EMI Calculator (India)
Calculate monthly EMI, total interest and full year-by-year repayment schedule for any home, car or personal loan.
Loan details
Result
Indicative only. Actual EMI depends on processing fee, GST on charges, and floating-rate revisions.
The EMI formula
EMI = [P × r × (1 + r)n] / [(1 + r)n − 1]
- P = principal (loan amount)
- r = monthly interest rate = annual ÷ 12 ÷ 100
- n = total monthly instalments = years × 12
Frequently asked questions
How is EMI calculated?
EMI = [P × r × (1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of monthly instalments. The calculator above uses this exact formula.
Is the EMI fixed for the full tenure?
On a fixed-rate loan, yes. On a floating-rate loan (most Indian home loans), the EMI can change if your bank revises the interest rate — typically the tenure adjusts first while EMI stays constant.
What is amortization?
Amortization is the breakdown of each EMI into principal and interest. Early EMIs are mostly interest; later EMIs are mostly principal. The calculator shows your full month-by-month schedule.
Can I pre-pay my loan to save interest?
Yes. Most Indian banks allow pre-payment without penalty on floating-rate home loans (RBI rule). A single pre-payment of ₹1 lakh on a 20-year ₹50 lakh loan can save ₹3–4 lakh in total interest.
Track loan EMIs alongside everything else.
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