How to use the EMI calculator
- Choose the loan type: home, car or personal. Each one starts with typical values.
- Enter the loan amount you plan to borrow.
- Set the interest rate your bank has offered (annual rate).
- Pick the tenure in years.
Your EMI, total interest and total payment update instantly. Open the amortization schedule to see how much principal and interest you pay each year and what you still owe.
EMI formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P is the principal, the amount you borrow
- r is the monthly interest rate: annual rate ÷ 12 ÷ 100
- n is the number of monthly instalments: years × 12
For example, a ₹10 lakh loan at 10% for 10 years has r = 0.1 ÷ 12 = 0.00833 and n = 120, so the EMI is₹13,215.
Sample EMIs
| Loan amount | Rate | Tenure | Monthly EMI |
|---|---|---|---|
| ₹30,00,000 | 8.5% | 20 years | ₹26,035 |
| ₹50,00,000 | 8.5% | 20 years | ₹43,391 |
| ₹50,00,000 | 8.5% | 30 years | ₹38,446 |
| ₹10,00,000 | 9.5% | 5 years | ₹21,002 |
| ₹5,00,000 | 12% | 3 years | ₹16,607 |
How to reduce your EMI or total interest
- Make a bigger down payment. Every rupee you don't borrow saves its interest for the whole tenure.
- Compare lenders. A rate that is 0.5% lower on a ₹50 lakh, 20-year loan saves over ₹3.5 lakh.
- Prepay when you can. Bonuses or windfalls paid towards principal in the early years cut interest the most.
- Choose the shortest tenure you can afford. A higher EMI for fewer years is far cheaper overall.
- Keep a good credit score. Scores above 750 usually get the best rates.
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