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Principal vs Interest Breakup
Year-by-Year Amortisation
| Year | Principal (₹) | Interest (₹) | EMI Total (₹) | Balance (₹) |
|---|
Home Loan EMI
Calculate EMI for housing loans from ₹5 lakh to ₹10 crore. SBI, HDFC, ICICI home loan rates starting at 8.25% p.a. in 2026.
Car Loan EMI
New and used car loan EMI at 7.5%–12% p.a. Tenure up to 7 years. Calculate exactly how much your dream car will cost monthly.
Personal Loan EMI
Personal loan rates 10%–18% p.a. from SBI, HDFC, Bajaj, ICICI. Get EMI for tenures from 1 to 5 years instantly.
Amortisation Schedule
See exactly how much of each EMI goes to principal vs interest — year by year — so you can plan prepayments strategically.
Bank Comparison
Compare EMIs across SBI, HDFC, ICICI, Axis, Bajaj and Kotak side by side for your exact loan amount and tenure.
100% Free
No login, no ads, no tricks. Accurate EMI calculation using the standard reducing balance formula used by all Indian banks.
What is an EMI? Complete Guide for Indian Borrowers in 2026
EMI (Equated Monthly Instalment) is the fixed monthly payment you make to your bank or lender to repay a loan over a specified period. Every EMI consists of two parts — a portion that repays the principal (the amount borrowed) and a portion that covers the interest charged on the outstanding balance.
In India, virtually all bank loans — home loans, car loans, personal loans, education loans, and business loans — are structured as EMI-based repayments. Using an EMI calculator before taking a loan is essential to ensure the monthly payment fits within your budget.
EMI Calculation Formula
The EMI formula used by all Indian banks is based on the reducing balance method:
EMI = P × r × (1 + r)n ÷ [(1 + r)n – 1]
Where P = Principal · r = Monthly interest rate (annual ÷ 12) · n = Tenure in months
EMI for Common Loan Amounts in India (2026)
- ₹20 lakh home loan at 8.5% for 20 years: EMI ≈ ₹17,356/month
- ₹50 lakh home loan at 8.75% for 25 years: EMI ≈ ₹41,028/month
- ₹5 lakh car loan at 9% for 5 years: EMI ≈ ₹10,379/month
- ₹3 lakh personal loan at 14% for 3 years: EMI ≈ ₹10,244/month
- ₹1 crore home loan at 8.25% for 30 years: EMI ≈ ₹75,154/month
How to Reduce Your EMI
- Increase your down payment — A larger down payment reduces the loan principal, directly lowering your EMI.
- Choose a longer tenure — A 25-year loan has a lower EMI than a 15-year loan for the same amount, though total interest paid is higher.
- Negotiate a lower interest rate — A good CIBIL score (750+) gives you leverage to negotiate rates. A 0.5% reduction can save lakhs over a long tenure.
- Make prepayments — Even one or two bulk prepayments in the early years significantly reduces total interest and can shorten your loan tenure.
- Transfer to a lower-rate lender — Home loan balance transfer is common in India. Even a 0.25% rate reduction on a large loan saves significant interest.
EMI to Salary Ratio — What Banks Accept
Most Indian banks follow the FOIR (Fixed Obligation to Income Ratio) guideline — your total EMI obligations should not exceed 40–50% of your net monthly income. For example, if your take-home salary is ₹80,000, banks typically sanction loans where total EMIs don't exceed ₹32,000–₹40,000/month.
💡 Pro tip: Use our free AI Prompt Writing Tool to generate a loan negotiation script, compare loan offers, or draft a home loan application letter in seconds.
Home Loan Interest Rates in India — 2026
As of 2026, major Indian banks offer home loan interest rates in the following range (subject to change based on RBI repo rate and individual credit profile):
- SBI (State Bank of India): 8.25% – 9.15% p.a.
- HDFC Bank: 8.40% – 9.25% p.a.
- ICICI Bank: 8.45% – 9.30% p.a.
- Axis Bank: 8.50% – 9.40% p.a.
- Bajaj Housing Finance: 8.25% – 9.10% p.a.
- Kotak Mahindra Bank: 8.65% – 9.50% p.a.