EMI stands for Equated Monthly Installment. It is a fixed amount you pay every month to repay a loan over a specified tenure. Each EMI consists of two parts — principal repayment and interest payment.

What is the typical home loan interest rate in India?

As of 2024-25, home loan interest rates in India range from 8.25% to 9.5% per annum, depending on the bank, loan amount, credit score, and tenure. Salaried applicants with good credit typically get lower rates.

How does tenure affect EMI and total interest?

Longer tenure = lower EMI but more total interest paid. Shorter tenure = higher EMI but you save significantly on interest. For example, a ₹50L home loan at 8.5%: 20 years = ₹43K EMI (₹54L interest), 30 years = ₹38K EMI (₹87L interest).

What is an amortization schedule?

An amortization schedule is a table showing each monthly EMI payment broken down into principal and interest components. Early payments are mostly interest; later payments are mostly principal.

EMI Calculator

Calculate monthly EMI for home, car & personal loans with full amortization schedule.

100% Free No signup required Data stays in your browser

How It Works

1
Enter the loan amount in rupees.
2
Set the annual interest rate (e.g., 8.5% for home loans).
3
Choose the loan tenure in months or years.
4
View your monthly EMI, total interest, and total payment.
5
See the full amortization schedule showing monthly principal and interest breakdown.

Calculation Formula

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

Total Payment = EMI × n
Total Interest = Total Payment − P

All calculations are performed instantly in your browser. No data is sent to any server.

When to Use This Tool

Calculate EMI before applying for a home loan

Compare car loan options from different banks

Plan personal loan repayment

Understand how prepayment reduces total interest

Frequently Asked Questions

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