EMI Calculator · FY 2026-27

Calculate your loan EMI
in seconds.

Home loans, car loans, and personal loans. Live calculation with full amortisation schedule. No signup, no ads in results.

Last updated: FY 2026-27 / AY 2027-28

Your loan details

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₹25,00,000
₹
8.5% p.a.
% p.a.
20 years
years
Quick scenarios
Monthly EMI ₹21,696

How EMI is calculated

EMI stands for Equated Monthly Instalment - a fixed monthly amount that covers both principal and interest, paid on a set date until the loan is fully repaid.

EMI = P × R × (1 + R)N (1 + R)N − 1
  • P - Loan principal (the amount borrowed)
  • R - Monthly interest rate (annual rate ÷ 12 ÷ 100)
  • N - Total number of months (years × 12)

For floating-rate loans the rate can reset over time, in which case the lender revises either the EMI or the tenure.

What makes up each EMI

Every EMI splits into a principal component (which pays down the borrowed amount) and an interest component. In the early years the interest share is larger; as the loan ages, the principal share grows.

Common Indian loans

  • Home loans - typically 8%–11% p.a., up to 30 years
  • Car loans - typically 8%–14% p.a., up to 7 years
  • Personal loans - typically 10.5%–24% p.a., 1–7 years

Prepayment & foreclosure

Prepayment means clearing a loan ahead of schedule - either part-prepay (a lump sum that reduces the outstanding principal) or full foreclosure (closing the loan entirely).

Why it helps

  • Reduces total interest paid over the loan's life
  • Helps you become debt-free faster
  • Lowers your overall debt burden on your credit profile
  • Frees up monthly cash flow for other goals

What the rules say

Based on RBI directions and typical lender policy (exact rules vary by lender and product):

  • Most regulated lenders don't charge prepayment fees on floating-rate home loans taken by individuals.
  • Fixed-rate loans may carry prepayment charges, especially during an initial lock-in period.
  • Personal and car loan prepayment fees commonly fall in the 2–5% range of outstanding principal.

Should you prepay?

Prepayment usually makes sense when you have surplus funds, your loan rate exceeds your expected after-tax investment returns, and prepayment fees are minimal or zero.

Common questions

Frequently asked questions

Quick answers to the most common questions about loan EMI and this calculator.

What is EMI and how is it calculated?

EMI stands for Equated Monthly Instalment. It is calculated using the formula EMI = [P × R × (1+R)N] / [(1+R)N − 1], where P is the principal, R is the monthly interest rate, and N is the loan tenure in months.

Can I prepay my loan to reduce EMI?

Yes, most lenders in India allow loan prepayment. Prepayment reduces the outstanding principal, which lets you either reduce your EMI or shorten your loan tenure - depending on what the lender allows and what you choose.

What is the difference between reducing balance and flat rate interest?

Reducing balance charges interest on the outstanding principal, which shrinks with each EMI. Flat rate charges interest on the original principal throughout the loan. Retail loans in India typically use reducing balance, which is cheaper than flat rate at the same headline rate.

How does loan tenure affect my EMI?

A longer tenure lowers your monthly EMI but increases the total interest paid over the loan's life. A shorter tenure raises the EMI but reduces total interest. Pick the balance that fits your monthly budget and long-term cost goals.

Is this EMI calculator accurate?

It's accurate for standard fixed-rate amortising loans with monthly compounding. Real-world EMIs can vary slightly due to floating-rate resets, lender rounding, broken-period interest, fees, or insurance bundled into the financed amount. Always confirm the final schedule with your lender.

What happens if I miss an EMI payment?

Late fees or penal interest may apply, your credit report and score can be hit, and recovery actions may follow per the loan agreement. If you expect a delay, contact your lender early to discuss restructuring or a grace period.

Go deeper

Related guides & scenarios

Real-world EMI examples for common loan sizes, plus guides on how to think about loans.

Home loan scenarios

Car & personal loan scenarios

Loan guides

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Disclaimer: This EMI calculator is provided for estimation purposes only. Actual EMIs and totals may vary based on the lender's terms, interest-rate type (fixed/floating), rate reset timing, rounding rules, broken-period interest, fees/charges/taxes, and whether any insurance or add-ons are included in the financed amount. Please verify the official repayment schedule and all applicable charges with your lender before making any financial decisions.