EMI Calculator

Calculate your monthly loan installments in seconds. Supports home, car, personal, and education loans.

Loan Amount ₹50 L

₹

₹10K₹10Cr

Annual Interest Rate 8.5%

% p.a.

1%30%

Loan Tenure 20 Years

Yrs

1 Year30 Years

Processing Fee (optional) 0%

0%5%

EMI Type

Standard: first payment at end of month 1. Most home & personal loans.

Monthly EMI

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Total Interest

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Total Amount

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True Cost (incl. fee)

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Principal

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Total Interest

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Total Payment

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📊 Amortization Schedule

🏦 What is EMI?

EMI stands for Equated Monthly Installment - a fixed payment amount made by a borrower to a lender on a specified date each calendar month. EMIs are structured so that each payment covers both the interest due and a portion of the principal, ensuring the entire loan is fully repaid by the end of the tenure.

Unlike variable or balloon payment plans, an EMI plan gives you a consistent, predictable monthly outflow. This makes it much easier to plan your budget and cash flow. No surprises, no fluctuating payments - you know exactly what you owe every month from day one.

EMIs are universally used across all loan types - home loans, car loans, personal loans, and education loans - by banks and lending institutions worldwide. The three variables that determine your EMI are the loan principal, the annual interest rate, and the repayment tenure. Change any one of them and the EMI shifts accordingly.

📐 EMI Formula

The standard EMI formula used globally by banks and financial institutions is derived from the time value of money principle:

EMI = [P × R × (1+R)^N] / [(1+R)^N − 1]

P = Principal loan amount (the amount you borrow)

R = Monthly interest rate = Annual rate ÷ 12 ÷ 100

N = Total number of monthly installments = Tenure in years × 12

The numerator calculates the monthly cost of the loan including compound interest. The denominator normalizes it across all installments so that each payment is exactly equal. This is why it is called an "equated" monthly installment - the payment amount never changes throughout the loan term (assuming a fixed rate).

To convert an annual interest rate of, say, 8.5% to a monthly rate: divide by 12 and by 100. So 8.5 / 12 / 100 = 0.007083 is the monthly rate used in the formula.

📖 How to Use This Calculator

Getting your EMI result takes less than 10 seconds. Here is exactly what to do:

Steps to Calculate Your EMI

Select your loan type using the tabs at the top (Home, Car, Personal, Education). Default values for that loan type are filled in automatically.

Enter the loan amount either by typing it directly into the field or by dragging the slider. The label above updates in real time.

Enter the annual interest rate offered by your bank or lender. Check your loan sanction letter or your lender's website for the current rate.

Set the loan tenure in years. Try different tenures to see how they affect your EMI and total interest.

Click Calculate EMI to see your monthly payment, total interest paid, total amount payable, a visual breakdown chart, and a year-by-year amortization schedule.

💡 Example Calculations

Example 1 — Home Loan

₹50 lakh home loan at 8.5% per annum for 20 years

P = ₹50,00,000 · R = 8.5 ÷ 12 ÷ 100 = 0.007083 · N = 20 × 12 = 240 months

EMI = [50,00,000 × 0.007083 × (1.007083)²⁴⁰] / [(1.007083)²⁴⁰ − 1]

(1.007083)²⁴⁰ = 5.3133 · Numerator = 50,00,000 × 0.007083 × 5.3133 = 1,88,103

Denominator = 5.3133 − 1 = 4.3133 · EMI = 1,88,103 / 4.3133

Monthly EMI = ₹43,391 · Total Interest = ₹54,13,840 · Total Payable = ₹1,04,13,840

Try this example →

Example 2 — Car Loan

₹8 lakh car loan at 9.5% per annum for 5 years

P = ₹8,00,000 · R = 9.5 ÷ 12 ÷ 100 = 0.007917 · N = 5 × 12 = 60 months

EMI = [8,00,000 × 0.007917 × (1.007917)⁶⁰] / [(1.007917)⁶⁰ − 1]

(1.007917)⁶⁰ = 1.6054 · Numerator = 8,00,000 × 0.007917 × 1.6054 = 10,167

Monthly EMI = ₹16,801 · Total Interest = ₹2,08,089 · Total Payable = ₹10,08,089

Try this example →

Example 3 — Personal Loan

₹5 lakh personal loan at 14% per annum for 3 years

P = ₹5,00,000 · R = 14 ÷ 12 ÷ 100 = 0.011667 · N = 3 × 12 = 36 months

EMI = [5,00,000 × 0.011667 × (1.011667)³⁶] / [(1.011667)³⁶ − 1]

Monthly EMI = ₹17,089 · Total Interest = ₹1,15,197 · Total Payable = ₹6,15,197

Try this example →

🔐 How Much Loan Can You Afford?

Know your maximum monthly EMI budget? Enter it below along with a rate and tenure to find out the maximum loan amount you can borrow.

Note: Banks also apply their own income-to-EMI ratio limits (usually 40–50% of net monthly income) and credit score checks. This tool shows the mathematical maximum; actual loan eligibility may vary.

📅 Prepayment / Foreclosure Modeller

Planning to make a lump-sum payment on your loan? Enter your original loan details and a prepayment amount to instantly see your revised EMI or reduced tenure, total interest saved, and an updated amortization schedule.

Original Loan Amount

₹

Annual Interest Rate

% p.a.

Original Tenure

Yrs

Prepayment After (months completed)

Month

Lump-Sum Prepayment Amount

₹

After Prepayment, prefer to

Interest Saved

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New Tenure

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New EMI

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Original Total Interest

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📈 Revised Amortization

Note: Some lenders charge a prepayment penalty (typically 2–4% of prepaid amount) on fixed-rate loans. This tool shows the mathematical savings before any prepayment charges.

📋 EMI Reference Table — Home Loans

Quick reference EMIs for common home loan amounts at popular interest rates over 20 years. These figures help you estimate your monthly outflow without opening the calculator.

Loan Amount	7% / 20 yrs	8% / 20 yrs	8.5% / 20 yrs	9% / 20 yrs	10% / 20 yrs
₹10 lakh	₹7,753	₹8,364	₹8,678	₹8,997	₹9,650
₹20 lakh	₹15,506	₹16,729	₹17,356	₹17,995	₹19,300
₹30 lakh	₹23,259	₹25,093	₹26,035	₹26,992	₹28,950
₹40 lakh	₹31,012	₹33,458	₹34,713	₹35,989	₹38,601
₹50 lakh	₹38,765	₹41,822	₹43,391	₹44,986	₹48,251
₹75 lakh	₹58,148	₹62,733	₹65,087	₹67,480	₹72,376
₹1 crore	₹77,530	₹83,644	₹86,782	₹89,973	₹96,502

All figures assume 20-year tenure and fixed interest rate. Use the calculator above for custom amounts, tenures and rates.

EMI Per Lakh Reference

EMI per lakh tells you how much monthly installment you pay for every ₹1 lakh borrowed. Multiply by your loan amount in lakhs to get your total EMI quickly.

Interest Rate	5 years	10 years	15 years	20 years	25 years	30 years
7.0%	₹1,980	₹1,161	₹899	₹775	₹707	₹665
7.5%	₹2,002	₹1,187	₹927	₹806	₹739	₹699
8.0%	₹2,028	₹1,213	₹956	₹836	₹772	₹734
8.5%	₹2,052	₹1,239	₹985	₹868	₹805	₹769
9.0%	₹2,076	₹1,267	₹1,014	₹900	₹839	₹805
10.0%	₹2,125	₹1,322	₹1,075	₹965	₹909	₹878
12.0%	₹2,225	₹1,435	₹1,200	₹1,101	₹1,053	₹1,029
14.0%	₹2,327	₹1,553	₹1,332	₹1,243	₹1,204	₹1,185

Example: ₹35 lakh home loan at 8.5% for 20 years → 35 × ₹868 = ₹30,380/month. ₹60 lakh at 9% for 25 years → 60 × ₹839 = ₹50,340/month.

❓ Frequently Asked Questions

What is a good EMI to salary ratio?+

Financial experts recommend keeping total monthly EMI obligations below 40-50% of your net monthly income. A single home loan should ideally not exceed 30-35% of take-home pay, leaving flexibility for other expenses, investments, and savings goals. Going above 50% significantly increases financial stress and default risk.

Does a higher down payment significantly reduce EMI?+

Yes, and the savings are substantial. A higher down payment directly reduces the principal borrowed, which reduces both your monthly EMI and your total interest outgo. For example, increasing a down payment from 10% to 20% on a Rs. 1 crore property reduces your loan by Rs. 10 lakhs. At 8.5% for 20 years, that single change saves you roughly Rs. 10.8 lakhs in interest and cuts your EMI by Rs. 4,339 per month.

Should I choose a shorter or longer loan tenure?+

It depends on your priorities. Shorter tenure means a higher monthly EMI but dramatically lower total interest paid - your wealth preservation is better. Longer tenure means a lower EMI that is easier to manage monthly, but you end up paying far more in total interest over the life of the loan. Use this calculator to compare a 15-year versus a 20-year tenure for your specific loan amount. The difference in total interest is often surprising and helps make the decision clear.

Can I use this calculator for USD, EUR, or other currencies?+

Yes. The EMI formula is entirely currency-agnostic. The rupee symbol shown is just a default display label. Simply enter your loan amount in whatever currency you are using and interpret the result in that same currency. For example, for a $200,000 mortgage at 7% for 30 years in the US, enter 200000, 7.0, and 30 and you will get the correct monthly payment in dollars.

What is the difference between fixed and floating interest rates?+

A fixed interest rate keeps your EMI constant throughout the tenure regardless of market movements. A floating rate is linked to a benchmark like the RBI repo rate or MCLR, so your EMI can increase or decrease as rates change. This calculator assumes a fixed rate. If you have a floating rate loan, simply recalculate whenever your bank revises the rate to see your updated EMI commitment.

What happens if I miss an EMI payment?+

Missing an EMI typically results in: a late fee (usually 1-2% of the EMI amount), a negative impact on your CIBIL or credit score, and additional interest charges that increase your total repayment. Most lenders have a grace period of 1-3 days. If you anticipate difficulty making a payment, contact your lender proactively - most offer deferment or restructuring options that are far less damaging than simply missing the payment.

What is the EMI for a ₹50 lakh home loan for 20 years?+

At 8.5% annual interest, the EMI for a ₹50 lakh home loan over 20 years is approximately ₹43,391 per month. Total amount paid = ₹1,04,13,840. Total interest = ₹54,13,840 - more than the principal itself. Reducing the rate by 0.5% (to 8%) brings EMI down to ₹41,822, saving over ₹3.7 lakh in total interest over the tenure. Use this calculator to compare different rates and tenures.

Is it better to reduce EMI or reduce tenure when prepaying a loan?+

Reducing tenure is almost always better for saving total interest. When you prepay and reduce tenure, your outstanding principal clears faster, eliminating interest on all those future months. Reducing EMI instead keeps you in debt longer and saves less. Financial advisors typically recommend reducing tenure unless you genuinely need lower monthly cash flow - for example, if you have other high-interest debt to service simultaneously.

How much home loan can I get on a ₹60,000 monthly salary?+

Most banks allow a total EMI-to-income ratio of 40–50%. On a ₹60,000 net salary, your maximum EMI across all loans should be ₹24,000–₹30,000. If no other loans exist, at 8.5% for 20 years, a ₹28,000 EMI supports a loan of approximately ₹32–33 lakh. At 30 years, the same EMI supports roughly ₹38–40 lakh. Adding a co-applicant (spouse) significantly increases the eligible loan amount.

Does prepaying in early years save more interest than prepaying later?+

Yes, significantly. In the early years, the outstanding principal is highest, so a prepayment eliminates interest on a larger base over more remaining years. Prepaying ₹1 lakh in year 1 of a 20-year loan can save ₹3–4 lakh in total interest. The same ₹1 lakh prepaid in year 15 saves only ₹10,000–₹15,000. Prepay as early as possible for maximum impact on total interest savings.

What is the EMI per lakh for a home loan?+

EMI per lakh is the monthly installment you pay for every ₹1 lakh borrowed. At 8.5% for 20 years, EMI per lakh is ₹868. At 9% for 20 years it is ₹900. At 8% for 15 years it is ₹956. To estimate your total EMI, simply multiply the per-lakh figure by your loan amount in lakhs. For example, a ₹40 lakh loan at 8.5% for 20 years = 40 × ₹868 = ₹34,720 per month. See the full EMI per lakh table above for all common rate and tenure combinations.

What are current home loan interest rates from SBI, HDFC and ICICI?+

Home loan rates change with RBI policy. As of early 2026, SBI home loan rates start around 8.25% p.a., HDFC Bank and ICICI Bank rates start around 8.50% p.a. Car loan rates typically range 8.5–10.5%. Personal loan rates range from 10.5% to 18%+ depending on credit score. Always verify the current rate directly with your lender or on their official website before applying, since rates move with each RBI repo rate revision.

How do I calculate EMI for a floating rate loan?+

A floating rate loan is re-priced periodically based on the RBI repo rate or your bank's MCLR/RLLR benchmark. Your EMI changes each time the rate resets. Use this calculator to model three scenarios: enter your optimistic rate (e.g., current rate minus 0.5%), your current rate, and a pessimistic rate (current plus 1%) to see the EMI range. For a ₹50 lakh home loan over 20 years, a 1% rate increase raises the monthly EMI by approximately ₹3,200 — significant when compounded over 20 years. Plan for the pessimistic scenario to ensure your EMI remains affordable if rates rise.

🔗 Related Calculators

What is a good EMI to income ratio?

Financial experts recommend keeping total monthly loan obligations below 40–50% of your net monthly income. A single home loan should ideally not exceed 30–35% of take-home pay, leaving room for other expenses and savings.

Does a higher down payment significantly reduce EMI?

Yes. A higher down payment directly reduces the principal, which reduces both monthly EMI and total interest paid. For example, increasing a down payment from 10% to 20% on a large property purchase reduces total interest substantially over a 20-year loan.

Should I choose a shorter or longer loan tenure?

Shorter tenure means higher EMI but much lower total interest. Longer tenure means lower monthly payment but significantly more interest paid overall. Use this calculator to compare both scenarios before deciding.

What currencies does this EMI calculator support?

This calculator supports all major currencies - USD, EUR, GBP, INR, JPY, AUD, CAD, SGD, AED and more. Use the currency selector at the top of the widget to switch. The EMI formula is currency-agnostic: the math is identical regardless of currency.

What is the difference between fixed and floating interest rates?

Fixed rate keeps your EMI constant throughout the loan tenure regardless of market changes. Floating (variable) rate changes with market benchmarks set by your central bank, so EMI can go up or down. This calculator assumes a fixed rate - recalculate whenever your bank revises a floating rate.

What happens if I miss a loan payment?

Missing a payment typically results in a late fee, a negative credit score impact, and higher total interest. Most lenders have a short grace period. Contact your lender proactively if you anticipate difficulty making a payment.

What is the EMI for a ₹50 lakh home loan for 20 years?

At 8.5% annual interest, the EMI for a ₹50 lakh home loan over 20 years is approximately ₹43,391 per month. Total amount paid = ₹1,04,13,840. Total interest = ₹54,13,840 - more than the principal itself. Reducing the rate by even 0.5% (to 8%) brings EMI down to ₹41,822, saving over ₹3.7 lakh in total interest.

Is it better to reduce EMI or reduce tenure when prepaying a loan?

Reducing tenure is almost always better for saving interest. When you prepay and reduce tenure, your outstanding principal clears faster, and you save interest on all those future months. Reducing EMI instead keeps you in debt longer and saves less. Financial advisors typically recommend reducing tenure unless you genuinely need the lower EMI for monthly cash-flow reasons.

How much home loan can I get on a ₹60,000 monthly salary?

Most banks allow a total EMI-to-income ratio of 40–50%. On a ₹60,000 net salary, your maximum EMI across all loans should be ₹24,000–₹30,000. If no other loans exist, at 8.5% for 20 years, a ₹28,000 EMI supports a loan of approximately ₹32–33 lakh. At 30 years, the same EMI supports roughly ₹38–40 lakh. Having a co-applicant (spouse) significantly increases eligibility.

Does prepaying in early years save more interest than prepaying later?

Yes, significantly. In the early years of a loan, the outstanding principal is highest, so a prepayment eliminates interest on a larger base over more remaining years. Prepaying ₹1 lakh in year 1 of a 20-year loan can save ₹3–4 lakh in total interest. The same ₹1 lakh prepaid in year 15 saves only ₹10,000–₹15,000. Prepay as early as possible for maximum benefit.

What is the EMI per lakh for a home loan?

EMI per lakh is the monthly installment for every ₹1 lakh borrowed. At 8.5% for 20 years, EMI per lakh is ₹868. At 9% for 20 years it is ₹900. At 8% for 15 years it is ₹956. Simply multiply this by your loan amount in lakhs to get your total EMI. For example, a ₹40 lakh loan at 8.5% for 20 years = 40 × ₹868 = ₹34,720 per month.

What are current home loan interest rates from SBI, HDFC and ICICI?

Home loan rates change frequently. As of early 2025, SBI home loan rates start around 8.50% p.a. (under PMAY scheme, lower rates apply), HDFC Bank rates start around 8.75% p.a., and ICICI Bank rates start around 8.75% p.a. Car loan rates from major banks typically range 8.5–10.5%. Personal loan rates range from 10.5% to 18%+ depending on your credit score. Always verify current rates directly with your lender before applying, as these change with RBI repo rate revisions.

How do I calculate EMI for a floating rate loan?

A floating rate loan changes periodically based on RBI's repo rate or your bank's MCLR/RLLR benchmark. Your EMI is recalculated each time the rate changes. Use this calculator to model scenarios: enter your optimistic rate (e.g., current rate minus 0.5%), your current rate, and a pessimistic rate (current plus 1%) to see the EMI range you should be prepared for. For a ₹50 lakh loan over 20 years, a 1% rate increase raises EMI by roughly ₹3,200 per month - significant over 20 years.

📌 Quick Tips

💡Even a 0.5% lower interest rate can save significantly over 20 years. Always negotiate with your lender.

💡Prepaying in the first 5 years has the maximum impact on total interest savings - more principal is outstanding early.

💡Keep total loan repayment obligations below 40–50% of your net monthly income to stay financially healthy.

💡You can adjust any input and recalculate as many times as needed — it is completely free.

💡Bookmark this page to quickly access the calculator whenever you need it.