Calculators
Loan / EMI Calculator
Work out the monthly EMI, total interest and total repayment for a home, car or personal loan.
About the Loan / EMI Calculator
The Loan / EMI Calculator works out your equated monthly instalment (EMI) for a home, car, education or personal loan. Drag the sliders for the amount, interest rate and tenure, and it shows the EMI, the total interest, a principal-vs-interest chart, a year-by-year schedule and how much a small extra payment each month would save.
What you can do with the Loan / EMI Calculator
- Sliders for everything: Drag the amount, rate and tenure and the EMI updates instantly.
- Principal vs interest: A chart shows how much of the total goes to interest.
- Year-by-year schedule: See the balance fall and the interest share shrink each year.
- Prepayment savings: Add a small extra each month to see time and interest saved.
How an EMI is calculated
Your EMI stays the same every month, but what it pays for changes. Early on, most of each payment goes towards interest, because the outstanding balance is large. As the balance falls, more of each EMI goes towards repaying the principal. Open "Year-by-year schedule" to see that shift happen.
The real cost of a long loan
A loan of ₹20 lakh at 8.5% for 20 years has an EMI of about ₹17,356. Over 240 months that adds up to around ₹41.7 lakh, more than double the amount borrowed. A shorter tenure means a higher EMI but far less interest overall; drag the tenure slider down and watch the orange interest slice shrink.
Prepaying saves interest
Paying a little extra every month reduces the balance that interest is charged on. The "Pay a little extra every month" card shows how many months sooner the loan ends and how much interest you avoid. Check whether your lender charges a prepayment fee; for many floating-rate home loans to individuals in India, prepayment charges aren't allowed.
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Frequently Asked Questions
What is EMI?
Equated monthly instalment, the fixed amount you repay each month, covering both interest and principal.
Do I enter the tenure in years or months?
In years, using the tenure slider or the box next to it. The calculator converts it to months for you, so 20 years is worked out as 240 EMIs.
How much does paying extra each month save?
Use the "Pay a little extra every month" slider. It shows the new payoff time and the interest saved compared with paying only the EMI.
Does the EMI include processing fees or insurance?
No. It covers only the loan repayment. Fees and insurance are extra costs to check with your lender.
Is it better to choose a longer or shorter loan tenure?
A longer tenure lowers the EMI but raises the total interest. For a 20 lakh loan at 8.5%, 20 years gives an EMI of about 17,356 and 21.66 lakh interest, while 30 years gives about 15,378 and 35.36 lakh interest. Your bank can explain which suits your budget.
How much does a 0.5% rate rise change my EMI?
On a 20 lakh loan for 20 years, moving from 8.5% to 9% raises the EMI from about 17,356 to 17,995, roughly 638 more a month, and adds about 1.53 lakh in total interest. Drag the rate slider to see the effect on your own loan.
Why is most of my early EMI going to interest?
Interest is charged on the outstanding balance, which is highest at the start. On 20 lakh at 8.5%, the first month's interest is about 14,167 of the 17,356 EMI. The year-by-year schedule shows the principal share growing each year.
What is the difference between a flat rate and a reducing balance rate?
This calculator uses the reducing balance method, where interest is charged only on what you still owe. A flat rate charges interest on the full loan for the whole tenure, so a 10% flat rate costs much more, close to 18% reducing on a 3-year loan.
What happens to my EMI when the repo rate changes?
Most floating-rate home loans in India are linked to an external benchmark like the RBI repo rate. When the rate changes, banks often keep the EMI the same and change the tenure, or you can ask to change the EMI. Check the options with your bank.
Are there charges for prepaying a home loan?
RBI rules do not allow banks to charge prepayment or foreclosure penalties on floating-rate loans taken by individuals for non-business purposes. Fixed-rate loans may carry a charge. Read your loan agreement or ask the bank before prepaying.
What loan amounts, rates and tenures can I enter?
The loan amount slider goes from 10,000 rupees to 5 crore, the interest rate from 1% to 24% a year in steps of 0.05%, and the tenure from 1 to 30 years. You can also type exact values in the boxes next to the sliders.
Read the guide
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