Calculate your monthly EMI instantly. See full amortization schedule, total interest payable & interactive breakdown chart.
| 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) |
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.
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
| 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.