EMI Calculator

Calculate your Equated Monthly Installment for home, car, personal, education or business loans. Get a complete amortization schedule and understand your total interest outgo.

Home & Car Loans Amortization Schedule PDF & Excel Export

Loan Details

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₹10,000₹1 Cr
%
1%30%
1 Yr30 Yrs

Loan Type

Select to see typical ranges for each loan type.

Home Loan: Typically 6.5%–9% per annum with tenure up to 30 years. Tax benefits under Section 24 and 80C.
EMI Formula
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
P = Principal, r = Monthly Rate, n = Months

Schedule Details

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Tenure & Date

Loan Option 1

Loan Option 2

Understanding EMI & Loan Structures

Home Loan EMI

Home loans typically carry interest rates between 6.5%–9% p.a. with tenures up to 30 years. Tax deductions available under Section 24 and 80C.

Car Loan EMI

Car loans usually range from 7%–12% p.a. with shorter tenures (3–7 years). Shorter tenure means less total interest but higher EMIs.

EMI Formula

EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1). P=Principal, r=Monthly rate, n=Number of months.

Reducing Balance

Interest is calculated on the outstanding principal each month. As you pay, the interest component decreases.

Prepayment

Making partial prepayments reduces your outstanding principal and saves a substantial amount of interest over time.

Processing Fees

Always account for one-time processing fees and documentation charges which can be 0.5%–2% of the loan amount.

Understanding EMI & Loan Structures

Everything you need to know about Equated Monthly Installments and how to plan your loan repayments.

Home Loan EMI

Home loans typically carry interest rates between 6.5%–9% p.a. with tenures up to 30 years. The long tenure keeps EMIs manageable. You get tax deductions under Section 24 (interest) and 80C (principal).

Car Loan EMI

Car loans usually have interest rates from 7%–12% p.a. with tenures of 3–7 years. Shorter tenure means higher EMI but less total interest paid. New car loans typically offer lower rates than used car loans.

Personal Loan EMI

Personal loans are unsecured, so they carry higher rates (10%–24% p.a.) with tenures of 1–5 years. They are approved quickly without collateral, making them suitable for short-term financial needs.

EMI Formula Explained

EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1) where P is the principal, r is the monthly rate (annual rate ÷ 12), and n is the tenure in months. Higher rates or longer tenures mean more total interest.

Reducing Balance Method

Most Indian lenders use the reducing balance method, where interest is calculated on the outstanding principal each month. As you repay, the interest component decreases while the principal component increases.

Prepayment Benefits

Making partial prepayments reduces your outstanding principal, which lowers the interest burden significantly. Even small prepayments early in the loan tenure can save a substantial amount of interest over the loan period.

Frequently Asked Questions

Common questions about EMI calculations and loan planning.

What is EMI and how is it calculated?
EMI (Equated Monthly Installment) is a fixed payment made by a borrower to a lender at a specified date each month. It is calculated using the formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the number of monthly installments.
What factors affect my EMI amount?
Three main factors determine your EMI: (1) Principal Amount — a higher loan amount means a higher EMI; (2) Interest Rate — a higher rate increases the EMI and total interest paid; (3) Loan Tenure — a longer tenure reduces the EMI amount but increases the total interest paid over the loan period.
Can I reduce my EMI after taking a loan?
Yes, there are two ways: (1) Negotiating a lower interest rate — if market rates drop, you can request your bank to reduce the rate or refinance; (2) Making part-prepayments — this reduces the outstanding principal, which you can use to either reduce the EMI or the tenure upon mutual agreement with the lender.
What is an amortization schedule?
An amortization schedule shows the breakdown of each EMI payment over the loan tenure. It shows how much of each payment goes towards interest and how much reduces the principal balance. In the early years, a larger portion of the EMI goes towards interest, while in later years, more goes towards principal repayment.
Is there a penalty for prepaying my loan?
For floating rate loans, the RBI has directed that banks cannot charge any prepayment penalty on individual borrowers. For fixed rate loans, lenders may charge a small prepayment fee (typically 2%–5%). It is advisable to check your loan agreement for specific prepayment terms before making an extra payment.