EMI Calculator
Calculate your monthly loan EMI instantly — Home, Car & Personal Loans
📊 Calculate Your Loan EMI
Loan Amount ₹30,00,000
₹
Interest Rate (p.a.) 8.5%
%
Loan Tenure 20 Years
Yrs
Monthly EMI
₹0
per month
Principal
₹0
Total Interest
₹0
Total Payable
₹0
Tenure
0 Months
Principal
Interest
📅 Year-wise Amortization
| Year | Principal (₹) | Interest (₹) | Total Paid (₹) | Balance (₹) |
|---|
📌 What is EMI?
An Equated Monthly Instalment (EMI) is the fixed monthly amount you pay to repay your loan. It includes both the principal and the interest on the outstanding balance, calculated using the reducing balance method.
🔢 EMI Formula
Standard EMI Formula
EMI = P x r x (1+r)^n / [(1+r)^n - 1]
P = Principal | r = Monthly Interest Rate | n = Total Months
🏠 Types of Loans
🏠 Home Loan10–30 yrs | 8.4%+ p.a.
🚗 Car Loan1–7 yrs | 7.9%+ p.a.
👤 Personal Loan1–5 yrs | 10.5%+ p.a.
🏫 Education Loan5–15 yrs | 9.0%+ p.a.
📈 How to Reduce Your EMI
Pay a higher down payment to reduce the loan principal. A longer tenure lowers monthly EMI but increases total interest. Maintaining a CIBIL score above 750 helps you secure lower interest rates from lenders.
💡 Smart Loan Tips
🏦 Compare rates from at least 3–4 lenders before signing.
📊 CIBIL score above 750 gets you the best interest rates.
💰 Higher down payment = lower EMI and less total interest paid.
📅 Shorter tenure = higher EMI but much lower total cost.
🔄 Prepay whenever possible — it saves the most in early years.
❓ Frequently Asked Questions
What is a healthy EMI-to-income ratio? +
Experts recommend keeping total EMIs below 40–50% of your monthly net income to stay financially comfortable.
Is EMI calculated on reducing balance? +
Yes. Indian banks use the reducing balance method — interest is charged only on the outstanding principal each month.
Can I change my EMI after taking the loan? +
Yes, by making a lump-sum prepayment or doing a balance transfer to a lender offering a lower interest rate.
What happens if I miss an EMI? +
Missing an EMI attracts penal charges and lowers your CIBIL score. Repeated defaults may lead to legal action.
Does this calculator work for all Indian banks? +
Yes. It uses the standard formula accepted by SBI, HDFC, ICICI, Axis, Kotak and all major NBFCs. Actual EMI may vary slightly due to processing fees.