EMI Calculator India โ Calculate Home, Personal & Car Loan EMI Online Free
๐ฒ EMI Calculator
EMI Calculator
Calculate EMI for Any Loan โ Instantly
Compute your Equated Monthly Instalment for personal loans, car loans, education loans, home loans, and more. Get the full amortisation schedule, see how rate changes affect your EMI, and find the most affordable option.
Personal LoanCar LoanEducation LoanHome Loan
Business LoanRate SensitivityAmortisation Table
Loan Type:
Calculate EMI
Loan Amount
Principal amount you want to borrow
โน
โน10Kโน1Cr
Annual Interest Rate
Rate offered by lender
%
5%36%
Loan Tenure
Repayment period
yr
1 yr30 yrs
Affordability Check
Monthly Income
Gross monthly salary / income
โน
Other EMIs / Obligations
Existing loan EMIs per month
โน
EMI You Can Afford
Maximum monthly payment
โน
โน1Kโน1L
Annual Interest Rate
%
5%36%
Loan Tenure
yr
1 yr30 yrs
Loan Amount
โน
โน10Kโน1Cr
EMI You Can Pay
โน
โน1Kโน1L
Annual Interest Rate
%
5%36%
Loan Amount
โน
โน10Kโน1Cr
Tenure
yr
1 yr30 yrs
Compare Multiple Rates
Rate 1
%
Rate 2
%
Rate 3
%
Rate 4
%
Rate 5
%
Loan Summary
๐ฒ
Monthly EMI
โ
โ
Total Interest
โ
โ
Total Payment
โ
โ
Principal vs Interest
โ
interest
Principal
โTotal Interest
โInterest / Principal
โ๐ Affordability Check
Monthly EMI
โ
per month
Total Interest
โ
โ
Total Payment
โ
principal + interest
Interest Burden
โ
% of total repaid
Year-wise Principal vs Interest
Principal
Interest
Balance
๐ Amortisation Schedule
What is EMI and How is it Calculated?
An Equated Monthly Instalment (EMI) is the fixed amount you pay to a lender every month to repay a loan over a chosen tenure. It includes both a principal component and an interest component. In the early months, most of the EMI goes toward interest; over time, the principal portion increases. This is called the reducing balance method โ you pay interest only on the outstanding loan amount, not the original amount.
EMI = P ร r ร (1 + r)n รท [(1 + r)n โ 1]
Where: P = Principal ย ย r = Monthly rate = Annual Rate รท 12 รท 100
n = Tenure in months (years ร 12)
Max Loan Amount = EMI ร [(1+r)n โ 1] รท [r ร (1+r)n]
FOIR (Fixed Obligation to Income Ratio) = Total EMIs รท Gross Monthly Income
Where: P = Principal ย ย r = Monthly rate = Annual Rate รท 12 รท 100
n = Tenure in months (years ร 12)
Max Loan Amount = EMI ร [(1+r)n โ 1] รท [r ร (1+r)n]
FOIR (Fixed Obligation to Income Ratio) = Total EMIs รท Gross Monthly Income
Typical Interest Rates by Loan Type (India, 2024โ25)
| Loan Type | Typical Rate Range | Max Tenure | Max Amount |
|---|---|---|---|
| ๐ Home Loan | 8.5% โ 9.5% | 30 years | No cap (75โ90% of property) |
| ๐ Car Loan | 8.5% โ 13% | 7 years | 80โ100% of car value |
| ๐ณ Personal Loan | 10.5% โ 24% | 5 years | โน40L (based on income) |
| ๐ซ Education Loan | 8% โ 15% | 15 years | โน75L (abroad); โน10L (India) |
| ๐ผ Business Loan | 12% โ 22% | 5 years | Varies by bank |
| ๐ธ Gold Loan | 9% โ 18% | 3 years | 75% of gold value |
EMI for โน10 Lakh Loan at Various Rates & Tenures
| Rate | 1 Year | 3 Years | 5 Years | 7 Years |
|---|---|---|---|---|
| 10% | โน87,916 | โน32,267 | โน21,247 | โน16,601 |
| 12% | โน88,849 | โน33,214 | โน22,244 | โน17,653 |
| 15% | โน90,258 | โน34,665 | โน23,790 | โน19,282 |
| 18% | โน91,680 | โน36,152 | โน25,393 | โน20,971 |
| 24% | โน94,560 | โน39,230 | โน28,731 | โน24,561 |
Frequently Asked Questions
What is FOIR and how does it affect loan eligibility?โผ
FOIR (Fixed Obligation to Income Ratio) is the percentage of your gross monthly income that goes toward fixed EMI obligations. Most Indian banks require FOIR below 50โ55% for personal loans and 40โ50% for home loans. For example, if your income is โน80,000 and your existing EMIs are โน10,000, your available FOIR capacity is โน30,000 (at 50% FOIR). The new loan's EMI cannot exceed this remaining capacity. Banks use FOIR to assess repayment risk.
How do I reduce my EMI?โผ
Three ways: (1) Increase tenure โ longer tenure means lower EMI, though you'll pay more total interest. (2) Negotiate a lower rate โ even 0.5% reduction saves significantly over long tenures. (3) Pay a larger down payment โ reducing the principal reduces the EMI proportionally. You can also request balance transfer to a lower-rate lender if you find a better offer mid-loan.
What happens if I miss an EMI payment?โผ
Missing an EMI typically incurs a late payment penalty of 1โ2% of the overdue amount, plus the missed instalment is added to the next month. More critically, it affects your CIBIL score negatively โ even one missed payment can drop your score by 50โ100 points. After 90 days of non-payment, the loan is classified as an NPA (Non-Performing Asset), which severely impacts credit eligibility for future loans. Always contact your lender before missing a payment โ most banks offer a moratorium or restructuring option for genuine hardship.
Is it better to pay a higher EMI or make prepayments?โผ
Both save interest, but prepayments give more flexibility. A higher EMI reduces interest mechanically each month. Prepayments reduce the outstanding principal in a lump sum โ because future interest is calculated on the lower balance, even a small prepayment early in the tenure saves disproportionately more. The ideal strategy: keep EMI manageable, then prepay aggressively from annual bonuses or surplus cash. Early prepayments (in the first 1โ3 years) save more than later ones because they eliminate years of compound interest.
What is the flat rate vs reducing balance rate difference?โผ
A flat rate charges interest on the entire original principal throughout the loan, regardless of repayment. A reducing balance (which all banks now use) charges interest only on the outstanding principal. A 10% flat rate is equivalent to roughly 18โ20% reducing balance rate โ making flat rates significantly more expensive. Always confirm which method your lender uses. RBI mandates that all bank loans use the reducing balance method, but some NBFCs and microfinance institutions still quote flat rates for consumer loans.
๐ฒ EMI Calculator
EMI Calculator
Calculate EMI for Any Loan โ Instantly
Compute your Equated Monthly Instalment for personal loans, car loans, education loans, home loans, and more. Get the full amortisation schedule, see how rate changes affect your EMI, and find the most affordable option.
Personal LoanCar LoanEducation LoanHome Loan
Business LoanRate SensitivityAmortisation Table
Loan Type:
Calculate EMI
Loan Amount
Principal amount you want to borrow
โน
โน10Kโน1Cr
Annual Interest Rate
Rate offered by lender
%
5%36%
Loan Tenure
Repayment period
yr
1 yr30 yrs
Affordability Check
Monthly Income
Gross monthly salary / income
โน
Other EMIs / Obligations
Existing loan EMIs per month
โน
EMI You Can Afford
Maximum monthly payment
โน
โน1Kโน1L
Annual Interest Rate
%
5%36%
Loan Tenure
yr
1 yr30 yrs
Loan Amount
โน
โน10Kโน1Cr
EMI You Can Pay
โน
โน1Kโน1L
Annual Interest Rate
%
5%36%
Loan Amount
โน
โน10Kโน1Cr
Tenure
yr
1 yr30 yrs
Compare Multiple Rates
Rate 1
%
Rate 2
%
Rate 3
%
Rate 4
%
Rate 5
%
Loan Summary
๐ฒ
Monthly EMI
โ
โ
Total Interest
โ
โ
Total Payment
โ
โ
Principal vs Interest
โ
interest
Principal
โTotal Interest
โInterest / Principal
โ๐ Affordability Check
Monthly EMI
โ
per month
Total Interest
โ
โ
Total Payment
โ
principal + interest
Interest Burden
โ
% of total repaid
Year-wise Principal vs Interest
Principal
Interest
Balance
๐ Amortisation Schedule
What is EMI and How is it Calculated?
An Equated Monthly Instalment (EMI) is the fixed amount you pay to a lender every month to repay a loan over a chosen tenure. It includes both a principal component and an interest component. In the early months, most of the EMI goes toward interest; over time, the principal portion increases. This is called the reducing balance method โ you pay interest only on the outstanding loan amount, not the original amount.
EMI = P ร r ร (1 + r)n รท [(1 + r)n โ 1]
Where: P = Principal r = Monthly rate = Annual Rate รท 12 รท 100
n = Tenure in months (years ร 12)
Max Loan Amount = EMI ร [(1+r)n โ 1] รท [r ร (1+r)n]
FOIR (Fixed Obligation to Income Ratio) = Total EMIs รท Gross Monthly Income
Where: P = Principal r = Monthly rate = Annual Rate รท 12 รท 100
n = Tenure in months (years ร 12)
Max Loan Amount = EMI ร [(1+r)n โ 1] รท [r ร (1+r)n]
FOIR (Fixed Obligation to Income Ratio) = Total EMIs รท Gross Monthly Income
Typical Interest Rates by Loan Type (India, 2024โ25)
| Loan Type | Typical Rate Range | Max Tenure | Max Amount |
|---|---|---|---|
| ๐ Home Loan | 8.5% โ 9.5% | 30 years | No cap (75โ90% of property) |
| ๐ Car Loan | 8.5% โ 13% | 7 years | 80โ100% of car value |
| ๐ณ Personal Loan | 10.5% โ 24% | 5 years | โน40L (based on income) |
| ๐ซ Education Loan | 8% โ 15% | 15 years | โน75L (abroad); โน10L (India) |
| ๐ผ Business Loan | 12% โ 22% | 5 years | Varies by bank |
| ๐ธ Gold Loan | 9% โ 18% | 3 years | 75% of gold value |
EMI for โน10 Lakh Loan at Various Rates & Tenures
| Rate | 1 Year | 3 Years | 5 Years | 7 Years |
|---|---|---|---|---|
| 10% | โน87,916 | โน32,267 | โน21,247 | โน16,601 |
| 12% | โน88,849 | โน33,214 | โน22,244 | โน17,653 |
| 15% | โน90,258 | โน34,665 | โน23,790 | โน19,282 |
| 18% | โน91,680 | โน36,152 | โน25,393 | โน20,971 |
| 24% | โน94,560 | โน39,230 | โน28,731 | โน24,561 |
Frequently Asked Questions
What is FOIR and how does it affect loan eligibility?โผ
FOIR (Fixed Obligation to Income Ratio) is the percentage of your gross monthly income that goes toward fixed EMI obligations. Most Indian banks require FOIR below 50โ55% for personal loans and 40โ50% for home loans. For example, if your income is โน80,000 and your existing EMIs are โน10,000, your available FOIR capacity is โน30,000 (at 50% FOIR). The new loan's EMI cannot exceed this remaining capacity. Banks use FOIR to assess repayment risk.
How do I reduce my EMI?โผ
Three ways: (1) Increase tenure โ longer tenure means lower EMI, though you'll pay more total interest. (2) Negotiate a lower rate โ even 0.5% reduction saves significantly over long tenures. (3) Pay a larger down payment โ reducing the principal reduces the EMI proportionally. You can also request balance transfer to a lower-rate lender if you find a better offer mid-loan.
What happens if I miss an EMI payment?โผ
Missing an EMI typically incurs a late payment penalty of 1โ2% of the overdue amount, plus the missed instalment is added to the next month. More critically, it affects your CIBIL score negatively โ even one missed payment can drop your score by 50โ100 points. After 90 days of non-payment, the loan is classified as an NPA (Non-Performing Asset), which severely impacts credit eligibility for future loans. Always contact your lender before missing a payment โ most banks offer a moratorium or restructuring option for genuine hardship.
Is it better to pay a higher EMI or make prepayments?โผ
Both save interest, but prepayments give more flexibility. A higher EMI reduces interest mechanically each month. Prepayments reduce the outstanding principal in a lump sum โ because future interest is calculated on the lower balance, even a small prepayment early in the tenure saves disproportionately more. The ideal strategy: keep EMI manageable, then prepay aggressively from annual bonuses or surplus cash. Early prepayments (in the first 1โ3 years) save more than later ones because they eliminate years of compound interest.
What is the flat rate vs reducing balance rate difference?โผ
A flat rate charges interest on the entire original principal throughout the loan, regardless of repayment. A reducing balance (which all banks now use) charges interest only on the outstanding principal. A 10% flat rate is equivalent to roughly 18โ20% reducing balance rate โ making flat rates significantly more expensive. Always confirm which method your lender uses. RBI mandates that all bank loans use the reducing balance method, but some NBFCs and microfinance institutions still quote flat rates for consumer loans.