EMI Calculator
Calculate loan EMI
Loan Details
Extra payment to reduce loan tenure and interest
EMI Breakdown
About EMI Calculator
Our EMI calculator helps you calculate monthly installments for home loans, car loans, personal loans, education loans, and any other fixed-rate loan. Based on the standard reducing balance method used by all major banks in India.
The calculator also shows prepayment benefits - how making extra payments can reduce your loan tenure and save thousands in interest.
How to Use This EMI Calculator
Step 1: Enter the loan amount (principal) you wish to borrow.
Step 2: Enter the annual interest rate offered by your lender.
Step 3: Select the loan tenure (in years or months).
Step 4: (Optional) Enter a prepayment amount to see how extra payments reduce your loan.
Step 5: Click Calculate EMI to see your monthly payment and total interest.
Step 6: Use the Reset button to clear all inputs and calculate a different loan scenario.
Benefits of Using an EMI Calculator
✓ Financial Planning
Know your exact monthly obligation before taking a loan. Plan your budget around fixed EMI payments.
✓ Compare Loan Offers
Compare EMIs and total interest across different banks, interest rates, and tenures. Choose the most affordable option.
✓ Prepayment Planning
See how extra payments reduce your loan tenure and save interest. Plan your prepayment strategy effectively.
✓ Tax Planning
For home loans, separate principal and interest components for tax benefits under Sections 80C and 24(b).
Prepayment Benefits Explained
Making prepayments (extra payments towards your loan) can significantly reduce:
- Loan Tenure - You become debt-free earlier
- Total Interest Payable - Every extra rupee reduces principal
- Stress of Long-term Debt - Freedom from EMIs sooner
Example: ₹50L loan at 9% for 20 years. A single prepayment of ₹1L reduces tenure by 4 months and saves ₹1.5L in interest!
EMI Formula
EMI = P × r × (1+r)^n / ((1+r)^n - 1)
Loan EMI Examples
Home Loan
₹50L, 9%, 20 years
₹44,986
per month
Car Loan
₹10L, 10%, 5 years
₹21,247
per month
Personal Loan
₹5L, 13%, 3 years
₹16,830
per month
Bank-wise Home Loan Interest Rates (2025-26)
| Bank | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| SBI | 8.4% - 9.2% | ₹10,000 + GST |
| HDFC Ltd | 8.5% - 9.3% | 0.5% up to ₹10,000 |
| ICICI Bank | 8.6% - 9.4% | 0.5% up to ₹15,000 |
| PNB | 8.3% - 9.1% | ₹8,500 + GST |
| LIC Housing | 8.5% - 9.2% | 0.5% up to ₹15,000 |
*Rates vary by credit score (750+ gets best rates), loan amount, and LTV ratio