EMI Calculator India — Home Loan, Car Loan & Personal Loan
Calculate your exact monthly installment before taking any loan — free, instant, with full amortization schedule
4 min read · March 2026
Calculate your exact monthly installment before taking any loan — free, instant, with full amortization schedule
Before taking any loan in India — whether it's a home loan, car loan, personal loan, or education loan — the most important question is: How much will I pay every month? This is called your EMI (Equated Monthly Installment).
Knowing your EMI in advance helps you plan your budget, compare loan offers from different banks, and decide whether you can afford the loan. Our free EMI Calculator gives you the exact answer in seconds.
EMI stands for Equated Monthly Installment. It is the fixed amount you pay to the bank every month until your loan is fully repaid. Each EMI payment consists of two parts:
In the early months of a loan, most of your EMI goes towards interest. As time passes, more of your EMI goes towards the principal. This is called an amortization schedule.
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1)
Where: P = Principal loan amount | r = Monthly interest rate (Annual rate ÷ 12 ÷ 100) | n = Loan tenure in months
| Loan Type | Interest Rate Range | Typical Tenure |
|---|---|---|
| Home Loan | 8.5% – 10.5% per year | 10 – 30 years |
| Car Loan | 8.7% – 12% per year | 1 – 7 years |
| Personal Loan | 10.5% – 24% per year | 1 – 5 years |
| Education Loan | 8% – 15% per year | 5 – 15 years |
| Two-Wheeler Loan | 9% – 16% per year | 1 – 3 years |
Loan Amount: ₹30,00,000 (30 Lakhs)
Interest Rate: 8.5% per year
Tenure: 20 years (240 months)
Monthly EMI: ₹26,035
Total Amount Paid: ₹62,48,400
Total Interest Paid: ₹32,48,400
This means on a ₹30 lakh home loan, you end up paying ₹32.5 lakhs extra as interest over 20 years. This is why it's important to make prepayments whenever possible.
Yes. Our EMI calculator works for any loan amount — from ₹10,000 personal loans to ₹1 crore home loans. Just enter the amount, rate, and tenure.
An amortization schedule shows you month-by-month how much of each EMI goes towards principal and how much goes towards interest. Our calculator shows the complete schedule so you can see your outstanding balance at any point.
Yes, our calculator uses the standard EMI formula used by all Indian banks. The results will match what your bank calculates. Note that some banks may charge processing fees or other charges that are not included in the EMI.