EMI Calculator — Calculate Loan EMI Instantly
Calculate your monthly EMI for home loan, car loan, personal loan or education loan. See the full amortization schedule and total interest payable.
• Home loan rates: 8.5–9.5% p.a.
• Car loan rates: 9–11% p.a.
• Personal loan rates: 11–24% p.a.
Your EMI Breakdown
Enter loan details and click Calculate to see your EMI
Balance Your Loan with Your Investments
Planning a loan? See how your SIP, FD and other investments offset your EMI burden in our Wealth Calculator.
What is an EMI Calculator?
An EMI (Equated Monthly Instalment) calculator helps you determine the fixed monthly payment you need to make to repay a loan over a specific period. It calculates your EMI based on three inputs: loan amount (principal), annual interest rate, and loan tenure. Knowing your EMI before taking a loan helps you plan your monthly budget and avoid financial stress.
EMI Formula
The EMI is calculated using the standard reducing balance formula used by all Indian banks and NBFCs:
Where: P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months
Current Loan Interest Rates in India (2026)
| Loan Type | Interest Rate Range | Typical Tenure | Max Amount |
|---|---|---|---|
| Home Loan | 8.50–9.50% | 15–30 years | Up to ₹5 Cr |
| Car Loan | 9.00–11.00% | 3–7 years | Up to ₹1 Cr |
| Personal Loan | 11.00–24.00% | 1–5 years | Up to ₹40 L |
| Education Loan | 8.00–13.00% | 5–15 years | Up to ₹1.5 Cr |
Rates are indicative. Actual rates depend on credit score, income, and lender policies.
How to Reduce Your EMI
- Larger down payment: Reduces the principal, directly reducing EMI. For a home loan, paying 30% down instead of 20% can reduce EMI by 12-15%.
- Longer tenure: Spreading the loan over more years reduces EMI but increases total interest paid. Use the amortization schedule above to see the trade-off.
- Better credit score: A CIBIL score above 750 qualifies you for the best interest rates, which can reduce EMI significantly over a long tenure.
- Balance transfer: If interest rates fall or you find a better rate, transferring your loan to another lender can reduce your EMI.
- Prepayment: Making lump sum prepayments reduces your outstanding principal, lowering future EMIs or shortening your tenure.
Frequently Asked Questions
What is the difference between flat rate and reducing balance EMI?
Flat rate calculates interest on the original principal throughout the tenure. Reducing balance (used by all banks) calculates interest on the outstanding balance each month. Our calculator uses the reducing balance method — the industry standard. Flat rate EMIs appear lower but cost significantly more in total interest.
Does prepaying a loan save money?
Yes, significantly. Prepayments reduce your outstanding principal, so future interest is calculated on a smaller base. A single prepayment of ₹1 lakh on a ₹50 lakh home loan at 9% can save ₹2-3 lakh in interest and reduce tenure by 1-2 years.
What CIBIL score do I need for a home loan?
Most banks require a minimum CIBIL score of 700 for home loans. Scores above 750 get you the best interest rates (typically 0.25-0.5% lower than the base rate). Scores below 650 usually result in rejection or very high interest rates.
Is it better to take a shorter or longer loan tenure?
Shorter tenure means higher EMI but much less total interest paid. Longer tenure means affordable EMI but you pay significantly more interest overall. The amortization table in our calculator shows exactly how much interest you pay each year — use it to find the right balance for your budget.
Can I claim tax benefits on EMI?
For home loans: principal repayment qualifies under Section 80C (up to ₹1.5 lakh) and interest paid qualifies under Section 24(b) (up to ₹2 lakh for self-occupied property). For education loans: interest paid qualifies under Section 80E with no upper limit for 8 years. Personal and car loans have no tax benefits.