Free tool
EMI calculator
Monthly EMI
₹21,494
Total interest
₹2,89,634
Total payment
₹12,89,634
Year-wise repayment schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,60,505 | ₹97,421 | ₹8,39,495 |
| 2 | ₹1,78,194 | ₹79,733 | ₹6,61,301 |
| 3 | ₹1,97,831 | ₹60,096 | ₹4,63,470 |
| 4 | ₹2,19,633 | ₹38,294 | ₹2,43,837 |
| 5 | ₹2,43,837 | ₹14,090 | ₹0 |
How to use the EMI calculator
Enter the loan amount you expect, the annual interest rate quoted (or the indicative rate from the product page) and the tenure in months. The result is the fixed monthly instalment on a reducing-balance basis, the same method every bank and NBFC uses.
What to compare
- Total interest is what the loan actually costs you. Halving the tenure often cuts it by more than half.
- Principal share shows how much of your total outgo repays the loan versus pays for it.
- The schedule tells you the outstanding balance at any year, useful for planning a prepayment or a balance transfer.
Rates to try
Personal loans currently run from about 10.25% to 24% p.a., home loans from 7.35% to 9.5%, business loans from 14% to 24%, loans against property from 8.75% to 12.5% and car loans from 8.5% to 12.5%. Our interest rates page keeps these ranges current.
FAQs
Questions about this calculator
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of months. This is the reducing-balance method used by all banks and NBFCs.
Why is most of my early EMI interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest part of each EMI shrinks and the principal part grows. The schedule shows this year by year.
Does a longer tenure always cost more?
Yes, in total interest, because you borrow for longer. It lowers the monthly EMI, which is why lenders offer it. Choose the shortest tenure you can comfortably afford and prepay when you can.
Are processing fees included?
No. The calculator shows interest cost only. Fees are disclosed in the lender's Key Fact Statement and included in its APR figure.
Ready when you are.
Two minutes to share your requirement. One call from our credit desk with a lender shortlist. No fee, ever.