EMI Calculator
Calculate your Equated Monthly Installment using the standard reducing-balance formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1). Supports 15+ countries and currencies. Full amortization schedule, prepayment savings calculator, and live bank rates included.
₹30L @ 8.5% → ₹26,035/mo$400K @ 7% → $2,661/mo£300K @ 5.5% → £1,828/mo
₹
₹2.51 Cr₹5.00 Cr₹7.50 Cr
%
5%12%24%
months
2y5y10y15y
Monthly EMI
₹26,035
per month
Principal
₹30.00 L
48%
Interest
₹32.48 L
52%
Total Payable
₹62.48 L
100%
Principal 48%Interest 52%
Current Bank Rates — India
Click Calculate to load a bank's rate directly into the calculator.
12 banks · Sorted by
Home Loan · India| Bank | Rate Range (p.a.) ↑ | Action |
|---|---|---|
Union Bank Union Bank of India | 8.35% – 10.75% | Calculate |
Bank of Baroda Bank of Baroda | 8.40% – 10.60% | Calculate |
Canara Bank Canara Bank | 8.40% – 11.25% | Calculate |
PNB Punjab National Bank | 8.45% – 10.25% | Calculate |
SBI State Bank of India | 8.50% – 9.65% | Calculate |
HDFC Bank HDFC Bank Ltd | 8.75% – 9.65% | Calculate |
ICICI Bank ICICI Bank Ltd | 8.75% – 9.80% | Calculate |
Axis Bank Axis Bank Ltd | 8.75% – 13.30% | Calculate |
Kotak Mahindra Kotak Mahindra Bank | 8.75% – 9.30% | Calculate |
IndusInd Bank IndusInd Bank Ltd | 8.75% – 12.25% | Calculate |
IDFC First IDFC First Bank | 8.85% – 10.50% | Calculate |
Yes Bank Yes Bank Ltd | 9.00% – 11.50% | Calculate |
Indicative rates only. Actual rate depends on credit score, income, and bank policy.
How EMI is Calculated
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
- P
- Principal loan amount (the amount you borrow)
- r
- Monthly interest rate = Annual rate ÷ 12 ÷ 100
e.g. 8.5% annual → r = 8.5 ÷ 12 ÷ 100 = 0.00708 - n
- Number of monthly installments (tenure in months)
e.g. 20 years = 240 months
Worked example:
₹30 lakh home loan at 8.5% for 20 years (240 months):
- r = 0.085 ÷ 12 = 0.007083
- (1+r)²⁴⁰ = (1.007083)²⁴⁰ = 5.379
- EMI = 30,00,000 × 0.007083 × 5.379 / (5.379 − 1)
- EMI = ₹26,035 per month
Tips to Manage Your EMI Better
💡
Start prepayments early
Prepaying in the first few years saves the most interest since the outstanding principal is highest. Even a small annual prepayment significantly reduces tenure.
📊
Compare total cost, not just EMI
A lower EMI with longer tenure often costs more overall. Always compare the total interest payable across loan options, not just the monthly amount.
⭐
Maintain CIBIL above 750
A CIBIL score above 750 qualifies you for the bank's best rates. Even a 0.5% lower rate on a ₹40 lakh home loan saves ~₹1.5 lakh over 20 years.
🔄
Refinance if rates drop
If market interest rates drop by 0.5% or more, consider refinancing your loan. The savings typically outweigh the processing fee after 12–18 months.
Frequently Asked Questions
What is an EMI and how is it calculated?
EMI (Equated Monthly Installment) is the fixed amount you pay every month toward repaying a loan. It's calculated using the reducing-balance formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments. For example, for a ₹30 lakh home loan at 8.5% for 20 years: r = 0.00708, n = 240, EMI = ₹26,035.
What is the EMI for a ₹30 lakh home loan at 8.5% for 20 years?
The monthly EMI for a ₹30 lakh home loan at 8.5% interest rate for a 20-year tenure is approximately ₹26,035. Over the full tenure, you pay ₹62.48 lakh in total — ₹30 lakh principal and ₹32.48 lakh as interest. Use the calculator above to adjust for your exact figures.
What is the EMI for a ₹10 lakh personal loan at 12% for 5 years?
For a ₹10 lakh personal loan at 12% interest for 5 years (60 months), the monthly EMI is approximately ₹22,244. Total amount payable is ₹13.35 lakh, with ₹3.35 lakh as interest. A shorter tenure increases EMI but saves significantly on interest.
How can I reduce my EMI?
You can reduce your EMI in four ways: (1) Increase loan tenure — a 20-year loan has lower EMI than a 10-year loan, though total interest paid is higher. (2) Make a larger down payment to reduce the principal. (3) Negotiate a lower interest rate — even 0.5% difference on ₹30 lakh over 20 years saves ~₹1.2 lakh. (4) Make periodic prepayments to reduce outstanding principal.
What is the difference between reducing balance and flat rate EMI?
In a reducing-balance loan (the standard for home/car/personal loans in India), interest is charged only on the outstanding principal after each payment. In a flat rate loan (common for two-wheeler loans), interest is charged on the original principal throughout the tenure. A flat rate of 10% is roughly equivalent to an effective rate of 18–19% on a reducing-balance basis. Always compare loans on their effective reducing-balance rate.
Does prepayment reduce EMI or tenure?
Most banks let you choose: keep the same EMI and reduce tenure, or keep the same tenure and reduce the EMI amount. Reducing tenure saves more total interest and is typically the better financial choice. Use the prepayment calculator above to see exact savings for your loan.
What is the maximum home loan EMI I should pay?
Most financial advisors recommend keeping your total EMI obligations below 40–50% of your net monthly income. Banks typically allow up to 50–65% of income as EMI depending on your credit score and employment type. For example, if your net salary is ₹80,000/month, your home loan EMI should ideally not exceed ₹32,000–40,000.
How does CIBIL score affect my EMI?
Your CIBIL score directly affects the interest rate a bank offers you, which in turn determines your EMI. A score above 750 typically qualifies you for the lowest published rates. A score of 650–750 may result in a 0.5–1% higher rate. For a ₹30 lakh loan over 20 years, a 1% higher interest rate means ₹1,600+ more EMI per month and ₹3.8 lakh more total interest.
Can I calculate EMI for a car loan?
Yes. Select the 'Car Loan' tab in the calculator above. Typical car loan amounts range from ₹2–15 lakh for India, with tenures of 1–7 years and interest rates of 9–13% depending on the bank. For a ₹8 lakh car loan at 9.5% for 5 years, the EMI is approximately ₹16,765.
Does this EMI calculator work for other countries?
Yes! Use the country/currency selector in the top-right corner of the calculator. It supports 15+ countries including USA, UK, UAE, Canada, Australia, Singapore, Malaysia, Germany, Bangladesh, Pakistan, Sri Lanka, Nepal, South Africa, and Nigeria — with currency-appropriate defaults for loan amounts and interest rates.