Loan EMI Calculator
Calculate monthly EMI for home loans, car loans, and personal loans with interest breakdown.
What Is EMI?
EMI (Equated Monthly Instalment) is a fixed monthly payment made to repay a loan over a set period. Each EMI includes both principal repayment and interest charges. In the early months, a larger portion goes toward interest; as the loan matures, more goes toward principal. This calculator uses the standard reducing-balance EMI formula used by all Indian banks.
EMI Formula
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly instalments (years × 12). For example, a ₹10 lakh home loan at 8.5% for 20 years has an EMI of approximately ₹8,678.
Types of Loans
Home Loan: Typically 6.5-9.5% interest, 15-30 year tenure. Car Loan: 7-12% interest, 3-7 years. Personal Loan: 10-24% interest, 1-5 years. Education Loan: 7-12% interest, 5-15 years. This calculator works for all types — just adjust the amount, rate, and tenure.