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EMI Calculator

Calculate the monthly EMI on your home, car, or personal loan.

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EMI Calculator
Calculate the monthly EMI on your home, car, or personal loan.
Loan amount
₹
twenty lakhrupees
Annual interest rate (%)
%
Loan tenure
Years
Monthly EMI
₹17,356
52%
returns
Invested
Returns
Loan amount₹20.00 L
Monthly EMI₹17.4K
Total interest₹21.66 L
Total payment₹41.66 L
Invest the savings →

For illustration only. MF returns not guaranteed. Market risks apply.

⚠️ Disclaimer: Results are for illustration only. Mutual Fund investments subject to market risks. Assumed returns may not reflect actual performance. Read all scheme-related documents carefully. Not investment advice.
About this calculator

EMI Calculator — explained

The EMI Calculator computes the monthly Equated Monthly Instalment on any home loan, car loan, personal loan, gold loan, or business loan in India. Enter the loan amount, annual interest rate, and tenure to instantly see the EMI, total interest payable over the loan period, and the principal-plus-interest breakup. This free online EMI calculator is mobile-friendly, gives instant results as you change inputs, and is ideal for comparing offers from different banks and NBFCs before committing to a loan.

India has one of the largest retail-loan markets in the world, with home loans alone crossing ₹30 lakh crores in outstanding portfolio. Knowing your EMI before you sign helps you plan affordability, compare offers, and understand the real total interest cost — which is often a multiple of the loan amount itself. Backed by AMFI Registered MFD Nithin Finserv, Bengaluru.

What is the EMI Calculator?

An Equated Monthly Instalment (EMI) is the fixed amount you pay every month to your lender — bank or NBFC — covering both principal repayment and interest. The EMI remains constant throughout the loan tenure (for fixed-rate loans), but the principal-vs-interest split changes: early EMIs are mostly interest, late EMIs are mostly principal. EMI structure is used for home loans, auto loans, personal loans, education loans, gold loans, and business loans across India.

How it works — 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 (annual rate ÷ 12 ÷ 100), and n is the loan tenure in months. The formula reflects the time value of money and ensures that the lender recovers the full principal plus interest at the chosen rate over the agreed tenure.

How to use this calculator

  1. 1Enter the loan amount you're borrowing
  2. 2Enter the annual interest rate offered by the lender
  3. 3Set the loan tenure in years
  4. 4Read the monthly EMI, total interest payable, and total payment
  5. 5Compare offers by toggling rate and tenure — small rate differences add up to lakhs
  6. 6Use the savings calculator alongside to redirect EMI surplus into SIPs

Key features

  • ✓Standard EMI formula matching Indian banks and NBFCs
  • ✓Donut visualisation of principal vs interest
  • ✓Adjustable loan amount, rate, and tenure
  • ✓Works for home, car, personal, gold, and business loans
  • ✓Mobile-friendly, no signup

Frequently asked questions

How is EMI calculated in India?
Indian banks use the standard EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1). The same formula applies whether it's a home loan, car loan, personal loan, or any other amortising loan — only rate and tenure differ across loan types.
Should I take a longer loan tenure for a lower EMI?
Longer tenure means lower EMI but much higher total interest. A ₹50L home loan over 30 years costs ~₹85L in interest; over 20 years, ~₹54L. Pick the shortest tenure your cash flow can sustain. Lower EMI is not the same as cheaper loan.
Does prepayment reduce EMI or tenure?
Most banks default to reducing tenure (keeping EMI same), which saves more total interest. You can request a reduced EMI instead — banks must allow this on floating-rate home loans without penalty under RBI regulations.
What is the difference between EMI principal and interest?
EMI is the fixed monthly payment combining both. Early EMIs are mostly interest (because the outstanding principal is largest); later EMIs are mostly principal. Banks must provide an amortisation schedule on request — review it for tax-deduction planning.
Can I use this for student loan EMI?
Use our dedicated Education Loan EMI Calculator instead — it accounts for the moratorium (grace) period during the course, which materially affects the post-moratorium principal.
Are home loan EMIs tax-deductible?
Yes. Interest paid on home loan EMI qualifies for Section 24 deduction up to ₹2L/year (self-occupied) or unlimited (let-out). Principal qualifies for 80C up to ₹1.5L/year. First-time buyers may also get 80EEA benefit.
Can I switch from fixed-rate to floating-rate EMI?
Yes, most banks allow conversion. There may be a small conversion fee. Floating rates have generally been lower than fixed historically, but they fluctuate with RBI policy rates.
What is EMI moratorium?
A grace period during which EMIs are paused but interest continues to accrue. Common in education loans (during course duration) and was offered during Covid-19. Moratorium doesn't waive the loan — interest simply accumulates.
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