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EMI Calculator
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Calculate your monthly instalment, total interest payable and full amortisation schedule in seconds — free, accurate, no login required.
🏠 Home Loan EMI Calculator
Loan Amount
₹50K₹1Cr
Annual Interest Rate
1%30%
Loan Tenure
1 Yr30 Yrs
Principal Amount₹25,00,000
Total Interest Payable₹27,37,464
Total Amount Payable₹52,37,464
Monthly EMI
₹21,823
per month for 240 months
48%
Principal
Principal Amount₹25,00,000
Total Interest₹27,37,464
Total Payable₹52,37,464
📅 Amortisation Schedule
| # | Month / Year | EMI (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
|---|
📐
EMI Formula Used
Standard reducing balance formula used by all Indian banks:
EMI = P × r × (1+r)ⁿ
÷ [(1+r)ⁿ − 1]
P = Principal
r = Monthly rate (annual ÷ 12)
n = Tenure in months
÷ [(1+r)ⁿ − 1]
P = Principal
r = Monthly rate (annual ÷ 12)
n = Tenure in months
💡
How to Reduce EMI
1. Higher down payment — reduces principal
2. Longer tenure — lower monthly EMI (but more interest)
3. Balance transfer — shift to a lender with lower interest rate
4. Part prepayment — reduces outstanding principal and future interest
2. Longer tenure — lower monthly EMI (but more interest)
3. Balance transfer — shift to a lender with lower interest rate
4. Part prepayment — reduces outstanding principal and future interest
📊
Typical Interest Rates (2025)
Home Loan: 8.35% – 9.50% p.a.
Car Loan: 9.00% – 11.50% p.a.
Personal Loan: 10.50% – 24.00% p.a.
Education Loan: 8.50% – 12.00% p.a.
Rates vary by lender, credit score & loan amount.
Car Loan: 9.00% – 11.50% p.a.
Personal Loan: 10.50% – 24.00% p.a.
Education Loan: 8.50% – 12.00% p.a.
Rates vary by lender, credit score & loan amount.
Frequently Asked Questions
EMI (Equated Monthly Instalment) is the fixed monthly payment made to a lender to repay a loan. It includes both the principal repayment and the interest charged on the outstanding balance, calculated on a reducing balance method.
EMI = [P × r × (1+r)ⁿ] ÷ [(1+r)ⁿ − 1] — where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. All Indian banks and NBFCs use this reducing balance method.
Most lenders give you a choice. Reducing the tenure saves more interest overall, while reducing the EMI improves monthly cash flow. Part-prepayment directly reduces the outstanding principal, so less interest accrues on future EMIs.
Under a flat rate, interest is charged on the full original principal throughout the tenure — making the effective cost much higher. Under reducing balance (used by this calculator), interest is charged only on the outstanding balance, which reduces each month as you repay principal.
GST at 18% is applicable on the processing fee and other service charges levied by the bank — not on the EMI itself. The principal and interest components of the EMI are not subject to GST. Need help with GST compliance? Talk to TAXAJ →
Yes — for home loans, Section 80C allows deduction up to ₹1.5L on principal repayment, and Section 24(b) allows up to ₹2L on interest paid. For education loans, Section 80E allows deduction on the full interest paid for up to 8 years. Personal and car loans generally do not qualify for deductions. File your ITR with TAXAJ →
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