EMI Formula: [P × R × (1 + R)N] ÷ [(1 + R)N − 1]
Example: ₹50L at 8.5% for 20 years → ₹43,391/month · Total interest ≈ ₹54.1L
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Need prepayment impact or under-construction disbursement? Try the Advanced Home Loan EMI Calculator →
⚠️ Approximate results for illustration. Actual EMI may vary by lender.
💡 For prepayments & under-construction loans, use the Advanced Home Loan EMI Calculator.
EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to repay a loan. Each EMI covers both interest and principal on a reducing balance basis.
EMI (Equated Monthly Instalment) is a fixed monthly repayment that combines both the principal and interest. The interest portion is higher in early months and decreases as the outstanding balance reduces — this is called a reducing balance loan.
Example: ₹50,00,000 at 8.5% p.a. for 20 years → EMI ≈ ₹43,391/month | Total Interest ≈ ₹54.1L | Total Payment ≈ ₹1.04 Cr
P = Loan Amount | R = Monthly Rate (Annual Rate ÷ 12 ÷ 100) | N = Tenure in Months
Step-by-step example (₹50L, 8.5% p.a., 20 years):
Shorter tenure = higher EMI but far less total interest paid. The difference can be lakhs.
Going from 30 to 20 years saves over ₹34L in interest.
Most home loans in India are floating rate, linked to RBI's repo rate via MCLR or EBLR.
Check your loan agreement to know whether your rate is fixed or floating.
Banks typically apply these limits when approving loans:
Over-borrowing strains monthly cash flow and limits emergency savings.
In a reducing balance loan, the interest-principal ratio shifts over time.
This is why prepaying in the first 5 years saves the most interest.
Choose the right tool based on your loan complexity:
For a basic monthly EMI figure, this calculator is all you need.
| Loan Type | Typical Rate (2026) | Common Tenure | Max Amount |
|---|---|---|---|
| Home Loan | 8.0% – 10.5% | 10 – 30 years | Up to ₹10 Cr+ |
| Vehicle / Car Loan | 8.5% – 13% | 1 – 7 years | Up to ₹1 Cr |
| Personal Loan | 10.5% – 24% | 1 – 5 years | Up to ₹50L |
| Education Loan | 9% – 15% | 5 – 15 years | Up to ₹1.5 Cr |
Rates are indicative as of April 2026. Actual rates vary by lender and credit profile.
EMI = [P × R × (1 + R)N] ÷ [(1 + R)N − 1], where P = Loan Amount, R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100), N = Tenure in months. Example: ₹50L at 8.5% p.a. for 20 years gives EMI ≈ ₹43,391/month.
Keep total monthly EMIs within 40–50% of take-home income. If monthly salary is ₹1,00,000, keep all EMIs below ₹40,000–50,000 combined. Banks use this rule when approving loan applications.
Yes, significantly. ₹50L at 8.5% for 30 years costs ₹88.4L in interest. The same loan for 10 years costs only ₹24.4L in interest — a saving of over ₹64L, at the cost of a higher monthly EMI.
As of April 2026, home loan rates typically range from 8.0% to 10.5% p.a. Vehicle loan rates are 8.5%–13%, and personal loan rates are 10.5%–24% p.a. Rates vary by lender, loan amount, and credit score.
For fixed-rate loans, EMI stays constant. For floating-rate loans (most home loans in India are linked to RBI repo rate via MCLR or EBLR), EMI or tenure may change when the bank revises the interest rate after RBI policy changes.
An amortization schedule shows how each EMI splits between principal and interest, and the outstanding balance remaining after every payment. In early EMIs the interest portion is larger; as the loan matures, the principal portion grows. Our calculator shows this year-wise or month-wise.
Yes. Use the Download PDF or Download Excel buttons above the amortization table to get the complete repayment schedule with month-wise interest, principal, and outstanding balance for the full loan tenure.
Results are approximate and for guidance only. Actual EMI depends on your lender's calculation method, processing fees, rate type, and rounding. Always confirm with your bank before making financial decisions.