EMI Calculator
Calculate home, car and personal loan EMI with total interest and repayment. Reducing-balance formula used by Indian lenders.
Tenure unit
Tenure: 240 months
Results
- Principal
- ₹25,00,000
- Total interest
- ₹27,06,777
- Total payment
- ₹52,06,777
Monthly EMI
₹21,696
| Year | Principal | Interest | Payment | Balance | Paid % |
|---|---|---|---|---|---|
| 1 | ₹49,761 | ₹2,10,591 | ₹2,60,352 | ₹24,50,239 | 2.0% |
| 2 | ₹54,159 | ₹2,06,193 | ₹2,60,352 | ₹23,96,080 | 4.2% |
| 3 | ₹58,947 | ₹2,01,405 | ₹2,60,352 | ₹23,37,133 | 6.5% |
| 4 | ₹64,157 | ₹1,96,195 | ₹2,60,352 | ₹22,72,976 | 9.1% |
| 5 | ₹69,828 | ₹1,90,524 | ₹2,60,352 | ₹22,03,148 | 11.9% |
| 6 | ₹76,000 | ₹1,84,352 | ₹2,60,352 | ₹21,27,148 | 14.9% |
| 7 | ₹82,718 | ₹1,77,634 | ₹2,60,352 | ₹20,44,431 | 18.2% |
| 8 | ₹90,029 | ₹1,70,323 | ₹2,60,352 | ₹19,54,402 | 21.8% |
| 9 | ₹97,987 | ₹1,62,365 | ₹2,60,352 | ₹18,56,415 | 25.7% |
| 10 | ₹1,06,648 | ₹1,53,704 | ₹2,60,352 | ₹17,49,767 | 30.0% |
| 11 | ₹1,16,075 | ₹1,44,277 | ₹2,60,352 | ₹16,33,692 | 34.7% |
| 12 | ₹1,26,335 | ₹1,34,017 | ₹2,60,352 | ₹15,07,357 | 39.7% |
| 13 | ₹1,37,502 | ₹1,22,850 | ₹2,60,352 | ₹13,69,856 | 45.2% |
| 14 | ₹1,49,655 | ₹1,10,697 | ₹2,60,352 | ₹12,20,200 | 51.2% |
| 15 | ₹1,62,884 | ₹97,468 | ₹2,60,352 | ₹10,57,317 | 57.7% |
| 16 | ₹1,77,281 | ₹83,071 | ₹2,60,352 | ₹8,80,036 | 64.8% |
| 17 | ₹1,92,951 | ₹67,401 | ₹2,60,352 | ₹6,87,084 | 72.5% |
| 18 | ₹2,10,006 | ₹50,346 | ₹2,60,352 | ₹4,77,078 | 80.9% |
| 19 | ₹2,28,569 | ₹31,783 | ₹2,60,352 | ₹2,48,509 | 90.1% |
| 20 | ₹2,48,509 | ₹11,580 | ₹2,60,089 | ₹0 | 100.0% |
About EMI
EMI (Equated Monthly Instalment) spreads loan repayment evenly across the tenure. Each payment covers interest on the outstanding balance plus principal — the standard reducing-balance method used for most home, car and personal loans in India.
Formula: EMI = [P × r × (1+r)n] / [(1+r)n − 1], where P is loan amount, r is monthly interest rate, n is tenure in months.
Illustrative only. Actual EMI may differ with processing fees, floating rates and lender rounding. Prepayments are not modelled in this schedule.
Last updated: 12 July 2026. Loan rates and lender policies are indicative — confirm with your bank or NBFC before borrowing.
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you repay each month on a loan until the principal and interest are fully paid. Home loans, car loans and personal loans in India typically use the reducing-balance method — interest is charged only on the outstanding principal, so the interest portion of each EMI falls over time.
This calculator helps you estimate monthly EMI, total interest and total repayment before you approach a lender. It is useful for budgeting and comparing tenures.
How the EMI formula works
EMI = [P × r × (1+r)n] / [(1+r)n − 1]
P = loan principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months.
Worked example: ₹10,00,000 at 8.5% p.a. for 20 years (240 months) → monthly EMI ≈ ₹8,678; total payment ≈ ₹20,82,866; total interest ≈ ₹10,82,866 (EMI rounded to the nearest rupee). Try your own loan amount in the calculator above.
Amortization schedule
The year-wise schedule shows how much of each year's payments went to principal vs interest, the closing balance and how much of the loan is paid to date. Expand month-wise breakup when you need instalment-level detail. Interest dominates early years; principal repayment accelerates later.
Key loan rules in India
Retail loans are governed by RBI fair-practices and transparency guidelines. Lenders must disclose the annual percentage rate (APR), processing charges and prepayment terms in the key fact statement / loan agreement.
Floating-rate loans reset when the benchmark (e.g., repo-linked lending rate) changes. Fixed-rate loans keep the contracted rate for the agreed period. Prepayment on floating-rate home loans from banks generally cannot carry penal charges per RBI directions — verify for your specific product.
Tax treatment
EMI itself is not a tax concept — it is repayment of debt. However, home loan borrowers may claim deductions on principal (Section 80C, within limits) and interest (Section 24(b)) for self-occupied or let-out property, subject to Income Tax Act rules. Car and personal loan EMIs are not tax-deductible for most salaried individuals.
EMI vs prepayment vs ROI
Use this page for standard EMI planning. To model a lump-sum against an existing loan, see the prepayment calculator. For fee-inclusive borrowing cost, try the APR calculator. To evaluate an investment's performance, see our ROI calculator.
| Feature | Regular EMI | With prepayment | ROI lens |
|---|---|---|---|
| What it measures | Fixed monthly instalment for full tenure | Lower interest if you pay extra principal | Return on an investment, not loan repayment |
| Best for | Planning home, car or personal loan budgets | Comparing interest saved vs opportunity cost | Measuring gain on property, business or assets |
| Key output | Monthly EMI, total interest | Tenure reduction or EMI reduction | Profit % and annualized return |
Who should use an EMI calculator?
Home buyers comparing 15- vs 20-year tenures, car purchasers evaluating on-road finance, and anyone checking whether a personal loan EMI fits their monthly budget. Enter the rate your lender quotes — not the lowest advertised rate — for realistic results.
Frequently asked questions about EMI
How is EMI calculated for a home loan in India?
Most retail loans use the reducing-balance method: EMI = [P × r × (1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly interest rate (annual rate ÷ 12 ÷ 100), and n is tenure in months. Each EMI pays interest on the outstanding balance first, then principal.
Does this EMI calculator include GST or processing fees?
No. The calculator shows principal-and-interest EMI only. Banks may charge processing fees, insurance premiums and GST on ancillary services separately.
What is a good EMI-to-income ratio?
Lenders often use internal guidelines (commonly around 40–50% of net monthly income for total EMIs). This varies by bank, credit score and RBI prudential norms. Use the calculator to see if the EMI fits your budget before applying.
Fixed vs floating rate — which EMI should I use?
Enter the rate quoted for your loan type. Fixed-rate EMIs stay constant for the fixed period. Floating rates change with benchmark resets (e.g., repo-linked), so future EMIs may differ.
Can I reduce EMI by prepaying my loan?
Yes. Part-prepayment reduces outstanding principal, which lowers either the EMI or the remaining tenure depending on the lender's option. RBI guidelines require transparent disclosure of prepayment charges on floating-rate retail loans from banks.
What happens if I choose a longer tenure?
A longer tenure lowers the monthly EMI but increases total interest paid over the life of the loan. Compare total payment figures in the results panel when choosing tenure.
Is car loan EMI calculated the same way?
Most car loans in India use the same reducing-balance EMI formula. Some promotional schemes may use flat-rate quoting — verify with the dealer or bank if the rate is flat or reducing.
How is EMI different from ROI?
EMI is what you pay on a loan. ROI measures return on money you invest. Use our ROI calculator to compare investment gains; use EMI for borrowing costs.
Why is my bank EMI slightly different from this calculator?
Lenders may round instalments to the nearest rupee, use slightly different day-count conventions, or add step-up structures. Differences of a few rupees per month are common.
What if the interest rate is 0%?
The calculator divides principal equally across months when the rate is zero — useful for no-cost EMI promotions where the merchant or lender subsidizes interest.
What is an amortization schedule?
It breaks every instalment into principal and interest, and shows the outstanding balance after each period. This calculator shows year-wise totals by default and a month-wise breakup on demand. Early years are interest-heavy; later years repay more principal.
Can I enter tenure in years or months?
Yes. Switch between Years and Months. For example, 20 years equals 240 months. Shorter tenures raise EMI but cut total interest.
Disclaimer: Results are illustrative. Actual EMI may differ with fees, insurance, rounding and rate resets. This is not lending or tax advice.
Related calculators
- Home Loan EMI Calculator
Estimate home loan EMI, total interest and year-wise amortization.
- Car Loan EMI Calculator
Calculate car loan EMI and interest with a full repayment schedule.
- Personal Loan EMI Calculator
Personal loan EMI, total interest and amortization for short tenures.
- Prepayment Calculator
Schedule prepayments or part payments with dates — keep EMI or tenure, plus amortization.
- Part Payment Calculator
Part-payment planner with dates — keep EMI or tenure, plus amortization schedule.
- APR Calculator
Annual percentage rate including interest and loan origination charges.
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