Calculate monthly EMI, total interest and full amortization for any loan.
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Check Eligibility First
Before calculating EMI, find your maximum eligible loan amount using our Home Loan Eligibility Calculator.
Plan Your Prepayment
See how early repayment saves interest with our Loan Prepayment Calculator.
EMI vs Investment
Should you prepay or invest? Compare using our SIP Calculator to model both scenarios.
Different Loan Types
Try loan-specific calculators: Car Loan or Personal Loan EMI.
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EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender every month on a fixed date. It consists of both the principal repayment and the interest accrued.
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P is the principal loan amount, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of monthly installments.
Yes. Making a partial prepayment reduces your outstanding principal, which lowers the total interest payable. You can choose to either reduce your EMI amount or shorten the loan tenure.
An amortization schedule shows the month-by-month breakdown of each EMI payment — how much goes toward principal repayment vs. interest, and the remaining outstanding balance.
Missing one EMI typically triggers: late payment charge of Rs 500-1,000, negative CIBIL score impact of 50-100 points, and penal interest on the overdue amount. If you are struggling, always contact your bank before missing a payment - most banks offer a 3-month moratorium or restructuring. One missed EMI does less damage than two or three consecutive misses.
Compare post-tax loan rate vs post-tax investment return. Home loan at 8.5% vs equity SIP at 12% post-tax: invest the surplus. Personal loan at 16%: prepay first. The break-even is around 10-11% for most investors. For moderate rates of 9-11%, split 50/50 between prepayment and investment for a balanced approach.
Foreclosure means closing the entire loan before maturity. Charges: Home loans (floating rate) - RBI prohibits charges for individual borrowers, so zero. Home loans (fixed rate) - 2-3% of outstanding. Personal and car loans - 2-5% of outstanding depending on lender. Always verify foreclosure charges before signing the loan agreement.
All modern bank loans use reducing balance method - interest is calculated each month on the outstanding principal, not the original principal. Early EMIs have high interest component; later EMIs have high principal component. This differs from flat rate loans where interest is on original principal - a flat rate of 10% equals an effective reducing balance rate of approximately 18%.
| Loan Type | Rate Range (p.a.) | Max Tenure | Typical Amount |
|---|---|---|---|
| Home Loan | 8.40–9.50% | 30 years | ₹20L–₹5Cr |
| Car Loan | 7.50–11.00% | 7 years | ₹3L–₹50L |
| Personal Loan | 10.50–24.00% | 5 years | ₹50K–₹25L |
| Education Loan | 8.00–13.00% | 15 years | ₹1L–₹75L |
| Gold Loan | 7.00–14.00% | 3 years | ₹10K–₹1Cr |
| Loan Against Property | 8.00–11.00% | 20 years | ₹5L–₹10Cr |
Rates are indicative as of May 2026 based on leading Indian bank offerings. Actual rates vary by lender, CIBIL score and loan amount. The EMI calculator above works for all loan types — just enter your specific rate.
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