EMI Calculator: Home, Car and Personal Loan EMI

EMI per ₹1 Lakh by Interest Rate and Tenure

Multiply the figure by your loan amount in lakh for a quick estimate: a ₹30 lakh loan at 9% for 20 years is about 30 × ₹900 = ₹27,000 a month.

These are reducing-balance EMIs rounded to the rupee. The calculator gives the exact figure to the paisa, the same EMI per ₹1 lakh for your own loan, and the full schedule.

The EMI Formula, Step by Step

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

P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of EMIs. For a ₹25,00,000 home loan at 8.5% over 20 years:

1. r = 8.5 ÷ 12 ÷ 100 = 0.0070833
2. n = 20 × 12 = 240
3. (1 + r)^n = 1.0070833^240 ≈ 5.44
4. EMI = 25,00,000 × 0.0070833 × 5.44 ÷ 4.44 ≈ ₹21,695.58

Over 240 EMIs you repay ₹52,06,939.76: the ₹25,00,000 borrowed plus ₹27,06,939.76 of interest.

In Excel or Google Sheets, =PMT(8.5%/12, 240, -2500000) gives the same 21,695.58. At a 0% rate, the EMI is simply P ÷ n.

Where Each EMI Goes

Interest is charged on the balance still owed, so early EMIs are mostly interest. Of the first ₹21,695.58, ₹17,708.33 is interest and ₹3,987.25 repays the loan. After 10 years, halfway through, ₹17,49,845.75 is still outstanding: under a third of the loan has been repaid.

That is why tenure has a bigger effect on cost than on the EMI:

Stretching 20 years to 30 lowers the EMI by ₹2,472.74 and adds ₹17,13,277.99 of interest.

Your EMI by Loan Type

The formula is the same for every loan. What you enter, and what the EMI leaves out, differs.

Home loan

Enter the loan amount, not the property price. If the property is under construction and the loan is released in stages, you pay pre-EMI (interest only) on what has been disbursed: amount disbursed × rate ÷ 12. On ₹10,00,000 disbursed at 8.5%, that is ₹7,083.33 a month, and it does not reduce the loan. Add your first EMI month in the calculator to get the schedule by financial year, the basis lenders use for interest certificates.

Car loan

Some lenders collect the first EMI at disbursal ("EMI in advance") rather than a month later. That slightly lowers the EMI because you borrow for one month less; the calculator assumes the usual monthly-in-arrears schedule, so check the sanction letter.

Personal loan

Processing fees are usually deducted from the amount paid out, so you receive less than you repay on. Some lenders quote a flat rate: ask for the reducing-balance rate before using the calculator, and compare offers on APR with the loan comparison calculator.

Education loan

Repayment often starts after a moratorium (the course plus a grace period). Interest can build up during that time, so enter the amount you will owe when EMIs begin, not the amount first disbursed.

When Your EMI Changes

Home loans often carry a floating rate. When the rate rises, many lenders keep the EMI and add instalments, which is easy to miss. For the example loan, with the change at the start:

RBI's rules for EMI-based personal loans, which include home loans to individuals, require the lender to tell you about the change and let you choose a higher EMI, a longer tenure, a mix of the two, or a switch to a fixed rate where the lender offers one. Try any change in the "If a floating rate changes" box.

Ways to Pay Less

• Choose a shorter tenure if the EMI fits. It is the biggest single saving (see the table above).
• Pay more upfront. Every ₹1 lakh less borrowed cuts the EMI by the amount in the per-lakh table.
• Prepay when you can. For floating-rate loans to individuals sanctioned or renewed on or after 1 January 2026, lenders may not charge for prepayment. Keeping the EMI and shortening the tenure usually saves the most; the loan repayment calculator shows the interest saved by part-payments.
• Compare on APR. Since October 2024, lenders must give a Key Facts Statement with the annual percentage rate (APR), which includes fees, for retail loans. A lower headline rate with higher fees can cost more.

Reading the Schedule by Financial Year

If your first EMI is in November 2026, the 2026-27 financial year (April to March) contains only 5 EMIs. They pay ₹88,257.23 of interest and ₹20,220.67 of principal. FY 2027-28 is the first full year: ₹2,08,803.92 of interest and ₹51,543.04 of principal. The loan then runs across 21 financial years, ending with 7 EMIs in FY 2046-47.

These are the figures that match the yearly interest certificate your lender issues, which is why the financial-year view helps at tax time. Lenders' schedules can differ by a few rupees because of the first-month (broken-period) interest and rate resets; your lender's statement is the binding figure.