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EMI calculator (loan calculator)

See your monthly EMI, total interest and repayment schedule.

₹

₹25,00,000 (25 lakh)

%

The rate your lender quotes, e.g. 8.5

Monthly EMI

₹21,695.58

240 monthly payments

Loan amount (principal)
₹25,00,000
Total interest
₹27,06,939
Total amount payable
₹52,06,939
  • Principal: 48.0%
  • Interest: 52.0%
Year-by-year repayment schedule
YearPrincipalInterestBalance
1₹49,756₹2,10,591₹24,50,244
2₹54,154₹2,06,193₹23,96,091
3₹58,940₹2,01,407₹23,37,150
4₹64,150₹1,96,197₹22,73,000
5₹69,820₹1,90,527₹22,03,180
6₹75,992₹1,84,355₹21,27,188
7₹82,709₹1,77,638₹20,44,479
8₹90,020₹1,70,327₹19,54,459
9₹97,977₹1,62,370₹18,56,482
10₹1,06,637₹1,53,710₹17,49,846
11₹1,16,063₹1,44,284₹16,33,783
12₹1,26,321₹1,34,026₹15,07,462
13₹1,37,487₹1,22,860₹13,69,974
14₹1,49,640₹1,10,707₹12,20,335
15₹1,62,866₹97,480₹10,57,468
16₹1,77,262₹83,085₹8,80,206
17₹1,92,931₹67,416₹6,87,275
18₹2,09,984₹50,363₹4,77,291
19₹2,28,545₹31,802₹2,48,746
20₹2,48,746₹11,601₹0

Reducing-balance formula used by banks: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), with r = yearly rate ÷ 12. Years in the schedule count from your first EMI. Your lender’s figure may differ by a rupee because of rounding or pre-EMI interest.

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How to calculate your loan EMI

  1. 1

    Enter the loan amount.

  2. 2

    Enter the yearly interest rate your lender quotes.

  3. 3

    Enter the tenure in years or months.

  4. 4

    See the EMI, total interest and a year-by-year schedule.

How your EMI is calculated

An EMI (equated monthly instalment) stays the same every month. Part of it pays interest on what you still owe, and the rest reduces the loan. Banks in India use the reducing-balance formula:

A loan EMI calculator for a home loan EMI calculator, car loan EMI calculator or personal loan EMI calculator.

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

Here P is the loan amount, r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. A ₹10 lakh loan at 8.5% for 20 years has an EMI of ₹8,678.23.

Home, car and personal loans

The same formula works for home loans, car loans, two-wheeler loans, personal loans and education loans, as long as the rate is on a reducing balance. Some dealers quote a flat rate, which looks lower but charges interest on the full amount for the whole tenure. On a 3-year loan, a 10% flat rate costs about as much as an 18% reducing rate.

Read the schedule

Early EMIs are mostly interest, and later ones mostly principal. The year-by-year schedule shows how much principal and interest you pay each year and the balance left. Use it to plan prepayments: paying extra early in the loan saves the most interest. Home-loan borrowers in the old tax regime can also use it to estimate the yearly interest for section 24(b) and the principal for 80C.

Why your bank’s figure may differ

  • Banks may round the EMI up to the next rupee.
  • Interest for the days between disbursement and your first EMI (broken-period or pre-EMI interest) is often charged separately.
  • Floating rates change over time, which changes the EMI or the tenure.

Processing fees and insurance aren’t included. Add them separately when comparing offers.

Frequently asked questions

How is EMI calculated?

Banks use the reducing-balance formula: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan, r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n is the number of months.

Will my bank’s EMI match exactly?

Usually to the rupee. Small differences come from rounding and from interest for the days before your first EMI (pre-EMI or broken-period interest), which some lenders add separately.

Does it work for home, car and personal loans?

Yes. All standard reducing-balance loans use the same formula. It doesn’t apply to flat-rate loans, which some dealers and NBFCs quote.

How can I reduce the total interest?

A shorter tenure or part-prepayments cut interest sharply, because interest is charged on the outstanding balance. Try a shorter tenure to see the difference.

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