EMI Calculator – Home, Car & Personal Loan

Enter loan amount, interest rate and tenure to get your EMI, total interest and a year-by-year repayment schedule.

How to use the EMI Calculator

  1. Enter the loan amount you plan to borrow.
  2. Enter the annual interest rate offered by the bank.
  3. Enter the tenure in years or months.
  4. Press Calculate to see EMI, total interest and the repayment schedule.

EMI formula

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.

Example

A ₹25 lakh home loan at 8.5% for 20 years gives an EMI of about ₹21,696. Over 20 years you pay roughly ₹27 lakh as interest – more than the loan itself. That is why tenure and rate matter so much.

How to reduce your EMI or total interest

  • Make a larger down payment to borrow less.
  • Compare lenders – even 0.25% lower rate saves lakhs on a long home loan.
  • Prepay when you get a bonus; prepayment cuts principal and interest.
  • Choose a shorter tenure if you can afford a higher EMI – total interest falls sharply.
  • Keep a good CIBIL score (750+) to get the best rates.

Fixed vs floating rate

Most home loans in India are floating-rate loans linked to the repo rate, so the EMI or tenure can change when RBI changes rates. Car and personal loans are usually fixed-rate.

Frequently asked questions

How is EMI calculated?

Using the formula P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n is the number of months.

Does a longer tenure reduce EMI?

Yes, but it increases the total interest you pay over the loan's life.

Is processing fee included?

No. Add processing fees and insurance separately when comparing loan offers.

Last updated: 10 November 2026