EMI Calculator 2026 – Home, Car & Personal Loan EMI

What your result means

The monthly EMI is the fixed amount you will pay every month for the full tenure. Total interest is the extra money you pay the bank over and above the loan amount, and total payment is principal plus interest. The bar shows how much of your total outgo is interest: on long home loans it is often more than the amount you borrowed.

Open the year-wise schedule to see how the balance falls. In the first years most of each EMI goes towards interest, because interest is charged on the large outstanding balance. As the balance reduces, more of the same EMI goes towards principal. This is why prepaying in the early years saves far more interest than prepaying near the end.

How to use this EMI calculator

Enter the loan amount you plan to borrow (not the property or car price; subtract your down payment).
Enter the annual interest rate offered by the lender, for example 8.5 for 8.5% p.a.
Enter the tenure in years or months. Home loans are usually 10–30 years, car loans 3–7 years, personal loans 1–5 years.
Read the EMI instantly. Change any input to compare options. Use Share to send the link with your numbers, or Print / PDF to save it.

Formula and worked example

EMI is calculated with the standard reducing-balance formula used by Indian banks and NBFCs:

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
P = loan amount, r = annual rate ÷ 12 ÷ 100, n = tenure in months

Worked example (computed by this tool’s own function): loan of ₹10,00,000 at 10% per year for 240 months (20 years).

r = 10 ÷ 12 ÷ 100 = 0.008333
(1 + r)^240 ≈ 7.328
EMI = 10,00,000 × 0.008333 × 7.328 ÷ 6.328 = ₹9,650.22
Total payment over 240 months = ₹23,16,052.80
Total interest = ₹13,16,052.80

In year 1 you pay ₹99,255 as interest and only ₹16,547 towards principal. By year 20 the split is reversed: ₹6,036 interest and ₹1,09,764 principal.

EMI reference table

All figures below are produced by the same function that powers the calculator above.

Loan	Monthly EMI	Total interest	Total payment
₹5,00,000 at 8.5% for 5 years	₹10,258.27	₹1,15,496	₹6,15,496
₹10,00,000 at 10% for 20 years	₹9,650.22	₹13,16,053	₹23,16,053
₹25,00,000 at 9% for 30 years	₹20,115.57	₹47,41,605	₹72,41,605
₹1,00,000 at 12% for 1 year	₹8,884.88	₹6,619	₹1,06,619
₹50,00,000 at 8.75% for 20 years	₹44,185.54	₹56,04,530	₹1,06,04,530

Effect of tenure on a ₹10 lakh loan at 10%:

Tenure	EMI	Total interest
10 years	₹13,215.07	₹5,85,808
20 years	₹9,650.22	₹13,16,053
30 years	₹8,775.72	₹21,59,259

Doubling the tenure from 10 to 20 years cuts the EMI by about a quarter but more than doubles the interest paid.

Special cases and common mistakes

Flat rate vs reducing balance. Some dealers and small lenders quote a “flat” rate (interest on the full amount for the whole tenure). Computed by this tool’s own function, a 10% flat rate equals a reducing-balance rate of 17.92% over 3 years, 17.27% over 5 years and 16.66% over 7 years. This calculator uses the reducing-balance method; if you were quoted a flat rate, ask for the equivalent reducing rate or the actual EMI amount.
Processing fees and insurance. Fees are often added to the loan or deducted from the disbursal. They raise your effective cost but do not change the EMI formula. Compare lenders on total cost, not just the rate.
Floating rates. For floating-rate loans, the EMI shown is correct only until the next rate reset. Depending on your lender and agreement, a rate rise may be absorbed by a longer tenure (which increases total interest without changing the EMI) or by a higher EMI. Ask your lender which applies to you.
Prepayment charges. For floating-rate loans to individuals for non-business purposes sanctioned or renewed on or after 1 January 2026, lenders cannot levy prepayment charges (RBI Directions, 2025; see Sources). For other loans, check the Key Facts Statement before prepaying.
Pre-EMI on under-construction property. Until full disbursal you may pay only interest on the amount disbursed (“pre-EMI”), which this calculator does not model.
Entering the wrong tenure unit. 20 years is 240 months. Choose the right unit toggle; “20 months” will give a very large EMI.
Zero interest offers. With 0% the calculator simply divides the principal by the number of months. Check whether a “0% EMI” offer hides the interest in a higher price or a processing fee.

Frequently asked questions

What is EMI?

EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until the loan is repaid. Each EMI contains a part of the principal and the interest due for that month; early EMIs are mostly interest and later EMIs are mostly principal.

How is EMI calculated?

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months. For ₹10 lakh at 10% for 20 years, the EMI is ₹9,650.22.

Does the EMI change if interest rates change?

For a floating-rate loan, yes. When the rate resets, the lender may keep the EMI unchanged and alter the tenure, or revise the EMI itself; how this is handled depends on your lender and loan agreement, so check your sanction letter. For a fixed-rate loan the EMI stays constant for the fixed period.

What is the difference between flat rate and reducing balance?

This calculator uses the reducing-balance method, which banks use for home, car and most personal loans: interest is charged only on the outstanding balance. A flat-rate loan charges interest on the full original amount for the whole tenure, so it is far costlier than it sounds: over 5 years, a 10% flat rate gives the same EMI as a 17.27% reducing-balance rate.

How can I reduce my EMI?

Choose a longer tenure (lower EMI, but more total interest), make a larger down payment so you borrow less, negotiate a lower rate or transfer the loan to a lender with a lower rate, or prepay part of the principal.

Is prepayment of a loan allowed?

Yes. Under the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025, no prepayment or foreclosure charge can be levied on a floating-rate loan taken by an individual for a non-business purpose, if the loan was sanctioned or renewed on or after 1 January 2026. For loans sanctioned earlier, fixed-rate loans and business loans, any charge must be disclosed in the sanction letter, loan agreement and Key Facts Statement; a charge that is not disclosed there cannot be levied.

Why is my bank's EMI slightly different from this calculator?

Small differences (a few rupees) come from the bank's rounding, whether the first EMI is charged for a partial month, processing fees added to the principal, or a daily rather than monthly interest convention. The formula itself is the same.

EMI Calculator for Home, Car & Personal Loans