Planning a home, car, or personal loan? This free EMI calculator instantly shows your monthly EMI, the total interest you’ll pay, and a full year-by-year breakdown — so you know the real cost of a loan before you sign up.
Loan EMI Calculator
Work out your monthly EMI for a home, car, or personal loan — plus the total interest you'll pay and a full year-by-year breakdown.
Your monthly EMI
₹0
Principal
₹0
Total interest
₹0
Total payable
₹0
| Year | Principal paid | Interest paid | Balance |
|---|
How this works: EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is the loan amount, r the monthly interest rate, and n the number of months. Actual EMIs may include processing fees, insurance, or a different compounding basis set by your lender. This is an educational estimate, not a loan offer. Planning your budget around an EMI? Check your take-home salary first.
What is an EMI?
EMI stands for Equated Monthly Instalment — the fixed amount you pay your lender every month until the loan is repaid. Each EMI has two parts: interest on the outstanding balance, and principal repayment. It’s calculated with this formula:
EMI = P × r × (1 + r)^n / [ (1 + r)^n − 1 ] P = loan amount, r = monthly interest rate, n = number of months
Typical EMIs at a glance
| Loan | Amount | Rate | Tenure | EMI |
|---|---|---|---|---|
| Home | ₹10 lakh | 8.5% | 20 years | ≈ ₹8,678 |
| Home | ₹30 lakh | 8.5% | 20 years | ≈ ₹26,035 |
| Car | ₹8 lakh | 9.5% | 7 years | ≈ ₹13,075 |
| Personal | ₹3 lakh | 14% | 3 years | ≈ ₹10,253 |
Use the presets (🏠 Home, 🚗 Car, 💳 Personal) in the calculator to load typical rates, then adjust to your exact offer.
How to reduce your EMI and total interest
- Choose a shorter tenure if you can afford a higher EMI — you’ll pay far less total interest.
- Make a bigger down payment so you borrow less to begin with.
- Negotiate the interest rate or compare lenders — even 0.5% makes a big difference over 20 years.
- Prepay when you can. Early prepayments hit the principal hard and save the most interest, because early EMIs are mostly interest.
Borrow within your means
A common rule is to keep all your EMIs under about 40% of your take-home pay. Not sure what that is? Work it out with our take-home salary calculator, then fit the EMI into a realistic plan using our guide on how to create a budget that works for you. And if you have surplus after your EMI, consider investing it via a SIP.
Frequently asked questions
What is the EMI for a ₹10 lakh loan?
For a ₹10 lakh loan at 8.5% over 20 years, the EMI is about ₹8,678 per month, with total interest of roughly ₹10.8 lakh. It changes with the rate and tenure — try your numbers in the calculator.
Does a longer tenure reduce my EMI?
Yes — a longer tenure spreads the loan over more months, lowering the EMI. But you pay much more total interest. A shorter tenure means a higher EMI but big interest savings.
How can I reduce the total interest on my loan?
Pick a shorter tenure if affordable, make a larger down payment, negotiate a lower rate, and prepay whenever you have surplus — early prepayments save the most because early EMIs are mostly interest.
What is loan amortization?
Amortization is how each EMI splits between interest and principal. Early EMIs are mostly interest; later ones are mostly principal. The year-wise breakdown in the calculator shows exactly how your balance falls over time.
Is the calculated EMI exactly what I’ll pay?
It’s a close estimate. Your actual EMI may differ slightly because lenders can add processing fees, insurance, or use a different compounding basis. Always confirm the final figure with your lender.
Get smarter with your money — free
Join the club for simple, India-focused money tips, new calculators, and tax updates in your inbox. No spam, unsubscribe anytime.