EMI Calculator
Monthly EMI, total interest and full amortisation schedule for home, car or personal loans, with prepayment savings.
About EMI Calculator
This free loan EMI calculator shows the monthly instalment for a home loan, car loan, bike loan, personal loan or education loan in India. Enter the loan amount, interest rate and tenure in years or months, and you instantly see the EMI, total interest and total cost of the loan, including any processing fee.
Add a one-time or yearly prepayment to see how much interest you save and how many months come off the tenure. The amortisation schedule breaks each year into month-wise principal and interest, and you can download it as CSV. All calculations run in your browser.
How to use EMI Calculator
- Enter the loan amount, interest rate and tenure.
- Add the processing fee and, optionally, a one-time or yearly prepayment.
- Read the EMI, total interest and cost of the loan.
- Open any year in the schedule to see month-wise principal and interest, or download it as CSV.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)n / ((1 + r)n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. For ₹10,00,000 at 8.5% for 20 years the EMI is ₹8,678.
Should I reduce EMI or tenure after a prepayment?
Keeping the EMI the same and letting the tenure shrink saves more interest, which is what this calculator shows. Banks let you choose either option.
Are there charges for prepaying a loan?
RBI does not allow banks and NBFCs to levy foreclosure or prepayment charges on floating-rate term loans taken by individuals for non-business purposes. Fixed-rate loans may carry a charge, commonly 2–4%.
Is GST charged on the processing fee?
Yes. GST at 18% applies to the processing fee and other loan charges, but not to the EMI or interest.
How much EMI will I pay on a ₹10 lakh loan?
At 8.5% for 20 years the EMI is ₹8,678; at 10% for 5 years it is about ₹21,247. Enter your own rate and tenure for an exact figure.
Does a longer tenure reduce the total cost?
No. A longer tenure lowers the EMI but increases the total interest you pay over the life of the loan.
Can I use this for a car or bike loan?
Yes. The EMI formula is the same for home, car, bike, personal and education loans; only the rate and tenure differ.
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