EMI Calculator
Move the sliders or type the loan amount, interest rate and tenure, and the calculator shows your monthly EMI, total interest and total payment straight away. A chart shows how much of what you repay is interest, and the year-wise table shows how the balance comes down.
It uses the standard reducing-balance formula that banks and NBFCs use for most home, car and personal loans. Your actual EMI can differ slightly because of processing fees, insurance, rounding and the disbursal date, so check the sanction letter before you sign.
Year-wise repayment schedule
| Year | Principal paid | Interest paid | Balance |
|---|
Uses the standard reducing-balance formula EMI = P × r × (1+r)n ÷ ((1+r)n − 1), with r as the monthly rate. Actual EMIs can differ slightly because of processing fees, rounding and the date of disbursal.
Frequently Asked Questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Is a longer tenure better?
A longer tenure lowers the EMI but raises the total interest a lot. For a ₹25 lakh loan at 8.5%, a 20-year tenure costs about ₹27 lakh in interest, far more than a 10- or 15-year loan.
Can I prepay my loan without a penalty?
For floating-rate loans taken by individuals for non-business purposes, RBI rules do not allow banks and NBFCs to charge foreclosure or prepayment penalties. Fixed-rate and business loans may carry charges, so read your loan agreement.
Why is most of my early EMI going to interest?
Interest is charged on the outstanding balance, which is highest at the start. As you repay principal, the interest part of each EMI falls and the principal part rises, as the year-wise table shows.