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| Year | EMI Paid (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
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Free EMI Calculator India — Calculate Home Loan, Car Loan & Personal Loan EMI
Our free online EMI calculator helps you calculate Equated Monthly Installments (EMI) for any type of loan — home loan, car loan, personal loan, education loan, or any other amortizing loan. Simply enter your loan amount, interest rate, and tenure to instantly get your monthly EMI, total interest payable, and a complete year-wise amortization schedule.
Planning a ₹50 lakh home loan? Buying a car on finance? Considering a personal loan for a wedding or medical emergency? Our calculator gives you complete financial clarity in seconds — free, with no registration required.
What is EMI (Equated Monthly Installment)?
EMI stands for Equated Monthly Installment — the fixed amount a borrower pays to a bank or financial institution every month until the loan is fully repaid. EMI consists of two components that are blended together into one fixed payment:
- Principal component — The portion of EMI that reduces your outstanding loan balance
- Interest component — The cost of borrowing, calculated on the outstanding principal balance
In the early months of the loan, a larger proportion of the EMI goes toward interest. As the loan matures and the principal balance reduces, the interest component decreases and a larger share goes toward principal repayment. This is called an amortizing loan structure.
For example, on a ₹10 lakh home loan at 8.5% for 20 years (EMI = ₹8,678): In month 1, approximately ₹7,083 goes to interest and ₹1,595 to principal. By month 200 (near the end), approximately ₹122 goes to interest and ₹8,556 to principal.
New guide: How to calculate home loan EMI – formula, EMI per lakh and EMI tables for ₹20 lakh to ₹1 crore.
EMI Formula — How EMI is Calculated
The EMI calculation is based on the reducing balance method using this formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1]
Where:
- P = Principal loan amount (e.g., ₹10,00,000)
- R = Monthly interest rate = Annual interest rate ÷ 12 ÷ 100 (e.g., 8.5% ÷ 12 ÷ 100 = 0.00708)
- N = Loan tenure in months (e.g., 20 years × 12 = 240 months)
Example calculation: ₹10 lakh at 8.5% for 20 years: EMI = [10,00,000 × 0.00708 × (1.00708)^240] / [(1.00708)^240 − 1] = ₹8,678 per month
Home Loan Interest Rates in India — September 2026
Home loan rates in India have fallen since the RBI cut the repo rate by a total of 1.25 percentage points in 2025, to 5.25%. Most new home loans are floating-rate loans linked to the repo rate (EBLR), so rate cuts reach borrowers quickly. Typical ranges in September 2026:
| Lender type | Typical interest rate (p.a.) | Processing fee | Max tenure |
|---|---|---|---|
| Public sector banks (SBI, Bank of Baroda, Bank of Maharashtra, Bank of India) | about 7.00% – 8.60% | 0% – 0.35% | 30 years |
| Large private banks (HDFC Bank, ICICI Bank, Axis Bank, Kotak) | about 7.55% – 9.50% | up to 0.5% | 30 years |
| Housing finance companies (LIC HFL, Bajaj Housing, PNB Housing) | about 7.50% – 10.50% | up to 1% | 30 years |
The advertised starting rate goes to borrowers with high credit scores (usually 750+), stable income and a lower loan-to-value ratio. Always compare the final rate offered to you, not the headline rate. Rates are indicative and change often – check the lender’s website before applying.
Buying property abroad or comparing with a US-style loan? Our mortgage calculator adds property tax, insurance and PMI, models extra payments and lets you download the full amortization schedule.
Home Loan EMI Table — ₹10 Lakh to ₹1 Crore
| Loan Amount | 8% for 20 yr | 8.5% for 20 yr | 9% for 20 yr | Total Interest (8.5%, 20yr) |
|---|---|---|---|---|
| ₹10 Lakh | ₹8,364 | ₹8,678 | ₹9,000 | ₹10.83 Lakh |
| ₹20 Lakh | ₹16,729 | ₹17,356 | ₹17,999 | ₹21.65 Lakh |
| ₹30 Lakh | ₹25,093 | ₹26,035 | ₹26,999 | ₹32.48 Lakh |
| ₹50 Lakh | ₹41,822 | ₹43,391 | ₹44,986 | ₹54.14 Lakh |
| ₹75 Lakh | ₹62,733 | ₹65,087 | ₹67,479 | ₹81.21 Lakh |
| ₹1 Crore | ₹83,644 | ₹86,782 | ₹89,973 | ₹1.08 Crore |
Car Loan EMI in India — 2026
Car loan rates depend on whether the car is new or used, the lender and your credit profile. Typical ranges in 2026:
| Loan type | Typical interest rate (p.a.) | Max tenure |
|---|---|---|
| New car – public sector banks | about 7.45% – 9.85% | 7 years |
| New car – private banks | about 8.15% – 10.50% | 7 years |
| Used car | about 10% – 16% | 5 years |
For a ₹8 lakh car loan at 9.5% for 5 years, the monthly EMI is about ₹16,801. Total interest paid over 5 years would be about ₹2.08 lakh — 26% of the loan amount.
Personal Loan EMI in India — 2026
Personal loans are unsecured, so they cost more than home or car loans. In 2026 rates start at around 9.5% to 10% a year for salaried borrowers with excellent credit at major banks such as SBI, HDFC Bank and ICICI Bank, and can go up to 24% or more with some NBFCs and fintech lenders. Tenures are usually 1 to 6 years and loan amounts up to ₹40–50 lakh.
| Borrower profile | Typical interest rate (p.a.) |
|---|---|
| Salaried, credit score 750+, large employer | about 9.5% – 12% |
| Salaried, average credit | about 12% – 16% |
| Self-employed or lower credit score | about 16% – 24%+ |
Understanding the Amortization Schedule
Our EMI calculator provides a complete year-by-year amortization schedule — a detailed breakdown showing:
- EMI paid per year — Total installments paid in each year
- Principal repaid per year — How much of your outstanding loan is reduced each year
- Interest paid per year — Cost of borrowing for each year
- Outstanding balance — Remaining loan amount at the end of each year
The amortization schedule is valuable for planning prepayments. Making a lump-sum prepayment in the early years (when the outstanding principal is highest) reduces future interest significantly. For example, prepaying ₹1 lakh in year 3 of a 20-year home loan can save ₹3–4 lakh in total interest and reduce tenure by 1–2 years.
How to Reduce Your Loan EMI
- Negotiate a lower interest rate: A higher credit score (750+) gives you bargaining power. Compare rates across 5–6 lenders before accepting an offer.
- Increase loan tenure: Extending from 15 to 20 years on a ₹50 lakh home loan at 8.5% reduces EMI from ₹49,240 to ₹43,391 — saving ₹5,849/month, though total interest increases.
- Make a larger down payment: Reducing the loan principal directly reduces EMI. On a ₹60 lakh property, paying ₹20 lakh down (33%) instead of ₹10 lakh (17%) reduces the loan and EMI significantly.
- Make regular prepayments: Even small annual prepayments of ₹25,000–50,000 reduce outstanding principal and can cut loan tenure by 2–5 years.
- Refinance to a lower rate: If market rates fall significantly (1%+ lower than your current rate), consider balance transfer to a lender offering lower rates.
What is FOIR and How Does It Affect Loan Eligibility?
FOIR (Fixed Obligation to Income Ratio) is the ratio of your total monthly loan EMIs to your monthly gross income. Banks use FOIR to assess your loan repayment capacity:
- Most banks allow maximum FOIR of 40–55% depending on income level
- Higher-income borrowers (₹75,000+/month) may get FOIR up to 60–65%
- Formula: FOIR = (All existing EMIs + New EMI) ÷ Gross Monthly Income × 100
Example: If you earn ₹80,000/month and have existing EMIs of ₹20,000, your current FOIR is 25%. To maintain 50% FOIR, you can take on additional EMIs up to ₹20,000. This helps determine maximum loan eligibility before applying.
Flat Rate vs Reducing Rate Interest — Important Difference
This is one of the most misunderstood concepts in personal finance in India:
| Feature | Flat Rate | Reducing Rate (EMI) |
|---|---|---|
| Interest calculated on | Original principal throughout | Outstanding principal (reduces each month) |
| Actual cost | Higher effective rate | Lower effective rate |
| Common in | Two-wheeler loans, old personal loans | Home loans, car loans, most bank products |
| Conversion | 1% flat ≈ 1.7–1.8% reducing | Standard EMI formula applies |
Our EMI calculator uses the reducing balance method (the standard for all bank loans in India). If you are quoted a flat rate, multiply by approximately 1.8 to compare with reducing rate offers.