EMI Calculator: Calculate Loan EMI in Seconds

Calculate the monthly EMI, total interest paid, and full amortization schedule for a home loan, personal loan, or car loan. Reducing-balance formula, year-wise breakdown.

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EMI (Equated Monthly Installment) is the monthly repayment on a loan — a fixed amount (principal + interest) that you pay to the bank every month. Standard formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P = principal, r = monthly rate, n = total months.

This free EMI Calculator instantly gives you: (a) Monthly EMI, (b) Total interest paid over the loan life, (c) Total amount repaid (principal + interest), (d) Year-wise amortization schedule (how much of the principal vs interest is paid each year) — simply enter the loan amount, interest rate (% p.a.), and tenure (years).

Real-world current bank rates (FY 2025-26 approx): Home loan 8.5-10% (HDFC, SBI, ICICI), Car loan 8.5-12%, Personal loan 10.5-18%, Education loan 8.15-13%. Floating rate (RLLR / EBLR) home loans get revised along with the RBI repo rate.

Use cases: Buying a home on EMI vs paying rent comparison, Car financing vs cash purchase decision, Personal loan vs credit card EMI comparison, Education loan repayment plan, Pre-payment / refinance benefit calculation.

Pro tip: In the first 5-7 years, the principal portion of an EMI is very low (most of it goes to interest). Therefore, if you plan to pre-pay, do so in the early years — the interest savings are huge. This calculator clearly shows this in the amortization table.

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Frequently Asked Questions

Home loan EMI vs Rent — which is better?
It depends on the city, property value, and loan terms. Thumb rule: if the property price to annual rent ratio is greater than 20 (e.g., Rs 1 cr property + Rs 5L/yr rent = 20x), renting is better from an investment standpoint. If it is less than 18, buying may make sense.
How is the principal vs interest split calculated in an EMI?
The standard reducing-balance method is used. In the first year, 70-80% of the EMI is interest and 20-30% is principal. As the tenure progresses, the principal share increases. In the last few years, 80-90% is principal and 10-20% is interest. The amortization table shows the full breakdown.
How much benefit does pre-payment provide?
A significant benefit. Example: Rs 50 lakh home loan @ 9% x 20 years, EMI Rs 44,986. If you pre-pay Rs 5 lakh in the 5th year, total interest savings are Rs 18-25 lakh and the tenure gets reduced by 4-5 years. Pre-payment always provides more benefit in the early years.
Floating vs Fixed rate — which should you choose?
In India, most home loans are floating-rate (RLLR / EBLR linked to the RBI repo rate). If the RBI rate falls, your interest is automatically reduced. Fixed-rate starts higher but is locked. Choose floating if you expect a stable economy, and fixed if you expect rising rates.
What happens if an EMI bounces?
The bank charges an EMI bounce fee of Rs 500-1500 plus extra interest. A 90-day bounce means the loan gets classified as an NPA and your credit score (CIBIL) gets damaged. Recommendation: set up a SIP-style auto-debit with a sufficient balance buffer.

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