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Calculate your loan EMI
instant and free

Home loan, car loan & personal loan EMI calculator for india. No signup needed.

Loan amount₹50,00,000
₹1 Lakh₹1 Crore
Interest rate (p.a.)8.5%
5%24%
Loan tenure20 years
1 year30 years
Monthly EMI
₹43,391
Total interest
₹54,13,843
Total payable
₹1,04,13,843
Principal amount
₹50,00,000 (48%)
Total interest
₹54,13,843 (52%)
Total payable
₹1,04,13,843
RBI formula used
No data stored
Works offline
Free forever
Updated bank rates
What is EMI and how does it work?
What is EMI?

EMI stands for Equated Monthly Instalment — a fixed amount paid to your bank every month until the loan is repaid.

  • Each EMI has two parts: principal (repaying the loan) + interest (bank's charge)
  • Early months: most of your EMI goes toward interest
  • Later months: more goes toward principal — your loan clears faster
How is EMI calculated?

All Indian banks use the reducing balance method. The formula:

EMI = [P × R × (1+R)ᴺ] ÷ [(1+R)ᴺ – 1]

P = Loan amount  ·  R = Monthly interest rate (annual rate ÷ 12 ÷ 100)  ·  N = Total months. This is the exact formula used by SBI, HDFC, ICICI, Axis and all RBI-regulated banks.

What affects your EMI?
  • Loan amount — higher loan = higher EMI
  • Interest rate — even 0.5% difference saves lakhs over 20 years
  • Loan tenure — longer tenure = lower EMI but higher total interest
  • Loan type — floating rates change with RBI repo rate; fixed rates don't

Use the sliders above to see how each factor changes your EMI instantly.

How to reduce your EMI
  • Larger down payment — directly reduces your principal and EMI
  • Better credit score — 750+ score helps you negotiate a lower rate
  • Balance transfer — move your loan to a bank with a lower interest rate
  • Part prepayment — pay extra when you have surplus; reduces outstanding principal
  • Longer tenure — lowers monthly EMI but increases total interest paid
Fixed vs floating rate — which is better?
Fixed rate
  • ✓  EMI stays the same throughout
  • ✓  No surprise from RBI rate changes
  • ✗  Usually 1–2% higher than floating
  • ✗  Prepayment may attract charges
Floating rate ← Most popular
  • ✓  Usually lower rate than fixed
  • ✓  Zero prepayment penalty (RBI mandate)
  • ✓  Benefits when RBI cuts rates
  • ✗  EMI can increase if rates rise

Verdict: Most Indian home loan borrowers choose floating rate. It's cheaper, allows free prepayment, and rates have trended downward historically over 20+ year periods.

Home loan EMI for popular amounts

Pre-calculated EMI for common loan amounts. Click any row to load into the calculator.

Loan amount Interest rate Tenure Monthly EMI Total interest Try it
₹20 lakh8.5%15 years₹19,695₹15,45,100
₹30 lakh8.5%20 years₹26,035₹32,48,400
₹40 lakh8.75%20 years₹35,499₹45,19,760
₹50 lakh8.5%20 years₹43,391₹54,13,840
₹75 lakh9%25 years₹62,932₹1,13,79,600
₹1 crore9%30 years₹80,462₹1,89,66,320

EMI values are calculated using the standard reducing balance formula. Actual EMI may vary based on your bank's processing method.

All EMI calculators

8 dedicated tools covering every loan type in India.

Home Loan EMI
With PMAY subsidy & bank comparison
Personal Loan EMI
Flat vs reducing rate toggle
Car Loan EMI
On-road price & down payment
Education Loan EMI
Moratorium period included
Business Loan EMI
MSME & startup loan rates
Loan Eligibility
Know your limit by salary
Unique
Prepayment Savings
See months & interest saved
Floating Rate Simulator
What if RBI changes rates?
Unique
Three steps, zero confusion

No jargon. No forms. No signup needed.

01

Enter your loan details

Drag sliders for amount, rate, and tenure. Results update live — no button needed.

02

See the full breakdown

EMI, interest split, pie chart, and full year-by-year amortisation table instantly.

03

Apply or share your plan

Share on WhatsApp, download as PDF, or apply through partner banks in one click.

Current home loan interest rates

Sample rates from India's top banks. Verify with your bank before applying.

BankInterest rateProcessing feeMax tenureApply
SBI8.50%0.35%30 yrsApply →
HDFC Bank8.75%0.50%30 yrsApply →
ICICI Bank8.90%0.50%30 yrsApply →
Axis Bank8.85%1.00%30 yrsApply →
Kotak Mahindra8.70%0.50%20 yrsApply →

Rates shown are indicative only and subject to change. Always confirm current rates directly with your bank.

What no other calculator gives you

Five features built for Indian borrowers that you won't find anywhere else.

Full Hindi UI
Entire calculator in Hindi for 400M+ speakers.
WhatsApp share
Share your result with family in one tap.
Rate simulator
See EMI change when RBI changes repo rate.
PMAY subsidy
Auto-detect up to ₹2.67 lakh subsidy.
Free PDF
Full schedule as PDF — share before signing.
Borrow smarter

Plain English guides — no jargon, just clarity.

Home Loan
How is EMI calculated in India? The exact formula explained
Most people don't know how their bank arrives at the EMI figure. Here's the RBI formula in plain English.
Read article →
 Compare Banks
SBI vs HDFC home loan 2025 — which is actually cheaper?
Beyond headline rates — processing fees, prepayment charges and hidden costs compared side by side.
Read article →
 Government Scheme
What is PMAY and how to claim ₹2.67 lakh subsidy on your home loan
Step-by-step guide to checking PMAY eligibility and applying for the government subsidy.
Read article →
20 years vs 30 years — which tenure should you choose?

For a ₹50 lakh home loan at 8.5% — the difference is massive.

15 years
₹49,239
Monthly EMI
Total interest: ₹38,63,020
Saves ₹15.5L in interest
MOST POPULAR
20 years
₹43,391
Monthly EMI
Total interest: ₹54,13,840
Best EMI-to-interest balance
30 years
₹38,446
Monthly EMI
Total interest: ₹88,40,560
Pays ₹34L extra in interest

Verdict: 20 years is the sweet spot — manageable EMI without overpaying interest. If cash flow allows, 15 years saves the most. Avoid 30 years unless absolutely necessary — you pay ₹34L extra in interest.

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How we calculate your EMI

EMICalculate.in uses the reducing balance method — the RBI-mandated formula used by every bank in India including SBI, HDFC, ICICI, and Axis Bank.

Our calculation method
  • ✓ Uses the RBI-standard reducing balance EMI formula
  • ✓ Monthly compounding — exactly how SBI, HDFC, ICICI, Axis calculate EMI
  • ✓ All calculations happen in your browser — no data sent to any server
  • ✓ Results match what your bank's EMI statement would show

Note: Results may vary slightly from your bank due to processing fees or rounding. Always confirm the final EMI with your lender before signing.

EMI calculator — frequently asked questions
What is EMI and how is it calculated?▾
EMI = Equated Monthly Instalment. A fixed amount paid to your bank every month until the loan is fully repaid.

Formula: EMI = [P × R × (1+R)ᬿ] / [(1+R)ᬿ – 1]
P = Loan amount  ·  R = Monthly interest rate (annual ÷ 12 ÷ 100)  ·  N = Total months
Is this calculator accurate?▾
Yes. We use the RBI-standard reducing balance formula — same as SBI, HDFC, ICICI and Axis Bank.

· Results may vary slightly due to processing fees or rounding
· Always confirm the final figure with your lender before signing
What happens if I miss an EMI payment?▾
· Late payment penalty — typically 1–2% of the overdue EMI
· CIBIL score damage — reported to credit bureaus
· Loan default notice — if multiple EMIs are missed in a row

If you’re struggling, contact your bank before missing — most offer restructuring or a short moratorium.
Can I reduce my EMI after the loan has started?▾
· Part prepayment — pay extra → reduces principal → ask bank to lower EMI
· Balance transfer — move loan to a lower-rate bank
· Loan restructuring — extend tenure to lower monthly outgo (total interest increases)

Use our Prepayment Calculator above to see exact savings.
What is pre-EMI and when does it apply?▾
· Applies to under-construction properties
· You pay only interest on disbursed amount — not full EMI
· Full EMI starts after complete disbursement or possession
· Downside: principal does not reduce during this period
What is foreclosure and are there any charges?▾
· Floating rate loans — zero foreclosure charge (RBI mandate)
· Fixed rate loans — banks may charge 2–4% of outstanding amount

Always check your loan agreement before prepaying in full.
What is part payment and how does it help?▾
Part payment = paying extra above your regular EMI. Directly reduces outstanding principal.

Example: ₹1 lakh part payment on ₹50L loan at 8.5% for 20 years:
· Saves ~₹2.7 lakh in interest
· Reduces tenure by ~8 months

Use our Prepayment Calculator to see your numbers.
Fixed vs floating interest rate — which is better?▾
· Floating rate — lower rate, zero prepayment penalty, changes with RBI repo rate
· Fixed rate — EMI stays constant, but 1–2% higher upfront

Verdict: For a 15–30 year Indian home loan, floating rate wins. Historically cheaper and allows free prepayment.
How does the RBI repo rate affect my EMI?▾
Floating rate loans are linked to your bank’s benchmark rate (EBLR/MCLR), which tracks the RBI repo rate.

· RBI cuts rate → your EMI reduces (usually within 3 months)
· RBI hikes rate → your EMI increases

Example: 0.25% rate cut on ₹50L, 20-year loan = ~₹850/month savings
What is a good EMI-to-income ratio?▾
Banks cap total EMIs at 40–50% of gross income (FOIR rule).

· Ideal: home loan EMI below 30–35% of take-home salary
· Example: ₹80,000/month → comfortable EMI = ₹24,000–₹28,000

Use our Loan Eligibility Calculator to find your maximum eligible loan amount.
What is a moratorium period?▾
A moratorium = temporary pause on EMI payments (usually 3–6 months).

· Interest still accrues and is added to your outstanding principal
· You pay more in total — not free relief
· Use only in genuine financial emergencies

RBI offered a nationwide moratorium during COVID-19 (2020).
What is PMAY subsidy and how much can I save?▾
PMAY = credit-linked subsidy for first-time home buyers:

· EWS/LIG (income ₹6L/year or below) — 6.5% subsidy on loan up to ₹6L → saves up to ₹2.67 lakh
· MIG-I (income ₹12L/year or below) — 4% subsidy on loan up to ₹9L

Subsidy credited upfront — directly reduces principal and lowers your EMI.
Can I prepay my home loan? How much will I save?▾
Yes. Zero prepayment penalty on floating rate home loans (RBI mandate since 2012).

1 extra EMI per year on ₹50L, 8.5%, 20 years:
· Tenure reduced by ~2.5 years
· Interest saved: ~₹7–8 lakh

Use our Prepayment Savings Calculator above for your exact numbers.