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EMI Calculator: Home, Car & Personal Loan EMI

Find your monthly EMI for a home, car or personal loan, see how much of it is interest, and check the balance left at the end of every year.

Rules and rates checked

Loan type
₹

₹50.00 L

%
yrs
Monthly EMI₹43,391for 240 months
Total interest₹54.14 L
Total payment₹1.04 Cr
  • Principal ₹50.00 L 48%
  • Interest ₹54.14 L 52%

Interest is 108% of the amount you borrow. Prepaying even one extra EMI a year cuts this sharply on long loans.

Y1: Principal paid ₹99,511, Interest paid ₹4,21,182Y2: Principal paid ₹1,08,307, Interest paid ₹4,12,387Y3: Principal paid ₹1,17,881, Interest paid ₹4,02,813Y4: Principal paid ₹1,28,300, Interest paid ₹3,92,394Y5: Principal paid ₹1,39,641, Interest paid ₹3,81,053Y6: Principal paid ₹1,51,984, Interest paid ₹3,68,710Y7: Principal paid ₹1,65,418, Interest paid ₹3,55,276Y8: Principal paid ₹1,80,039, Interest paid ₹3,40,655Y9: Principal paid ₹1,95,953, Interest paid ₹3,24,741Y10: Principal paid ₹2,13,274, Interest paid ₹3,07,420Y11: Principal paid ₹2,32,125, Interest paid ₹2,88,569Y12: Principal paid ₹2,52,643, Interest paid ₹2,68,051Y13: Principal paid ₹2,74,974, Interest paid ₹2,45,720Y14: Principal paid ₹2,99,279, Interest paid ₹2,21,415Y15: Principal paid ₹3,25,733, Interest paid ₹1,94,961Y16: Principal paid ₹3,54,525, Interest paid ₹1,66,169Y17: Principal paid ₹3,85,862, Interest paid ₹1,34,832Y18: Principal paid ₹4,19,968, Interest paid ₹1,00,726Y19: Principal paid ₹4,57,090, Interest paid ₹63,604Y20: Principal paid ₹4,97,492, Interest paid ₹23,202
Principal paidInterest paidY1 → Y20
Year-by-year breakdown
YearPrincipalInterestBalance left
1₹99,511₹4,21,182₹49,00,489
2₹1,08,307₹4,12,387₹47,92,181
3₹1,17,881₹4,02,813₹46,74,300
4₹1,28,300₹3,92,394₹45,46,000
5₹1,39,641₹3,81,053₹44,06,359
6₹1,51,984₹3,68,710₹42,54,375
7₹1,65,418₹3,55,276₹40,88,957
8₹1,80,039₹3,40,655₹39,08,918
9₹1,95,953₹3,24,741₹37,12,965
10₹2,13,274₹3,07,420₹34,99,691
11₹2,32,125₹2,88,569₹32,67,566
12₹2,52,643₹2,68,051₹30,14,923
13₹2,74,974₹2,45,720₹27,39,949
14₹2,99,279₹2,21,415₹24,40,670
15₹3,25,733₹1,94,961₹21,14,937
16₹3,54,525₹1,66,169₹17,60,412
17₹3,85,862₹1,34,832₹13,74,550
18₹4,19,968₹1,00,726₹9,54,582
19₹4,57,090₹63,604₹4,97,492
20₹4,97,492₹23,202₹0

How EMI is calculated

Banks use the standard reducing-balance formula:

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Each month, interest is charged only on the balance you still owe, so early EMIs are mostly interest and later EMIs are mostly principal.

Example: A ₹50 lakh home loan at 8.5% for 20 years has an EMI of about ₹43,391. Over 240 months you repay about ₹1.04 crore — so the interest (about ₹54 lakh) is more than the loan itself.

What changes your EMI the most

  • Tenure. A longer loan lowers the EMI but sharply raises total interest. The same ₹50 lakh at 8.5% costs about ₹49,237 a month over 15 years, but you save roughly ₹15 lakh of interest compared with 20 years.
  • Interest rate. Every 0.5 percentage point matters on a big loan. On ₹50 lakh for 20 years, going from 8.5% to 9% adds about ₹1,600 to the EMI and ₹3.8 lakh to total interest.
  • Prepayments. Paying even one extra EMI a year can cut years off a home loan. Tell the bank whether to reduce the tenure (saves the most interest) or the EMI.

Tip: A better credit score gets you a lower rate. See what a CIBIL score is and how to raise it before you apply.

Typical loan types

Loan Usual tenure What to watch
Home loan 15–30 years Floating rates move with the RBI repo rate; processing fee; tax benefits under the old regime
Car loan 3–7 years Usually fixed rate; dealer offers can hide a higher rate
Personal loan 1–5 years Highest rates; unsecured; check foreclosure charges
Education loan 5–15 years Moratorium during study; interest deductible under 80E (old regime)

How to use the result

A common rule is that all your EMIs together should stay under about 40% of your take-home pay. Lenders look at this "FOIR" when deciding how much to lend. Keep an emergency fund of at least six EMIs before you sign a long loan.

Frequently asked questions

Does a longer tenure save money?

No. It lowers the monthly EMI but you pay far more interest in total. Choose the shortest tenure whose EMI you can comfortably afford.

Can the bank charge me for prepaying a home loan?

RBI rules bar banks and NBFCs from charging foreclosure or prepayment penalties on floating-rate loans taken by individuals for non-business purposes. Fixed-rate loans can carry a charge — check your sanction letter.

Is the EMI the same every month?

For a fixed-rate loan, yes. For a floating-rate loan the bank may change the EMI or the tenure when the benchmark rate moves.

Is home loan interest tax-deductible?

Under the old regime, up to ₹2 lakh a year of interest on a self-occupied house is deductible under Section 24(b), plus principal under 80C. The new regime does not allow these for a self-occupied home. Compare both with our income tax calculator.

Sources

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