EMI calculator: Find your monthly loan payment

Use our free EMI calculator to find your monthly payment on any loan. Enter amount, rate, and tenure and get instant results with a full payment breakdown.

Last updated: May 2026

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India's retail credit market has been growing fast. The country now ranks among the top five credit markets globally, with outstanding retail loans crossing ₹53 lakh crore as of 2024. Personal loans and home loans together make up the bulk of this. And for every loan taken, there is an EMI attached to it.

Most borrowers look up their EMI only after the loan is approved. Knowing it beforehand gives a clearer picture of what the monthly outgo will actually look like. That is exactly what this calculator is for.

How can an online EMI calculator help you?

There are now well over 300 million active loan accounts across the country. With that kind of scale, knowing your EMI before you commit to a loan has become more important than ever.

Here is what an online EMI calculator does for you:

✓Instant Accuracy: It gives you an accurate EMI figure instantly. No manual calculation, no chance of error.
✓Universal Use: It works for any loan type. Home loan, car loan, personal loan, education loan - the formula is the same, only the typical rate and tenure differ.
✓Scenario Planning: Run as many scenarios as you want. Change the tenure, change the rate, see how the numbers shift each time.
✓100% Free: It is free and available any time.

This online EMI calculator removes all the guesswork. If you want to calculate loan monthly installments for any loan type (home, car, personal, or education). Just enter the amount, rate, and tenure above.

How to use this EMI calculator

Using this calculator is quite simple. Put in three values: the loan amount, interest rate, and tenure. The EMI, total interest, and total repayment amount will be displayed right away. No account needed, works on any device.

The formula to calculate EMI

There is a standard formula that every bank and lending institution in India uses to compute EMI.

Standard Formula

EMI = P × R × (1+R)^N / [(1+R)^N - 1]

Variable	What it means
P	Principal: the loan amount
R	Monthly interest rate = annual rate divided by 12 divided by 100
N	Loan tenure in months = years multiplied by 12

The result is a fixed monthly figure that pays off the entire loan, principal plus interest, by the last instalment. This calculator uses the same formula. Enter your numbers above and the result appears immediately.

Types of EMI calculator

The formula behind this calculator is the same for every loan type. What differs is the rate and tenure that typically applies to each.

Home loan EMI calculator

Home loans are usually the largest borrowing a person takes in their lifetime. The principal amounts are high and the tenure stretches anywhere from 15 to 30 years. Because of this, even a 0.25% difference in rate can mean a few extra lakhs over the full loan period. You can use this calculator to check your home loan EMI - just enter the loan amount, rate of interest, and tenure.

Car loan EMI calculator

A car loan is a secured loan, meaning the vehicle itself is the collateral. Tenures are shorter, usually 1 to 7 years. The EMI on a car loan is straightforward to calculate. Just put in the loan amount, rate, and how many years you want to repay over. The EMI shows up right away.

Personal loan EMI calculator

Personal loans are taken for all sorts of reasons — a medical expense, a wedding, home renovation, or just an immediate cash requirement. Since there is no collateral involved, lenders charge a higher rate. Tenures are also shorter, typically 1 to 5 years, which means the EMI can be sizeable relative to the loan amount. Enter your numbers to see exactly what the monthly outgo looks like.

Education loan EMI calculator

Education loans work a little differently. Most of them have a moratorium period built in. You do not start repaying while the course is still on. Repayment kicks in after that, and the EMI is worked out on whatever the outstanding balance is at that point. Put in the loan amount, rate, and repayment tenure to see the monthly number.

Factors affecting your EMI amount

Three things determine what your EMI will be. Change any one of them and the monthly number changes too.

Loan amount

The bigger the loan, the bigger the EMI. Borrow more at the same rate and tenure and the monthly payment goes up by the same proportion. No surprises there.

Rate of interest

Even a half percent difference adds up to several lakhs over 20 years. Small on paper, significant over time. Here is what a ₹50 lakh, 20-year loan looks like across four rates.

Rate	Monthly EMI	Total interest paid
8.0%	₹41,822	₹50,37,312
8.5%	₹43,391	₹54,13,840
9.0%	₹44,986	₹57,96,640
9.5%	₹46,607	₹61,85,648

Home loan rates in India are mostly floating. The RBI repo rate is the main reference point.

Loan tenure

A longer tenure brings the monthly EMI down. But the total interest paid over the loan life goes up. A shorter tenure does the opposite. The calculator shows both figures so you can see the full picture before deciding.

CIBIL Score

Lenders price loans based on credit risk. Better CIBIL score, lower rate. It is not guaranteed, but that is how most lenders work. A lower score may mean a higher rate or a rejected application outright. The rate feeds directly into the EMI formula, so the credit score has a real effect on the monthly number.

CIBIL Score	Typical rate premium
750 and above	0% (best rate)
700 to 749	0.25% to 0.50%
650 to 699	0.75% to 1.25%
Below 650	Loan may be declined

Processing fee and other charges

Processing fees, stamp duty, and insurance sit outside the EMI. They are billed separately and can add up. The Annual Percentage Rate (APR) folds all of these in. That number tells you the real cost of the loan, not just the monthly instalment.

Want to see how this works in practice? Scroll down to see our worked examples!

Worked examples

Worked example: home loan

Scenario 1: ₹50 lakh @ 8.5% for 20 yrs

Say you take a ₹50 lakh home loan at 8.5% for 20 years. Here is what the calculator gives you.

Loan calculation

Output	Value
Monthly EMI	₹43,391
Total Amount Paid	₹1,04,13,840
Total interest paid	₹54,13,840

The total interest paid over 20 years comes to more than the original loan amount. That is just how long tenure loans work.

What if you make a ₹2 lakh prepayment at the end of year 2?

Option	New EMI	New tenure	Total interest	Saved
Keep EMI, reduce tenure	₹43,391	18 yrs 4 months	₹47.46 lakh	₹6.68 lakh
Keep tenure, reduce EMI	₹41,650	20 years	₹51.96 lakh	₹2.18 lakh

Same prepayment, very different outcomes depending on what you choose. Click on the heading link above to load this scenario into the calculator.

Worked example: personal loan

Scenario 2: ₹5 lakh @ 14% for 5 yrs

A ₹5 lakh personal loan at 14% over 5 years looks like this.

Loan calculation

Output	Value
Monthly EMI	₹11,634
Total Amount Paid	₹6,98,040
Total interest paid	₹1,98,040

On a ₹5 lakh loan, total interest over 5 years at 14% comes to just under ₹2 lakh. Click on the heading link above to load this scenario into the calculator.

Advantages of using this calculator

•It is completely free. Use it as many times as you want.
•The calculation is instant and accurate every time. No manual math, no room for error.
•It works for any loan - home, car, personal, education. Same calculator, just different inputs.
•You can try out multiple scenarios in under a minute. Adjust the tenure or rate and see how the numbers change right away.

You can also explore the other calculators on CalculationMadeSimple - SIP, CTC, Lumpsum, and more. All of them are free.

Frequently asked questions

What loans can i use this EMI calculator for?

Any loan really. Home, car, personal, education. The inputs are the same: principal, rate, tenure. Put those in and the EMI is right there.

What goes into an EMI?

Every EMI has two parts. One goes toward the principal, the other toward the interest on the outstanding balance. In the early months the interest chunk is bigger. As the balance comes down over time, more of each payment goes toward the principal.

Why is my first EMI mostly interest?

Because at the start, the outstanding balance is at its highest. On a large loan, the interest on that amount alone takes up most of the EMI. As you keep paying and the balance reduces, more of each EMI goes toward the principal.

Flat rate vs reducing balance: What is the difference?

With a flat rate, interest is charged on the original loan amount for the entire tenure. Paying it down does not reduce the interest base. With reducing balance, interest is only on what is still left. Banks in India mostly use the reducing balance method. So a 10% flat rate and a 10% reducing balance rate are not the same thing. The flat rate costs more.

Does tenure really make a big difference to my EMI?

Shorter tenure means higher monthly payments but you pay less interest overall. Go longer and the monthly outgo drops but the total interest adds up.

How does a floating interest rate work?

It moves with the RBI repo rate. When the rate changes, your loan rate changes with it. So when the repo rate changes, your loan rate changes too. A fixed rate does not do this. It stays the same for the entire tenure. Most home loans in India are floating. Personal and car loans are more commonly fixed.

What happens if i miss an EMI?

Most lenders charge a late payment fee. On top of that, the missed payment gets reported to credit bureaus like CIBIL. That brings your credit score down. If payments are missed repeatedly, the account can be classified as an NPA under RBI norms, which has more serious consequences.

Can i pay off my loan early without any charges?

For floating-rate home loans, banks and HFCs are not allowed to charge anything for prepayment. That is per RBI and NHB rules. Fixed-rate loans are a different story. Some of them do have a foreclosure fee, typically somewhere between 2% and 5% of the outstanding amount. Worth checking the loan agreement before you prepay.

What is foir and why does it matter?

Banks look at how much of your monthly income is already going toward loan repayments. That ratio is what FOIR measures. Most lenders set an internal ceiling, somewhere around 40% to 50%. Cross that and a new loan may not get approved. The exact cutoff varies

How does my CIBIL score change my EMI?

A better score usually gets you a lower interest rate. And since the rate directly decides the EMI, a higher score can mean a noticeably smaller monthly payment. On bigger loans the difference adds up to a few lakhs over the full tenure.

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Accuracy banner

EMI calculators give you a fixed-rate projection. Your actual home loan is floating-rate, so the EMI will move when the repo rate moves over the life of the loan. The numbers here are for planning, not prediction. For current applicable rates, check the RBI's monetary policy page or your bank's home loan rates page directly.