EMI Calculator

Work out the monthly instalment on a home, car or personal loan, and how much you pay in interest over the full term. Free, private, nothing to sign up for.

EMI

The EMI Formula

EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]

P is the loan amount, r is the yearly interest rate divided by 12 (as a fraction) and n is the number of months.

Example: a ₹50 lakh home loan at 8.5% for 20 years.

EMI is about ₹43,391 a month. Over 20 years you pay about ₹54.1 lakh in interest, more than the loan itself.

How to Pay Less Interest

  • Even small prepayments early in the loan cut interest sharply, because early EMIs are mostly interest.
  • Keeping the same EMI after a prepayment and shortening the term saves more than lowering the EMI.
  • Banks cannot charge a prepayment penalty on floating rate home loans to individuals.

Common Questions

How much EMI can I afford?

A common guide is to keep all EMIs together under 40% of take-home pay, and lower if your income is irregular.

Is a home loan tax deductible?

In the old regime, interest up to ₹2 lakh a year on a self occupied home and principal within the ₹1.5 lakh 80C limit can be claimed. The new regime does not allow these for a self occupied home.

Fixed or floating rate?

Most Indian home loans are floating and linked to an external benchmark like the repo rate, so EMIs or tenure change when rates move. Fixed rates are usually higher and often reset after a few years.

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