1Utility ›
Finance ›
EMI Calculator
🏦 EMI Calculator
Work out the exact monthly installment on a home, car, personal, or education loan before you sign anything. Enter the loan amount, interest rate, and tenure to see your EMI, total interest, and total repayment.
The formula behind your EMI
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1)
P = Principal r = Monthly interest rate (annual rate ÷ 12 ÷ 100) n = Tenure in months
Every EMI is a fixed monthly payment that blends principal repayment with interest. In the early months, a larger share of each EMI goes toward interest because the outstanding principal is highest; as the loan matures, more of each payment chips away at the principal itself. This is why paying off even one or two extra EMIs early in a long-tenure loan saves disproportionately more interest than doing it near the end.
Typical interest rate ranges (India)
| Loan Type | Typical Rate | EMI on ₹10L / 5yr |
|---|
| Home Loan | 8.4% – 9.5% | ≈ ₹20,607 |
| Car Loan | 9.5% – 12% | ≈ ₹21,247 |
| Personal Loan | 12% – 24% | ≈ ₹22,244 |
These are illustrative bands, not live bank rates — your lender's actual offer depends on your credit score, income, and existing obligations, so use this to sanity-check a quote rather than as a guarantee.
Frequently Asked Questions
Does a longer tenure always mean a smaller EMI?
Yes — stretching the same loan over more years lowers the monthly EMI, but increases the total interest you pay over the life of the loan. A shorter tenure means a higher EMI but a lower total cost.
What's the difference between flat rate and reducing balance interest?
Almost all bank loans in India use the reducing balance method, where interest is charged only on the outstanding principal — which is what this calculator uses. Flat-rate loans (sometimes seen with informal lenders) charge interest on the original principal throughout, which works out more expensive even at the same quoted rate.
Can I reduce my EMI after the loan starts?
Most lenders let you make partial prepayments, which you can apply either to reduce your EMI (keeping tenure the same) or to shorten the tenure (keeping EMI the same). Shortening the tenure usually saves more total interest.
Related Calculators