Free EMI Calculator India
With ScheduleCalculate your monthly EMI for home, car, personal, or education loans. Get a full amortisation schedule and interest breakdown instantly.
Loan Type
Loan Details
per month for 240 months
Payment Breakdown
How to use the EMI Calculator
Select Loan Type
Choose from Home, Car, Personal, or Education loan to auto-fill typical interest rates.
Enter Loan Amount
Type in the principal loan amount or use the slider to adjust.
Set Interest Rate
Enter the annual interest rate offered by your lender.
Choose Tenure
Set the repayment period in months or years. Your EMI and schedule update instantly.
EMI Formula
The standard formula used to calculate EMI across all banks and NBFCs in India:
Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Principal
The original loan amount borrowed
Monthly Rate
Annual interest rate ÷ 12 ÷ 100
Tenure
Number of monthly instalments
Typical Loan Rates in India (2024–25)
Home Loan
Interest Rate
8.5–9.5%
Typical Tenure
10–30 years
Car Loan
Interest Rate
9–12%
Typical Tenure
1–7 years
Personal Loan
Interest Rate
11–24%
Typical Tenure
1–5 years
Education Loan
Interest Rate
9–13%
Typical Tenure
5–15 years
ℹ️Rates are indicative and vary by lender, credit score, and RBI repo rate. Always check with your bank for exact rates.
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Instalment) is a fixed amount paid by a borrower to a lender every month on a specified date. It consists of both the principal repayment and the interest on the outstanding loan amount.
How is EMI calculated?
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 instalments.
Does a higher tenure reduce my EMI?
Yes, a longer tenure reduces your monthly EMI but significantly increases the total interest you pay over the life of the loan. It's a trade-off between cash flow and total cost.
What is an amortisation schedule?
An amortisation schedule is a complete table of periodic loan payments showing the amount of principal and interest that make up each payment until the loan is paid off at the end of the term.