EMI Calculator
Calculate your Equated Monthly Instalment for home loan, car loan or personal loan.
₹10,00,000
₹50K₹1Cr
8.5%
1%24%
20 years
Monthly EMI
₹8,678
Total Interest
₹10,82,776
Total Payment
₹20,82,776
Breakup
PrincipalInterest
How EMI Is Calculated
Formula
EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]- P = Principal | r = Monthly rate = Annual ÷ 12 ÷ 100
- n = Tenure in months
Real-World Scenarios
🏠 Home Loan Tenure
₹50 L at 8.5%: 20-yr EMI ₹43,391 (total interest ₹54 L). 15-yr EMI ₹49,238 (total interest ₹39 L). Shorter tenure saves ₹15 L.
🚗 Car Loan Comparison
₹8 L at 9%: 3-yr EMI ₹25,450 (interest ₹1.16 L) vs 5-yr EMI ₹16,600 (interest ₹1.96 L). Extra 2 years costs ₹80,000 more.
💰 Prepayment Impact
A ₹2 L prepayment in Year 3 of a ₹30 L, 20-yr home loan at 8.5% can save ₹5–7 L in interest and cut tenure by ~3 years.
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to repay a loan. It includes both principal and interest components.
How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is number of months.
Does prepayment reduce EMI?
Yes — making a partial prepayment reduces either your outstanding principal (reducing tenure) or your monthly EMI, depending on your bank's policy.
What is the best tenure for a home loan?
Shorter tenure means higher EMI but lower total interest. Longer tenure means lower EMI but more interest paid. Choose based on your monthly budget.