EMI calculator for India: home, car and personal loan EMI
Enter the loan amount, the yearly rate and the tenure to see the monthly EMI, the interest over the loan and a schedule you can download.
Results
Monthly EMI
0.00
Principal and interest together, the same amount each month for the whole tenure.
- Monthly EMI
- 0.00
- Paid each month with the prepayment
- 0.00
- Total interest
- 0.00
- Total paid to the lender
- 0.00
- Number of EMIs
- 0
- Last EMI
- -
- What the part prepayment saves
- -
| Year | Paid | Principal | Interest | Balance |
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| Month | Date | Paid | Principal | Interest | Balance |
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For information only, not financial, tax or legal advice.
Last updated . Method checked . Methodology
An EMI, or equated monthly installment, is the fixed sum a bank or housing finance company collects each month until a loan is repaid. Part of every EMI pays interest on the balance still owed and the rest reduces that balance, so early EMIs are mostly interest and the last ones are mostly principal. Enter the amount borrowed, the yearly rate from the sanction letter and the tenure in years, or tap a pill for a typical personal, car or home loan. The calculator gives the EMI, the interest over the whole loan, the total paid and a schedule for every month, which you can copy or download as CSV. Add a part prepayment to see how many EMIs it removes and how much interest it saves. Amounts print in lakh and crore, and all of it is worked out here in the page.
How to use the EMI Calculator
- Enter the loan amount, or tap the pill for a personal, car or home loan size.
- Enter the yearly interest rate from the sanction letter.
- Enter the tenure in years, or tap one of the tenure pills.
- Add a part prepayment each month to see the EMIs and interest it saves. Tip: Leave it at 0 to see the plain EMI schedule.
- Read the EMI and the total interest, then open or download the schedule.
Worked example
A home loan of 50 lakh at an example rate of 8.5% a year over 20 years, with no part prepayment. All figures are INR.
| Input | Value |
|---|---|
| Loan amount | INR 50,00,000.00 |
| Interest rate | 8.5% a year |
| Tenure | 20 years, 240 EMIs |
| Part prepayment | None |
r = 8.5% / 12 = 0.708333% a month, n = 20 x 12 = 240 (1 + r)^240 = 5.441243 EMI = 50,00,000 x 0.00708333 x 5.441243 / 4.441243 = 43,391.16 Month 1: interest 50,00,000 x r = 35,416.67, so 7,974.49 of the EMI reduces the loan 239 EMIs of 43,391.16 and a last one of 43,392.20 repay the loan with 54,13,879.44 of interest Total paid = 50,00,000 + 54,13,879.44 = 1,04,13,879.44
- Monthly EMI
- INR 43,391.16
- Total interest
- INR 54,13,879.44
- Total paid to the lender
- INR 1,04,13,879.44
- Number of EMIs
- 240
Interest is rounded to the paisa each month, so the last EMI is 1.04 more than the others and the balance ends at exactly 0.
How the EMI and the schedule are worked out
r = yearly rate / 12, n = tenure in years x 12
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), and P / n when the rate is 0
Each month: interest = balance x r; principal = EMI + part prepayment - interest; balance = balance - principal
Total interest = the sum of the monthly interest; total paid = P + total interest
P is the amount borrowed, r the monthly rate and n the number of monthly installments. The formula finds the one fixed EMI that, paid every month, brings the balance to exactly zero after n months at the rate entered. It is the reducing balance method that banks and housing finance companies in India use for home, car and personal loans, where interest is charged only on what is still owed.
The EMI is rounded to the paisa. Each month the interest is the balance times r, also rounded to the paisa, and the rest of the EMI goes to principal. Because of that rounding the last EMI is adjusted by a few paise so that the balance ends at zero rather than slightly above or below it. The total interest is the sum of the interest column, not the EMI times n less the loan, so it matches the schedule line by line.
A tenure in part years, such as 2.5, is turned into whole months, here 30. A rate of zero gives the loan amount split evenly over the months.
A part prepayment is added to every EMI and goes straight to the balance. The EMI stays the same, so the loan ends early: the calculator runs the schedule twice, with and without the prepayment, and reports the difference in EMIs and in interest. The final month is smaller when the balance left is less than an EMI.
The yearly table groups the schedule into loan years counted from the first EMI, not into financial years from April to March. The CSV download holds every month with plain numbers, so it opens in a spreadsheet without the lakh and crore commas getting in the way.
Frequently asked questions
How is the EMI calculated?
With the reducing balance formula EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan, r the yearly rate divided by 12 and n the number of months. A home loan of 50 lakh at 8.5% for 20 years has r = 0.708333% and n = 240, which gives an EMI of 43,391.16 and 54,13,879.44 of interest over the loan.
How much does a part prepayment save?
Every rupee prepaid stops earning interest for the lender for the rest of the loan. On the 50 lakh home loan at 8.5% over 20 years, paying 5,000 a month on top of the EMI clears the loan after 187 EMIs instead of 240. That is 53 EMIs fewer and 13,89,250.13 less interest, with the EMI itself unchanged.
Why is most of an early EMI interest?
Interest each month is the rate times the balance still owed, and at the start the balance is the whole loan. In the first month of the 50 lakh example, 35,416.67 of the 43,391.16 EMI is interest and only 7,974.49 reduces the loan. As the balance falls the interest part shrinks, so the principal part grows month by month.
Is this the same as the loan and EMI calculator for other currencies?
The arithmetic is the same: this page runs the same loan module, so 50 lakh at 8.5% for 20 years gives the same 43,391.16 there. This version is fixed to rupees with lakh and crore grouping, has pills for typical Indian loan sizes and tenures, and calls the extra amount a part prepayment.
Does the EMI change when the lender's rate changes?
On a floating rate loan the rate follows a benchmark and is reset on dates the loan agreement sets. A lender then either changes the EMI or keeps it and changes the number of EMIs left. This calculator holds one rate for the whole tenure, so after a reset run it again on the balance outstanding, the new rate and the months left.