Loan EMI Calculator

About the EMI calculator

An EMI, or Equated Monthly Instalment, is the fixed monthly repayment you make on a loan. It combines interest on the outstanding balance with principal repayment, so the mix changes over time even when the monthly payment stays constant.

Use this calculator for home loans, personal loans, car loans, and education loans in India. It estimates the monthly EMI, total interest, total repayment, amortization schedule, and the effect of optional prepayments.

The projection assumes a reducing-balance loan at the annual rate you enter. Actual lender quotes can differ because of processing fees, insurance bundling, reset dates, floating-rate changes, penal charges, and repayment timing.

1. 1Choose the loan type: Select Home, Personal, Car, or Education to load a sensible starting amount, rate, and tenure. You can edit all inputs after choosing the preset.
2. 2Enter the loan amount: Use the principal you will borrow from the lender. For a home purchase, this is the loan amount, not the full property value.
3. 3Set interest rate and tenure: Enter the annual reducing-balance interest rate and repayment tenure. Small rate differences can become material over long home loan tenures.
4. 4Add prepayment if relevant: If you plan to pay extra, enter the amount and frequency. The calculator applies prepayment immediately according to the selected schedule.
5. 5Review EMI and amortization: Check the EMI, total interest, total amount payable, and the year-by-year split between principal, interest, prepayment, and balance.

How is EMI calculated?

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ - 1)

The calculator builds a reducing-balance amortization schedule. Each month, interest is charged on the remaining balance, the rest of the EMI reduces principal, and any prepayment further reduces the balance.