EMI calculator
Work out the monthly instalment on a home, car or personal loan, along with the total interest you will pay and how the balance falls year by year.
- Nothing stored
- No sign-in
- Works offline
Calculate your EMI
How an EMI is worked out
Every instalment is the same amount, but its split is not. Early on, most of what you pay is interest on a balance that is still close to the full loan. As the balance falls, the interest portion falls with it and more of each instalment goes to principal. The schedule above shows that shift year by year — on a 20-year home loan, the halfway point for principal repayment arrives well after year ten.
The formula is P × r × (1+r)n ÷ ((1+r)n − 1), where P is the amount borrowed, r is the monthly interest rate and n is the number of instalments. Banks use the same one, so the figure here should match a sanctioned letter to within a rupee or two of rounding.
What this calculator leaves out
Processing fees, documentation charges, insurance bundled into the loan and GST on any of those are not included — they are usually deducted from the disbursed amount rather than added to the EMI. Floating rate loans also move: a rate revision normally changes your tenure rather than your instalment, so the monthly figure stays put while the end date slides.
The lever that matters most
Tenure changes the instalment a great deal and the total interest enormously. Stretching a loan to reduce the monthly figure is sometimes the only workable option, but it is worth running both numbers here before deciding — the difference over twenty years against fifteen is often larger than people expect. Prepaying even one extra instalment a year cuts the term noticeably, because it comes straight off principal.
Frequently asked questions
Does this EMI calculator work for home, car and personal loans?
Yes. The arithmetic is identical for any reducing-balance loan — only the amounts, rates and tenures differ. Enter whatever your lender has quoted.
Why is my bank's EMI a few rupees different?
Rounding. Banks round the instalment to the nearest rupee and adjust the final payment to settle the balance exactly. The difference is never more than a rupee or two per instalment.
What happens to my EMI if the interest rate changes?
On a floating rate loan, most Indian lenders keep the instalment the same and change the tenure instead. If the rate rises far enough that the instalment no longer covers the interest, they will raise the instalment too.
Does prepaying reduce the EMI or the tenure?
Either, but you usually have to ask. The default at most banks is to keep the EMI and shorten the tenure, which saves more interest. Reducing the EMI instead frees up monthly cash but costs more overall.
Is a zero-interest loan handled correctly?
Yes. At a rate of zero the instalment is simply the loan divided by the number of months. Do check what the zero-interest offer charges as a processing fee, because that is usually where the cost sits.