EMI Calculator India 2026
Calculate your loan EMI instantly. Enter loan amount, interest rate, and tenure to see your monthly instalment, total interest, and amortization schedule. Compare multiple offers and see how prepayment saves you money. Works for personal loans, car loans, education loans, and more.
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How to Use This Calculator
EMI Calculator tab
Enter your loan amount, interest rate (annual, reducing balance), and tenure in years. The calculator instantly shows your monthly EMI, total interest payable, and total payment. Select a loan type preset to auto-fill a typical interest rate. Expand "More options" to include processing fee with GST. View the yearly amortization schedule to see how principal and interest split changes over time.
Prepayment Impact tab
Enter the same loan details plus a lump sum prepayment amount and the month you plan to make it. The calculator shows how many months you save, how much interest you avoid, and compares the original vs new total interest. RBI mandates no prepayment penalty on floating rate loans.
Compare Offers tab
Enter the same loan amount and up to 3 different offers with different interest rates and tenures. The calculator finds the cheapest total cost and the lowest monthly EMI. A lower EMI does not always mean a cheaper loan — longer tenure increases total interest.
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Every input is encoded in the URL. Click Share to send your exact scenario to a friend, family member, or financial advisor.
The Formula
EMI (Equated Monthly Instalment) is calculated using the reducing balance method, which is the standard method used by all Indian banks and NBFCs as per RBI guidelines:
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Number of monthly instalments (tenure in years × 12)
Example:
Loan = โน5,00,000 | Rate = 10.5% p.a. | Tenure = 5 years
r = 10.5 / 12 / 100 = 0.00875
n = 5 × 12 = 60 months
EMI = [5,00,000 × 0.00875 × (1.00875)60] / [(1.00875)60 − 1]
EMI = โน10,747/month
Total interest: โน10,747 × 60 − โน5,00,000 = โน1,44,798
Total payment: โน6,44,798
Processing fee: Typically 1–3% of loan amount + 18% GST on the fee.
Prepayment: No penalty on floating rate loans (RBI circular, October 2014).
In the early months, a larger portion of the EMI goes towards interest. Over time, the interest component decreases and the principal component increases. This is visible in the amortization schedule.
Example
Priya — Personal loan of โน5,00,000 at 10.5% for 5 years
Priya takes a personal loan of โน5,00,000 from her bank at 10.5% p.a. (reducing balance) for 5 years. She also pays a 2% processing fee.
Step 1: Calculate EMI
Step 2: Total cost
Step 3: Processing fee
Prepayment scenario
If Priya makes a lump sum prepayment of โน50,000 after 12 months, she saves approximately 5 months and around โน18,000 in interest. No prepayment penalty applies since most personal loans today are on floating rates.