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Work out your monthly EMI, total interest and repayment for any home, car or personal loan. See how rate and tenure changes affect what you pay.
Monthly EMI
โน965.02
Total interest
โน1,31,605.19
Total payment
โน2,31,605.19
Loan EMI results are estimates for planning and should be checked against current official rules or professional advice where applicable.
A bank quotes you 8.5% on a home loan and you nod along. The number that hits your account every month is the EMI, and it hides a lot. Each instalment carries some interest and some principal. The mix shifts every month, which is why two loans with similar rates can cost very different amounts over time.
This EMI calculator takes three inputs: loan amount, annual interest rate and tenure in months or years. It returns the fixed monthly instalment, the total interest and the total amount you will repay. You can use it for home, car, personal or education loans that follow a reducing-balance method.
Lenders in India use the standard reducing-balance formula. Interest is charged only on the principal still outstanding, not on the original sum.
EMI = P ร r ร (1 + r)^n รท ((1 + r)^n โ 1)
Here P is the loan amount and n is the number of monthly instalments. The monthly rate, r, is the annual rate รท 12 รท 100.
In month one, interest alone is Rs 21,250. Only about Rs 4,785 goes towards the principal. That balance slowly tilts in your favour as the outstanding amount falls.
Borrowers often focus on the rate and ignore the tenure. Both matter, but in different ways. The table keeps the loan at Rs 30 lakh and changes one input at a time.
| Scenario | Monthly EMI | Total interest |
|---|---|---|
| 8.5% for 20 years | Rs 26,035 | Rs 32.48 lakh |
| 9.0% for 20 years | Rs 26,992 | Rs 34.78 lakh |
| 8.5% for 15 years | Rs 29,542 | Rs 23.18 lakh |
A half-point rise adds under Rs 1,000 a month but over Rs 2.3 lakh in interest. Cutting five years raises the EMI by about Rs 3,500. Yet it saves more than Rs 9 lakh in interest. If your budget can absorb a higher EMI, a shorter tenure usually wins.
This calculator assumes a standard monthly reducing-balance loan. Flat-rate loans from some dealers and NBFCs cost more than their quoted rate suggests. Ask the lender for the effective annual rate before signing.
Use the fields in the tool above and keep units and formats consistent.
Review the result shown in the output area.
Confirm that the result matches your situation before using it for a decision.
EMI = P ร r ร (1+r)^n รท ((1+r)^n โ 1).This describes the core logic used by the tool. Check any assumptions that may affect your result.
Use accurate inputs and keep units consistent.
Review the assumptions before using the result for a decision.
Compare important results with an independent or official source.
Most bank home, car and personal loans in India use the reducing-balance method. Interest is charged only on the outstanding principal each month. Some dealer and consumer durable loans use a flat rate instead. That makes the real cost noticeably higher than the quoted figure.
Interest is charged on the outstanding balance, which is highest at the start. On a Rs 30 lakh loan at 8.5%, the first EMI carries Rs 21,250 of interest. The principal share grows each month as the balance comes down.
No, a longer tenure lowers the monthly EMI but raises the total interest you pay. Stretching a Rs 30 lakh loan from 15 to 20 years cuts the EMI by about Rs 3,500. It adds over Rs 9 lakh in interest.
Reducing the tenure usually saves more interest because the loan closes sooner. Reducing the EMI gives you more monthly breathing room instead. Many borrowers keep the EMI the same and let the tenure shrink, unless cash flow is tight.
On a floating-rate loan, your lender passes on repo rate changes after the next reset date. Banks often extend the tenure first and keep the EMI unchanged. You can ask them to raise the EMI instead to limit extra interest.
Yes, car loans from banks follow the same reducing-balance formula as home loans. Enter the on-road amount minus your down payment as the loan amount. Tenures are usually shorter, between three and seven years, so EMIs are higher relative to the loan.
No, processing fees are usually paid upfront or deducted from the disbursed amount. They do not change the EMI itself. They do raise the real cost of borrowing, so add them when you compare two loan offers side by side.
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