EMI Calculator — Home, Car
& Personal Loan
Calculate your monthly EMI instantly. See full amortization schedule, total interest payable & interactive breakdown chart.
Loan Details
| Period | Opening Balance | EMI | Principal | Interest | Closing Balance |
|---|
| Interest Rate | 8.5% – 9.5% |
| Max Tenure | 30 years |
| Max Amount | ₹10 Crore+ |
| Processing Fee | 0.5% – 1% |
| Prepayment | Allowed (No fee for floating) |
| Interest Rate | 8.7% – 12% |
| Max Tenure | 7 years |
| Max Amount | Up to ex-showroom price |
| Processing Fee | ₹1,000 – ₹5,000 |
| Prepayment | After 6–12 months |
| Interest Rate | 10.5% – 24% |
| Max Tenure | 5 years |
| Max Amount | ₹40 Lakh |
| Processing Fee | 1% – 3% |
| Prepayment | After 12 months (2–4% fee) |
What is EMI?
EMI (Equated Monthly Instalment) is a fixed monthly payment you make to repay a loan. Each payment covers both principal (the actual loan amount) and interest.
In the early months, a larger portion of your EMI goes toward interest. As you repay, more goes toward the principal — this is called the amortization effect.
The EMI amount remains constant throughout the loan tenure, making it easy to budget your monthly expenses.
EMI Formula
The EMI is calculated using this standard formula used by all banks in India:
P = Principal loan amount
R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
N = Loan tenure in months
Example: ₹30L at 8.5% for 20 years → R = 8.5/12/100 = 0.00708, N = 240
How to Reduce Your EMI
- Longer tenure — 20 yrs vs 10 yrs cuts EMI nearly in half
- Larger down payment — borrow less, pay less EMI
- Better CIBIL score — 750+ gets you lower interest rate
- Balance transfer — shift to a lower-rate lender mid-loan
- Negotiate rate — banks often lower rates for salaried employees with good history
- Joint loan — with spouse increases eligibility and may improve rate
2026 Bank EMI Rates Comparison
| Bank | Home Loan | Car Loan | Personal |
|---|---|---|---|
| SBI | 8.50% | 8.75% | 11.45% |
| HDFC | 8.75% | 9.00% | 10.50% |
| ICICI | 8.75% | 9.10% | 10.80% |
| Axis | 8.90% | 9.25% | 11.25% |
| Kotak | 8.75% | 9.00% | 10.99% |
*Rates are indicative for 2026. Check with your bank for current rates.