EMI Calculator
Calculate your monthly loan repayment for home, car, or personal loans. See total interest and full amortisation breakdown.
What is an EMI Calculator?
An EMI (Equated Monthly Instalment) calculator helps you find the fixed monthly amount you'll pay to repay a loan over a set period. It factors in the principal, interest rate, and tenure to give you the exact monthly outgo, total interest payable, and total repayment amount.
EMI Formula
EMI is calculated using the standard reducing balance formula used by all Indian banks and NBFCs:
Where: P = loan principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months
Home Loan EMI in India (2026)
Home loan interest rates from major Indian banks currently range from 8.35% to 9.5% per annum, depending on your credit score and the bank. RBI repo rate changes directly affect floating-rate home loans. A ₹50 lakh home loan at 8.5% for 20 years works out to approximately ₹43,391 per month.
Car Loan EMI
Car loans in India are typically offered at 8.75% to 11% for new vehicles, with tenures of 1 to 7 years. The shorter the tenure, the higher the EMI but the lower the total interest paid. Use this calculator to find the right balance between tenure and affordability.
Personal Loan EMI
Personal loan interest rates in India range from 10.5% to 24% depending on the lender and your creditworthiness. Since personal loans are unsecured, they carry higher rates than home or car loans. Always compare total interest outgo before choosing a personal loan.
Tips to reduce your EMI
You can reduce your EMI by making a larger down payment (reducing the principal), choosing a longer tenure, or negotiating a lower interest rate with a better credit score. Making partial prepayments during the loan tenure also significantly reduces total interest paid.