Loan EMI Calculator India
Calculate your monthly EMI for home loan, car loan or personal loan instantly. Get full amortization schedule, total interest payable and principal vs interest breakdown.
EMI Calculator
Loan repayment calculator for India
EMI Breakdown
Monthly EMIEnter your loan amount, interest rate and tenure above, then click Calculate EMI to see your monthly EMI with full amortization schedule.
EMI Formula
EMI = P × r × (1+r)^n ÷ [(1+r)^n − 1]
Where P = Principal loan amount, r = Monthly interest rate (Annual rate ÷ 12 ÷ 100), n = Total number of monthly instalments (Tenure in years × 12).
Lower EMI Tips
Increase tenure to reduce monthly EMI, but note this increases total interest paid. Making a larger down payment reduces the loan principal and thus the EMI.
Prepayment Benefit
Making part-prepayments reduces your outstanding principal, which lowers future interest. Even small prepayments early in the tenure save significant interest.
Fixed vs Floating Rate
Fixed rate EMIs stay constant throughout tenure. Floating rates change with RBI repo rate — they may reduce your EMI when rates fall but can also increase them.
Eligibility Tip
Banks typically approve loans where total EMIs do not exceed 40–50% of your monthly net income. Use this calculator to check if your planned EMI fits your budget.
Current Loan Interest Rates — India (2025–26)
Indicative rates. Actual rates vary by bank, credit score and loan type.
| Loan Type | Interest Rate | Max Tenure | Max Amount |
|---|---|---|---|
| Home Loan (SBI) | 8.50% – 9.85% | 30 years | No upper limit |
| Home Loan (HDFC) | 8.70% – 9.95% | 30 years | No upper limit |
| Car Loan | 9.00% – 11.50% | 7 years | Based on car value |
| Personal Loan | 10.50% – 16.00% | 5 years | ₹40 lakh |
| Education Loan | 8.00% – 11.00% | 15 years | ₹1.5 crore |
| Gold Loan | 7.00% – 10.00% | 3 years | 75–80% of gold value |
EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay your loan. It includes both principal repayment and interest. EMI = P × r × (1+r)^n ÷ [(1+r)^n − 1], where P is principal, r is monthly interest rate and n is total months.
You can reduce EMI by: (1) negotiating a lower interest rate or improving your credit score, (2) increasing the loan tenure (though this means more total interest), (3) making a larger down payment to reduce the principal, or (4) making part-prepayments during the loan.
An amortization schedule shows a month-by-month breakdown of your EMI payments — how much goes toward principal repayment and how much toward interest. In early months, most of your EMI goes to interest. Over time, the principal portion increases.
When you make a prepayment, most lenders give you the option to either reduce your EMI amount (keeping tenure same) or reduce the tenure (keeping EMI same). Reducing tenure saves more interest overall.
Most banks require a minimum CIBIL score of 700–750 for home loans. A score above 750 gives you access to the best interest rates. Scores below 650 may result in loan rejection or significantly higher interest rates.