Calculate monthly EMI for home loan, car loan, personal loan, and education loan. Get full amortisation schedule. Free, instant, no signup.
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An EMI (Equated Monthly Instalment) calculator is a financial tool that computes the fixed monthly amount you must pay to repay a loan over a specified period. It takes three inputs — the loan amount (principal), the annual interest rate, and the loan tenure (in months or years) — and instantly calculates your monthly EMI, the total amount payable, and the total interest cost. In India, EMI calculators are essential for planning home loans (from banks like SBI, HDFC, ICICI), car loans, personal loans, and education loans before you commit to borrowing.
EMI is calculated using this standard financial formula:
P — Principal
The total loan amount borrowed from the lender.
r — Monthly Rate
Annual interest rate ÷ 12. E.g., 8.5% p.a. = 0.708% per month.
n — Tenure
Total number of monthly payments. E.g., 20 years = 240 months.
Enter the loan amount
Type the principal amount you want to borrow. Example: ₹50,00,000 for a home loan.
Enter the interest rate
Enter the annual interest rate quoted by your bank. Example: 8.75% per annum for SBI home loan.
Enter the loan tenure
Specify the repayment period in years or months. Example: 20 years (240 months).
View your EMI and schedule
The calculator instantly shows your monthly EMI, total interest payable, and full amortisation schedule showing how each payment is split between principal and interest.
🏠 Home Loan
SBI, HDFC, ICICI rates: 8.50–9.50% p.a. Tenures up to 30 years.
🚗 Car Loan
Rates from 7.50–12% p.a. Typical tenure: 3–7 years.
💳 Personal Loan
Rates from 10.50–24% p.a. Tenure: 1–5 years.
🎓 Education Loan
Rates from 7.5–15% p.a. Moratorium during course + 1 year.
🏪 Business Loan
Rates from 12–24% p.a. Tenure: 1–5 years.
🌾 Gold Loan
Rates from 9–24% p.a. Short tenure: 3–36 months.
What is EMI?
EMI (Equated Monthly Instalment) is a fixed payment made by a borrower to a lender every month. Each EMI payment includes a portion of the principal and the interest for that month.
What happens if I miss an EMI payment?
Missing an EMI attracts a late payment penalty (typically 1–2% of the due amount), damages your CIBIL credit score, and may trigger notices from the lender. Always set up auto-debit for EMI payments.
How does a longer tenure affect my EMI?
A longer tenure reduces your monthly EMI but significantly increases the total interest you pay over the life of the loan. A shorter tenure means higher EMI but lower total interest cost.
What is a pre-payment on a loan?
A pre-payment (or part-prepayment) is paying an extra lump sum towards your loan principal. It reduces your outstanding balance, which either reduces your future EMI or your remaining tenure, depending on the lender's policy.
What is an amortisation schedule?
An amortisation schedule is a complete table showing every monthly payment over the loan tenure — breaking each payment into the principal portion and interest portion, and showing the outstanding balance after each payment.