EMI Calculator — Home Loan, Car Loan & Personal Loan
Calculate your exact monthly EMI, total interest payable and full amortization schedule for any loan. Covers home loans, car loans, personal loans and education loans with reference Indian bank rate presets. Compare EMI across different interest rates.
Frequently Asked Questions
What is EMI?+
EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan. Each EMI has two parts — principal repayment and interest. Early EMIs have more interest, later EMIs have more principal.
How is EMI calculated?+
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 tenure in months. This calculator uses the exact same formula.
What is a good EMI to salary ratio?+
Banks typically approve loans where your total EMI outgo is less than 50% of your monthly income. Ideally, keep it under 35-40% to maintain financial flexibility. Many banks use FOIR (Fixed Obligation to Income Ratio) to assess this.
Does prepayment reduce EMI or tenure?+
Most banks offer both options. Reducing tenure saves more interest overall. Reducing EMI gives you more cash flow monthly. Home loan borrowers can claim tax benefits under Section 80C (principal) and Section 24B (interest).
What home loan interest rate should I use?+
Rates vary by lender, loan amount and your credit profile, and change with RBI monetary policy — there’s no single current figure to quote here. Check your lender’s published rate and enter that into the calculator above for an accurate EMI.
EMI Calculator — How It Works & Common Questions
EMI stands for Equated Monthly Instalment — the fixed monthly payment you make to repay a loan. Each EMI has two parts: interest (calculated on the outstanding balance) and principal repayment. In early months, most of your EMI goes towards interest. As the loan progresses, more goes towards principal. This calculator uses the standard Indian banking formula and shows you the exact month-by-month breakdown for the entire loan tenure.