EMI Calculator
Find the monthly instalment (EMI) for a home, car or personal loan, the total interest you will pay and the month your loan ends. Add a yearly or one-time prepayment to see how much interest you save.
How to use it
- Pick the loan type, then set the amount, interest rate and tenure.
- Add a prepayment and choose whether to finish the loan earlier or lower the EMI.
- Check the year-wise schedule for principal, interest and the balance left.
How it is calculated
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the yearly interest rate divided by 12 and n is the number of monthly instalments.
Frequently asked questions
What is the EMI on a Rs 30 lakh home loan for 20 years?
At 8.5% a year it is about Rs 26,035 a month. Over 20 years you pay about Rs 32.5 lakh as interest.
Is it better to reduce the EMI or the tenure after a prepayment?
Reducing the tenure saves more interest because the balance clears sooner. Reducing the EMI eases your monthly budget. The calculator shows both.
What is a flat interest rate?
Some lenders quote a flat rate on the original amount for the whole tenure. The real reducing-balance rate is much higher; a 10% flat rate over 3 years is about 17.9%.
Does the EMI include processing fees or insurance?
No. Processing fees, insurance and taxes are charged separately by the lender.