EMI Calculator — Home Loan, Car Loan, Personal Loan
Calculate your monthly EMI, total interest payable, and total loan cost. Supports home loans, car loans, and personal loans.
20 years 0 months
Monthly EMI
₹26,035
Total Interest
₹32,48,327
Total Amount
₹62,48,327
How to Use the EMI Calculator
- Select your loan type: Home Loan, Car Loan, or Personal Loan.
- Enter or adjust the loan amount using the input field or slider.
- Set your expected annual interest rate.
- Choose the loan tenure in months.
- Your monthly EMI, total interest, and total repayment are shown instantly.
EMI Formula
- P = Principal loan amount
- r = Monthly interest rate (annual rate / 12 / 100)
- n = Loan tenure in months
Understanding EMIs in India
Equated Monthly Installments (EMIs) are fixed payments made by borrowers to lenders on a specified date each month. They consist of both principal repayment and interest charges, structured so that the total amount is spread equally across the loan tenure.
In India, home loan rates typically range from 8% to 10% annually, car loans from 8.5% to 12%, and personal loans from 10% to 24%, depending on the lender and the borrower's credit profile. Our calculator uses the reducing balance method, which is the standard for most bank loans in India.
The reducing balance method calculates interest on the outstanding principal rather than the original loan amount. This means as you repay the principal, the interest component of your EMI decreases over time. This is different from the flat rate method, where interest is always calculated on the full original amount.
Frequently Asked Questions
How is EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate, and n is the loan tenure in months.
Can I reduce my EMI?
Yes, you can reduce your EMI by increasing the loan tenure, negotiating a lower interest rate, or making a larger down payment to reduce the principal amount.
What is the difference between flat rate and reducing balance EMI?
Our calculator uses the reducing balance method, which is standard for most bank loans. The flat rate method charges interest on the original principal throughout the tenure, making it effectively more expensive.