Calculate loan EMI for home, car & personal loans
Built & maintained by Pappu Venkata Subbi Reddy, founder of Clacify · Updated July 2026 · Formulas verified against official Indian government sources
The EMI Calculator works out the Equated Monthly Instalment for any home loan, car loan, or personal loan in India. Enter the loan amount (principal), the annual interest rate, and the tenure in months or years, and it instantly shows your monthly EMI, the total interest you will pay over the life of the loan, and the total amount repayable. A month-by-month amortisation breakdown reveals how each instalment splits between principal and interest — the single most useful thing to look at before you decide whether to prepay. Because every Indian lender quotes rates on a reducing-balance basis, the calculator uses the exact reducing-balance formula the banks use, so the figure matches what SBI, HDFC, ICICI, or any NBFC will put in your sanction letter — not a flat-rate approximation that looks cheaper than it really is.
EMI is calculated with the standard reducing-balance formula: EMI = P × r × (1+r)^n ÷ [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. Total interest = (EMI × n) − P. The amortisation table is then built month by month: each EMI first covers that month's interest (outstanding balance × r), and whatever is left reduces the principal. Early instalments are interest-heavy and later ones are principal-heavy — which is exactly why prepaying in the first few years saves the most. All of this runs in your browser; nothing is sent to a server.
| Interest rate | 10 years | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|---|
| 8.0% | ₹1,213 | ₹956 | ₹836 | ₹772 | ₹734 |
| 9.0% | ₹1,267 | ₹1,014 | ₹900 | ₹839 | ₹805 |
| 10.0% | ₹1,322 | ₹1,075 | ₹965 | ₹909 | ₹878 |
| 11.0% | ₹1,378 | ₹1,137 | ₹1,032 | ₹980 | ₹952 |
Read the EMI for ₹1 lakh, then multiply by your loan amount in lakhs. Example: a ₹30 lakh loan at 9% for 20 years ≈ 30 × ₹900 = ₹27,000 per month. Figures use the reducing-balance method every Indian bank uses; a flat-rate quote at the same headline number would cost you noticeably more.
Suppose you borrow ₹25,00,000 at 9% per year for 20 years (240 months). The monthly rate is 9 ÷ 12 ÷ 100 = 0.75%. Plugging into the reducing-balance formula gives an EMI of about ₹22,500 per month.
Over the full 20 years you will pay ₹22,500 × 240 = ₹54,00,000. Of that, ₹25,00,000 is the money you actually borrowed and ₹29,00,000 is interest. Read that again: on a 20-year loan at 9%, the interest is larger than the loan itself. This is the number most borrowers never see, because the sanction letter only shows the EMI — not the ₹29 lakh you hand over on top of it.
That is the whole point of running the numbers before you sign: the EMI tells you what you can afford each month, but the total-interest figure tells you what the loan truly costs.
Since October 2019 the RBI requires banks to link most new floating-rate retail loans to an external benchmark — usually the repo rate (this is the EBLR / RLLR regime). When the RBI cuts or raises the repo rate, your floating EMI (or, more often, your tenure) changes with it, typically within a quarter.
A fixed-rate loan keeps the same rate for a set period and shields you from rate hikes, but Indian lenders price fixed home loans 1–2 percentage points higher and often allow a reset after a few years. For most home-loan borrowers a repo-linked floating rate works out cheaper over a full tenure; fixed rates make more sense for short-tenure car or personal loans where certainty matters more than the small premium.
Because early EMIs are mostly interest, a prepayment in year 1–5 wipes out principal that would otherwise have kept generating interest for the remaining 15+ years. The same lump sum paid in year 15 saves very little, because by then most of the interest has already been charged.
On the ₹25 lakh example above, a single ₹2 lakh prepayment in year 2 — and asking the bank to keep the EMI the same while cutting the tenure — can save well over ₹5 lakh in interest and shorten the loan by roughly two years. Use the amortisation schedule to test your own prepayment before you make it. Note that RBI rules bar banks from charging prepayment or foreclosure penalties on floating-rate home loans taken by individuals.
There are four honest levers, each with a trade-off. Extend the tenure and the EMI drops but total interest rises sharply. Make a bigger down payment and you borrow less, so both EMI and interest fall. Negotiate or transfer to a lower rate (a balance transfer to another bank) and you cut interest without extending the loan — worth doing if the rate gap is 0.5% or more and you are early in the tenure. Finally, improving your CIBIL score before you apply often earns a lower rate outright. Beware the tempting fifth "lever" — a flat interest rate quoted by some dealers and NBFCs — which advertises a low number but works out far more expensive than the equivalent reducing-balance rate.
EMI is calculated using: EMI = [P × R × (1+R)^N] ÷ [(1+R)^N − 1], where P = loan amount, R = monthly interest rate (annual rate ÷ 12 ÷ 100), N = number of monthly instalments. For a ₹30 lakh home loan at 8.5% for 20 years, the EMI works out to ₹26,035 per month.
For a ₹10 lakh personal loan at 12% per annum for 5 years, the monthly EMI is approximately ₹22,244. Enter your exact loan amount, interest rate, and tenure in the EMI Calculator to get your personalised figure.
As of 2025, SBI, Bank of Baroda, and Union Bank offer home loan rates starting from around 8.25%–8.5% per annum for salaried individuals with good credit scores. Enter the offered rate in the EMI Calculator above to compute your exact monthly payment.