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Home Loan · Car Loan · Personal Loan

EMI Calculator India

Calculate your monthly EMI instantly. Get full amortization schedule and compare two loans side by side.

Enter loan details to calculate your EMI and see the amortization schedule.

📊 Compare Two Loans Side by Side

Loan A
Loan B

How is EMI Calculated?

EMI (Equated Monthly Instalment) 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 (annual rate ÷ 12 ÷ 100), and n is total months. This gives a fixed payment that covers both principal repayment and interest each month.

How Much EMI Can I Afford?

As a rule of thumb, keep total EMIs below 40% of your monthly take-home salary. Use our In-Hand Salary Calculator on the main page to determine your take-home first, then ensure your EMI doesn't exceed 40% of that figure. Banks typically evaluate your FOIR (Fixed Obligation to Income Ratio) before approving loans.

Tips to Reduce Your EMI Burden

A higher down payment reduces the principal, directly lowering your EMI. A longer tenure reduces monthly EMI but increases total interest paid — use our amortization table to see the trade-off. Making even one prepayment per year can significantly reduce your total interest outgo.

Frequently Asked Questions

EMI uses the formula: P × r × (1+r)^n / ((1+r)^n - 1), where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = total months. For example, a ₹50L home loan at 8.5% for 20 years gives a monthly EMI of approximately ₹43,391.
Ideally keep total EMIs below 35-40% of your monthly take-home salary. Banks will usually not approve loans if total EMIs (existing + new) exceed 50% of net income. Use our Salary Calculator to find your take-home, then ensure your loan EMI stays within comfortable limits.
Prepayment directly reduces your outstanding principal, which reduces future interest. Even one extra EMI per year can shave years off your loan tenure and save lakhs in interest. Most banks allow home loan prepayment without charges after the lock-in period. Car and personal loans may have prepayment fees of 2-5%.