Calculate your Equated Monthly Instalment for home loan, car loan or personal loan. Instant results in Indian Rupees with full amortization schedule.
EMI (Equated Monthly Instalment) is the fixed monthly payment you make to a lender to repay a loan. Each EMI covers two components: the interest charged on the outstanding balance, and a portion of the principal repayment. In early months, most of the EMI goes toward interest. Over time, more of each payment reduces the principal — this is called loan amortization.
EMI = P × r × (1+r)⊃n ÷ [(1+r)⊃n − 1]
Where P = Principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months. For a Rs 30 lakh home loan at 8.5% for 20 years: EMI = Rs 26,035/month, total interest = Rs 32.48 lakh, total repayment = Rs 62.48 lakh.
| Bank / Lender | Interest Rate (p.a.) | Max Tenure |
|---|---|---|
| SBI | 8.50% – 9.85% | 30 years |
| HDFC Bank | 8.70% – 9.85% | 30 years |
| ICICI Bank | 8.75% – 9.90% | 30 years |
| Axis Bank | 8.75% – 9.65% | 30 years |
| Bank of Baroda | 8.40% – 10.65% | 30 years |
| Kotak Mahindra | 8.75% – 9.60% | 20 years |
Rates are indicative and subject to change. Contact your bank for current rates applicable to your profile.
A longer tenure reduces your monthly EMI but increases the total interest paid. A shorter tenure means a higher EMI but significantly lower total cost. For a Rs 30 lakh loan at 8.5%: a 20-year loan has an EMI of Rs 26,035 (total interest Rs 32.48L), while a 15-year loan has an EMI of Rs 29,595 but saves Rs 9.21 lakh in interest.
Making a lump-sum prepayment reduces your principal, which reduces future interest dramatically. Most banks allow partial prepayment on floating rate home loans without penalty under RBI guidelines. Even a Rs 5 lakh prepayment on a Rs 50 lakh 20-year home loan can save Rs 8–10 lakh in total interest.
Indian loans are expressed in Lakhs (1 Lakh = 1,00,000) and Crores (1 Crore = 1,00,00,000). A Rs 50 lakh home loan = Rs 50,00,000. A Rs 1 crore home loan = Rs 1,00,00,000. The calculator displays amounts in both formats for clarity.