to individuals carry no prepayment penalty under RBI rules; fixed-rate loans may.