EMI Calculator

EMI Calculator India – Loan EMI & Interest Breakdown (2026)

Enter your loan amount, interest rate & tenure to instantly see your monthly EMI and interest breakdown.

Enter Loan Details

₹500,000
8.5%
💡 Home loan rates: 8–10% · Car loan: 9–12% · Personal: 11–18%
5 yr
MONTHLY EMI
₹10,258
23.1% interest cost over 5 years
Principal₹500,000Loan amount
Total Interest₹115,49623% of principal
Total Payment (Principal + Interest)₹615,496

💡 Smart Insights

💰You pay 23% of the loan amount as interest over 5 years
⏳Reduce tenure by 1 year → Save ₹23.9K in interest
📈EMI of ₹10,258/month for 5 years clears your entire loan

Year-by-Year Loan Amortization

YearPrincipal PaidInterest PaidOutstanding Balance
1₹83,815₹39,285₹416,185
2₹91,223₹31,876₹324,962
3₹99,286₹23,813₹225,676
4₹108,062₹15,037₹117,614
5₹117,614₹5,485₹0

What is EMI (Equated Monthly Instalment)?

An Equated Monthly Instalment (EMI) is a fixed payment amount made by a borrower to a lender on a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off.

EMI Formula – How It Is Calculated

EMI is calculated using the standard reducing balance formula:

EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)

Where P = principal, r = monthly interest rate (annual ÷ 12), n = total months.

Real-Life EMI Examples

Home Loan: ₹30,00,000 at 8.5% for 20 years → Monthly EMI: ₹26,035, Total Interest: ₹32,48,400.

Car Loan: ₹8,00,000 at 10% for 5 years → Monthly EMI: ₹16,997, Total Interest: ₹2,19,820.

Personal Loan: ₹5,00,000 at 14% for 3 years → Monthly EMI: ₹17,085, Total Interest: ₹1,15,060.

How to Reduce Your EMI

  • Larger Down Payment: Reduces principal, directly cutting EMI and total interest.
  • Negotiate Interest Rate: A 0.5% rate reduction on a ₹30 lakh loan saves over ₹1 lakh in interest.
  • Balance Transfer: Move your loan to a lender offering lower rates to reduce monthly outgo.
  • Longer Tenure: Increases total interest but reduces monthly burden — useful for cash-flow management.
  • Part-Prepayment: Paying extra towards principal reduces outstanding balance and future interest.

EMI for Home Loan vs Personal Loan vs Car Loan

Home loans offer the lowest EMIs (8–10% interest, up to 30-year tenure) and come with significant tax benefits. Car loans are mid-range (9–12%, up to 7 years). Personal loans have the highest EMI burden (11–18%, up to 5 years) but require no collateral. Always compare the total cost of the loan (principal + interest) rather than just the monthly EMI.

EMI Calculator for Home Loan India 2026

With RBI's repo rate at current levels, home loan rates from major banks in 2026: SBI from 8.50%, HDFC Bank from 8.70%, ICICI Bank from 8.75%, Axis Bank from 8.75%, Bank of Baroda from 8.40%. Use this EMI calculator to compare scenarios instantly.

₹50 Lakh Home Loan EMI – Bank-wise Comparison 2026

Planning a ₹50 lakh home loan? Here's your monthly EMI at different bank interest rates for a 20-year tenure:

BankInterest RateMonthly EMITotal InterestTotal Payment
SBI8.50%₹43,391₹54,13,860₹1,04,13,860
HDFC Bank8.70%₹44,196₹56,06,960₹1,06,07,040
ICICI Bank8.75%₹44,399₹56,55,760₹1,06,55,760
Axis Bank8.75%₹44,399₹56,55,760₹1,06,55,760
Bank of Baroda8.40%₹42,986₹53,16,640₹1,03,16,640

₹30 Lakh Home Loan EMI – Quick Example

A ₹30 lakh home loan at 8.5% for 20 years results in a monthly EMI of ₹26,035. Total interest paid: ₹32,48,400. Total payment: ₹62,48,400. If you increase EMI by ₹5,000/month (part-prepayment), you save over ₹8 lakh in interest and close the loan 4 years earlier.

Read our detailed guide: How EMI is Calculated – Complete Guide →

FAQs — EMI Calculator India

For a ₹10,00,000 loan at 10% annual interest for 5 years, your monthly EMI would be approximately ₹21,247. Total interest paid would be around ₹2,74,826.
Most Indian banks allow you to choose. Reducing tenure saves more interest overall (recommended). Reducing EMI gives you more monthly cash flow. Always check your loan agreement for prepayment charges.
The formula is the same, but home loan rates (8–10%) are lower than personal loan rates (11–18%), and tenure is much longer (up to 30 years vs 5 years). Home loans also offer tax benefits under Section 80C and Section 24.
Most Indian banks limit your total EMI outgo to 40–50% of your net monthly salary. So if you earn ₹50,000/month, you can typically afford EMIs up to ₹20,000–₹25,000/month.
Home loan interest rates in India in 2026 range from 8.40% to 9.50% p.a. for salaried individuals. SBI home loans start at 8.50%, HDFC at 8.70%, and ICICI Bank at 8.75%. Rates vary based on your credit score, loan amount, and loan tenure.
Increasing your loan tenure reduces the monthly EMI but significantly increases the total interest paid. For example, a ₹30 lakh home loan at 9% for 10 years has an EMI of ₹38,002 (total interest ₹15.6L), while the same loan for 20 years has an EMI of ₹26,992 (total interest ₹34.8L). Choose tenure based on your monthly budget and long-term financial goals.
This strategy works if your investments earn more than your loan interest rate. For a home loan at 8.5%, if you invest the monthly EMI savings in equity SIP at 12%, you may come out ahead over 20 years. However, this requires discipline and market-linked returns are not guaranteed.
Fixed rate EMIs remain constant throughout the loan tenure, offering predictability. Floating rate EMIs change with the RBI repo rate — when rates fall, your EMI decreases (and vice versa). In India, most home loans are at floating rates linked to external benchmarks (EBLR or MCLR).
Car loan EMI uses the same formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1). Car loans in India typically range from 9% to 12% at tenures of 1–7 years. For example, a ₹8 lakh car loan at 10% for 5 years = monthly EMI of ₹16,997.
Yes, for home loans: principal repayment qualifies for deduction up to ₹1.5 lakh/year under Section 80C, and interest paid is deductible up to ₹2 lakh/year under Section 24(b) for self-occupied property. Personal loan and car loan EMIs do not get tax benefits, though business loans may.

Related Calculators & Articles

SIP Calculator India – Monthly Mutual Fund Investment Returns →FD Calculator India – Fixed Deposit Maturity & Interest →CAGR Calculator – Measure Annual Growth Rate →Lumpsum Calculator – One-Time Investment Returns →How EMI is Calculated – Complete Guide with Formula →₹50 Lakh Home Loan EMI – SBI, HDFC, ICICI Comparison 2026 →

Disclaimer: This EMI calculator provides approximate results based on the standard reducing balance method. Actual EMI amounts may vary based on your bank's specific calculation methodology, processing fees, and other charges. This tool is for informational purposes only and does not constitute a loan offer. Please verify with your bank before making financial commitments.