Calculate monthly payments, total interest, and full amortization schedule instantly. Compare rates from top Indian banks.
| Period | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| Click "Calculate EMI" to view schedule | ||||
Plan your loans better with accurate EMI calculations and detailed amortization schedules.
Uses standard loan amortization formula for precise EMI calculations.
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EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month to repay your loan. The formula used is: 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.
EMI (Equated Monthly Installment) is the fixed amount you pay each month to repay your loan.
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, n is number of months.
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Rates are indicative and subject to change. Please check with the bank for exact rates.
Whether you're planning a home loan, car loan, or personal loan, understanding your EMI (Equated Monthly Instalment) is the first step to smart financial planning. This guide explains the formula, the factors, and how to use EMI calculations to your advantage.
EMI is calculated using this standard formula used by all banks in India:
EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ - 1]
Where P = Principal, r = Monthly interest rate (annual rate ÷ 12 ÷ 100), n = Loan tenure in months
Example: A ₹30,00,000 home loan at 8.5% annual interest for 20 years (240 months): Monthly rate r = 8.5/12/100 = 0.007083. EMI = ₹26,035 per month. Total repayment = ₹62,48,400. Total interest = ₹32,48,400 — more than the principal itself.
Interest rates vary significantly between lenders. As of 2025, typical ranges are:
| Lender | Rate Range | Best For |
|---|---|---|
| SBI Home Loan | 8.50% – 9.85% | Salaried employees, govt sector |
| HDFC Bank | 8.75% – 9.65% | Premium borrowers, high credit score |
| ICICI Bank | 8.75% – 9.80% | Self-employed professionals |
| Axis Bank | 8.75% – 13.30% | Flexible tenure options |
| Kotak Mahindra | 8.70% – 9.45% | Digital-first borrowers |
*Rates are indicative. Actual rates depend on credit score, loan amount, and lender policy. Always verify with the bank.
In the early years of a loan, most of your EMI goes toward interest, not principal. Making even one extra EMI per year in the first 5 years can reduce your loan tenure by 3–5 years and save lakhs in interest. Use our calculator's prepayment field to see the impact.
A 15-year home loan vs a 20-year loan on ₹30L at 8.5%: You pay ₹29,471/month for 15 years (total ₹53.05L) vs ₹26,035/month for 20 years (total ₹62.48L). The 15-year option saves ₹9.43L in interest for ₹3,436 more per month.
A CIBIL score above 750 gets you the best interest rates. On a ₹50L loan, the difference between 8.5% and 9.5% interest is over ₹35 lakhs in total repayment. Pay credit card bills on time, keep credit utilization under 30%, and avoid multiple loan applications simultaneously.
Most banks in India follow the FOIR (Fixed Obligation to Income Ratio) rule: your total monthly EMI obligations should not exceed 40–50% of your net monthly income. If you earn ₹80,000/month, your total EMIs (all loans combined) should ideally stay under ₹32,000–₹40,000. Exceeding this makes loan approval harder.
Processing fees (0.5–2% of loan amount) don't change the monthly EMI amount, but they increase the effective cost of your loan. Always factor these in when comparing loan offers. A loan with a lower interest rate but high processing fees may cost more overall than one with a slightly higher rate and zero processing fees.
Missing an EMI triggers a late payment penalty (typically 1–2% of the overdue amount per month), negatively impacts your CIBIL score (a single missed payment can drop your score by 50–100 points), and can trigger penal interest on the overdue installment. If you anticipate difficulty, contact your bank for a repayment holiday rather than simply missing payments.
