EMI calculator for home, car and personal loans
An EMI (equated monthly instalment) is the fixed amount you pay your lender every month until a loan is cleared. This EMI calculator shows that figure instantly for any home loan, car loan, two-wheeler loan, education loan or personal loan, together with the total interest you will pay, the total amount payable and a month-by-month amortisation schedule.
Enter the loan amount, the annual interest rate and the tenure in years or months. The result, the principal-versus-interest chart and the schedule all update as you type, so you can compare offers from banks and NBFCs, test a shorter tenure or see what a lower rate is worth before you sign anything. Amounts can be shown in rupees with lakh and crore grouping, or in dollars, pounds, euros and other currencies.
Everything is calculated in your browser and nothing you type is sent anywhere. Like any loan calculator, the figures are estimates for planning — your lender’s sanction letter is the final word, and this page is not financial advice.
How to use the EMI Calculator
- Choose your currency at the top right; it is remembered on this device.
- Type the Loan amount or drag its slider — for example 10,00,000 for a ₹10 lakh loan.
- Enter the Interest rate (per year) quoted by your lender, such as 8.5 or 10.
- Set the Loan tenure and switch the unit from years to months if your loan is quoted in months.
- Read your monthly EMI, total interest and total amount payable, and check the donut chart for the principal-to-interest split.
- Pick a First EMI date, switch the schedule between Yearly and Monthly, and press Download CSV for Excel or Google Sheets.
EMI Calculator features
Exact reducing-balance maths
Uses the standard formula banks use for home, car and personal loans, accurate to the paisa or cent.
Years or months
Switch the tenure unit at any time — the calculator converts 20 years to 240 months for you.
Full amortisation schedule
See principal, interest and outstanding balance for every month or every calendar year, plus the share of the loan repaid.
Download as CSV
Export the schedule with plain numbers for any spreadsheet.
Indian digit grouping
Rupee amounts appear as 10,00,000 rather than 1,000,000, and the chart axis uses lakh and crore.
Private and instant
No account or server round-trip: results change as you type.
EMI formula and a worked example
Lenders in India and most other countries use the reducing-balance method: each month interest is charged only on the principal still outstanding, and the rest of your EMI repays principal. The EMI that clears the loan exactly in n months is:
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. If the rate is 0%, the EMI is simply P ÷ n.
Example: a home loan of ₹10,00,000 at 10% a year for 20 years. Here r = 10 ÷ 12 ÷ 100 = 0.008333 and n = 240. (1 + r)240 ≈ 7.328, so EMI = 10,00,000 × 0.008333 × 7.328 ÷ 6.328 ≈ ₹9,650.22. Over 240 months you pay ₹23,16,052, of which ₹13,16,052 is interest. In the first month ₹8,333.33 of the EMI is interest and only ₹1,316.88 reduces the loan; the principal part overtakes the interest part only around the 158th EMI.
How tenure and interest rate change your EMI
A longer tenure lowers the EMI but raises the total interest sharply. These figures are for a ₹10 lakh loan at 10% a year:
- Stretching from 20 to 30 years cuts the EMI by only ₹874 but adds about ₹8.4 lakh of interest.
- For the same 20-year loan, each 1% change in the rate moves the EMI by roughly ₹650–700 a month.
| Tenure | Monthly EMI | Total interest |
|---|---|---|
| 5 years | ₹21,247 | ₹2,74,823 |
| 10 years | ₹13,215 | ₹5,85,809 |
| 15 years | ₹10,746 | ₹9,34,289 |
| 20 years | ₹9,650 | ₹13,16,052 |
| 30 years | ₹8,776 | ₹21,59,258 |
Home, car and personal loan EMIs: what to watch
- Home loans usually run 15–30 years, so the rate matters enormously. Many are floating-rate loans linked to an external benchmark; when the rate changes, banks often adjust the tenure rather than the EMI.
- Car and two-wheeler loans are typically 3–7 years. Compare the on-road price you finance, processing fees and any flat-rate quotes — a flat rate looks lower but costs more than the same reducing-balance rate.
- Personal loans are unsecured, shorter (1–5 years) and carry higher rates, so the EMI is a large share of the principal.
- Part-prepayments reduce the outstanding principal and save interest. Use the loan calculator to model extra payments, or the mortgage calculator if you also pay property tax and insurance.
- Special cases have their own calculators: loan against property, credit card EMI with GST and tractor loans with half-yearly instalments.
- A common rule of thumb is to keep all EMIs together below about 40–50% of take-home pay, but your own budget and the lender’s eligibility rules decide what is comfortable.
EMI Calculator FAQ
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r the monthly rate (annual rate ÷ 1200) and n the number of months. This EMI calculator applies that reducing-balance formula and also builds the full repayment schedule.
What is the EMI for a ₹10 lakh loan at 10% for 20 years?
It is ₹9,650.22 a month. You repay ₹23,16,052 in total, so the interest cost is ₹13,16,052.
Does a longer tenure reduce the total interest?
No — it does the opposite. A longer tenure lowers each EMI but you pay interest for more months, so total interest rises. Choose the shortest tenure whose EMI you can comfortably afford.
Why is most of my early EMI going to interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest part shrinks and the principal part grows, while the EMI stays the same.
Is the EMI the same as flat-rate interest?
No. A flat rate charges interest on the original amount for the whole term, so the effective cost is much higher than the same reducing-balance rate. This calculator uses the reducing-balance method that banks use for home, car and personal loans. For flat-rate maths, try the simple interest calculator.
Does the calculator include processing fees, insurance or GST?
No. It covers principal and interest only. Add one-time fees separately and check your sanction letter for the lender’s exact figures — the results here are estimates, not financial advice.