EMI Calculator India
Calculate Equated Monthly Installment for all types of loans
EMI Calculator for India
Calculate your Equated Monthly Installment (EMI) for home loans, personal loans, car loans and more. Plan your loan repayment with amortization schedule.
Loan Details
Principal amount to be borrowed
Annual percentage rate
Prepayment Options
Optional: Reduce principal early
Month number for prepayment
EMI Calculation Results
Monthly EMI
Fixed monthly payment
Total Amount Payable
Principal + Interest
Total Interest
108.3% of principal
Principal Amount
Loan amount
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How to Use
- 1Enter your values in the input fields
- 2Review the calculated results
- 3Use the results for your planning
Frequently Asked Questions
What is EMI and how is it calculated?
EMI (Equated Monthly Installment) is a fixed payment made monthly to repay a loan. It is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is principal, R is monthly interest rate, and N is number of months.
What should be the ideal EMI to income ratio?
Financial experts recommend keeping your total EMI obligations below 40% of your monthly income. This ensures you have enough money for other expenses and financial goals while maintaining a healthy debt-to-income ratio.
What are the current interest rates for different loans in India?
Current rates (2024): Home loans: 8.5-9.5%, Car loans: 9-11%, Personal loans: 10.5-18%, Education loans: 9.5-12%. Rates vary based on credit score, loan amount, and lender policies.
Should I choose floating or fixed interest rate?
Fixed rates provide EMI certainty but may be slightly higher initially. Floating rates can go up or down with market conditions. Choose fixed if you prefer predictable payments, floating if you expect rates to decrease.
How does prepayment help in reducing loan burden?
Prepayment reduces the principal amount, which significantly reduces total interest paid and loan tenure. Even small prepayments can save lakhs in interest for long-term loans like home loans. Check for prepayment charges before making extra payments.