Free Tool

EMI Calculator — Home, Car & Personal Loans

Find your monthly EMI, total interest and a year-by-year repayment schedule for any loan in India, using the standard reducing-balance method banks use.

Last content review: September 26, 2026

Tap any tile to see how it works.

Step 1 of 3

Loan amount

Pick a loan type to prefill typical values, or enter your own.

₹

Monthly EMI

₹43,391

₹50,00,000 at 8.5% for 20 years

Principal₹50,00,000
Total interest₹54,13,879
Total payable₹1,04,13,879

Interest is 52% of everything you repay.

Year-by-year repayment schedule

YearPrincipalInterestBalance
1₹99,511₹4,21,182₹49,00,489
2₹1,08,307₹4,12,387₹47,92,181
3₹1,17,881₹4,02,813₹46,74,300
4₹1,28,300₹3,92,394₹45,46,000
5₹1,39,641₹3,81,053₹44,06,359
6₹1,51,984₹3,68,710₹42,54,375
7₹1,65,418₹3,55,276₹40,88,957
8₹1,80,039₹3,40,655₹39,08,918
9₹1,95,953₹3,24,741₹37,12,965
10₹2,13,274₹3,07,420₹34,99,691
11₹2,32,125₹2,88,569₹32,67,566
12₹2,52,643₹2,68,051₹30,14,923
13₹2,74,974₹2,45,720₹27,39,949
14₹2,99,279₹2,21,415₹24,40,670
15₹3,25,733₹1,94,961₹21,14,937
16₹3,54,525₹1,66,169₹17,60,412
17₹3,85,862₹1,34,832₹13,74,550
18₹4,19,968₹1,00,726₹9,54,582
19₹4,57,090₹63,604₹4,97,492
20₹4,97,492₹23,202₹0

How to use your EMI result wisely

  • Keep total EMIs within about 30–40% of take-home pay; lenders also check this debt-to-income ratio.
  • Compare the total interest, not just the EMI — a lower EMI over a longer tenure often costs far more.
  • Prepayments early in the loan cut interest the most, because interest is charged on the outstanding balance.
  • For floating-rate loans, your EMI or tenure can change when the lender's benchmark rate changes.

Frequently asked questions

How is EMI calculated?

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. For example, ₹10 lakh at 6.5% for 5 years gives an EMI of about ₹19,566.

Does a longer tenure reduce my EMI?

Yes, a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.

Is prepaying a home loan a good idea?

Prepaying early reduces the principal on which interest is charged, which can cut total interest significantly. Compare the saving with what the money could earn elsewhere, keep an emergency fund, and check your lender’s prepayment terms.

Can I claim tax benefits on a home loan?

Under the old tax regime, interest on a self-occupied home loan is deductible up to ₹2 lakh a year under Section 24(b) and principal counts towards the ₹1.5 lakh Section 80C limit. These deductions are not available for a self-occupied home under the new regime.

Estimates use the standard reducing-balance formula and may differ slightly from your lender's schedule because of processing fees, insurance, or daily-reducing interest. Educational tool only.

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