| Year | Principal Paid | Interest Paid | Total Paid | Balance Remaining |
|---|
Work out your monthly EMI in seconds — rupees and lakh/crore formatting by default, with USD, GBP, EUR, AUD, CAD, AED and SGD available for loans taken outside India.
An EMI (Equated Monthly Installment) is the fixed amount you repay every month on a home loan, car loan, personal loan or education loan until the debt is cleared. This calculator solves the standard reducing-balance EMI formula the moment you move a slider, and breaks the number down into principal and interest so you can see exactly what a bank is charging you before you sign anything. It's built specifically for Indian borrowers: amounts are shown in the lakh/crore grouping used across Indian banking (for example, INR 25,00,000 shown as 25 Lakh) rather than the international thousand/million grouping, and the default interest rate range is tuned to current Indian home, auto and personal loan rates rather than US or UK rates.
Everything runs in your browser. No loan amount, interest rate or phone number you enter is sent to a server, logged, or stored anywhere — close the tab and every number is gone. There's no signup, no email wall, and no ads inside the calculator itself. If you're comparing offers from SBI, HDFC, ICICI, or a smaller NBFC, switch the currency dropdown or adjust the sliders and the EMI, total interest and payoff chart update instantly.
Key Takeaways
- EMI depends on three things only: loan amount (principal), annual interest rate, and tenure — change any one and the monthly payment changes immediately.
- Early EMIs are mostly interest. In a reducing-balance loan, the interest portion is highest in year one and falls every year as the outstanding principal shrinks.
- A longer tenure lowers your EMI but raises your total interest. Doubling the tenure roughly halves the monthly payment but can push total interest paid past the original loan amount.
How to Use This EMI Calculator
Enter your Loan Amount using the input box or the slider — the amount updates in real time, and for INR it's automatically shown with Indian comma grouping (lakh/crore) so a home loan of INR 50,00,000 reads clearly instead of as 5000000. Next, set the Interest Rate your lender has quoted; move in steps of 0.05% to match the exact rate on your sanction letter. Then set the Tenure, and use the Years/Months toggle if your bank quoted the loan period in months instead of years.
The EMI, total interest and total payment update instantly with every change — there is no "Calculate" button to press. A loan amount or tenure of zero is not accepted and the calculator will hold the last valid value; an interest rate of 0% is allowed and simply divides the principal evenly across the tenure. The donut chart shows what share of your total payment is principal versus interest, and the amortization table below it shows how that split changes every year until the loan is fully repaid.
The EMI Formula, Explained
Every standard reducing-balance EMI is calculated with one formula:
EMI = [P × r × (1 + r)n] / [(1 + r)n - 1]
Where P is the principal (the loan amount disbursed), r is the monthly interest rate (the annual rate divided by 12, then divided by 100), and n is the total number of monthly installments (tenure in years multiplied by 12).
Worked example: Take a home loan of P = INR 25,00,000 at an annual rate of 8.5% for a tenure of 20 years.
- Monthly rate: r = 8.5 / 12 / 100 = 0.007083
- Number of installments: n = 20 × 12 = 240
- (1 + r)n = (1.007083)240 ≈ 5.4184
- EMI = [25,00,000 × 0.007083 × 5.4184] / [5.4184 - 1] ≈ INR 21,708 per month
Over 240 months, total payment works out to about INR 52,10,015, of which roughly INR 27,10,015 is interest — more than the original loan amount, purely because of compounding over 20 years. This is why shortening tenure, or making occasional prepayments toward principal, has an outsized effect on total interest paid.
EMI Reference Table: Common Indian Loan Scenarios
The table below shows the monthly EMI for common loan amounts at typical 2026 Indian lending rates, so you can sanity-check the calculator's output or estimate an EMI without touching the sliders.
| Loan Type | Amount | Rate (p.a.) | Tenure | Monthly EMI | Total Interest |
|---|---|---|---|---|---|
| Home Loan | INR 25 Lakh | 8.5% | 20 yrs | INR 21,708 | INR 27.10 Lakh |
| Home Loan | INR 50 Lakh | 8.5% | 20 yrs | INR 43,416 | INR 54.20 Lakh |
| Car Loan | INR 8 Lakh | 9.5% | 7 yrs | INR 12,896 | INR 2.83 Lakh |
| Personal Loan | INR 5 Lakh | 13% | 5 yrs | INR 11,377 | INR 1.83 Lakh |
| Education Loan | INR 15 Lakh | 10% | 10 yrs | INR 19,825 | INR 8.79 Lakh |
Quick Definitions
EMI (Equated Monthly Installment) is the fixed monthly sum a borrower pays a lender, combining both principal repayment and interest, until a loan is fully repaid. Reducing balance interest means interest is charged only on the outstanding principal each month, so the interest component shrinks and the principal component grows with every successive EMI.
Frequently Asked Questions
Small mismatches usually come from processing fees, GST on charges, or insurance premiums the bank has folded into the loan amount, or from the bank rounding the rate or EMI differently. Enter the exact disbursed principal and the exact rate from your sanction letter to get the closest match.
Any lump-sum prepayment reduces the outstanding principal immediately, so every future EMI recalculates interest on a smaller base. Made early in the tenure, when the balance is largest, a prepayment saves far more interest than the same amount paid in the final years.
Monthly outgo drops, which helps cash flow, but the loan accrues interest for longer, so total interest paid over the life of the loan rises. Use the slider to compare a 15-year and 20-year tenure on the same amount to see the trade-off directly.
It computes EMI for a fixed rate at a single point in time. For a floating-rate loan, re-run the calculator with the new rate whenever your bank revises it — typically after a repo rate change — to see the updated EMI or revised tenure.
The calculator switches to simple division: EMI equals the principal divided by the number of months, with zero interest component, which is useful for interest-free employer or dealer loans.
No. Every calculation runs locally in your browser using JavaScript; nothing you type is transmitted to any server, logged, or saved once you close or refresh the page.