Updated Nov 2026 · All Loan Types

EMI Calculator India 2026

Calculate monthly EMI for any loan — home, car, personal, education, or gold. See total interest payable, repayment schedule, and year-by-year amortization instantly.

Calculate Your EMI

Loan Amount (₹)

Interest Rate (% p.a.)

Loan Tenure (Years)

Loan Type

How EMI is Calculated

The EMI formula uses the standard reducing-balance method adopted by all Indian banks and NBFCs:

EMI = P x r x (1+r)ⁿ / ((1+r)ⁿ - 1)

P = loan principal (amount borrowed)
r = monthly interest rate (annual rate / 12 / 100)
n = total number of monthly installments (tenure in years x 12)

Example: A loan of ₹10,00,000 at 8.5% p.a. for 5 years (60 months) gives a monthly EMI of ₹20,517. Total repayment is ₹12,31,011 — meaning you pay ₹2,31,011 as interest over 5 years.

EMI at Different Interest Rates

Reference table showing monthly EMI for a ₹10,00,000 loan at various rates and tenures:

Rate	5 Years	10 Years	15 Years	20 Years
7%	₹19,801	₹11,611	₹8,988	₹7,753
8%	₹20,276	₹12,133	₹9,557	₹8,364
9%	₹20,758	₹12,668	₹10,143	₹8,997
10%	₹21,247	₹13,215	₹10,746	₹9,650
11%	₹21,742	₹13,775	₹11,366	₹10,322
12%	₹22,244	₹14,347	₹12,002	₹11,011

EMI Components — Principal vs Interest

Every EMI has two parts: principal repayment and interest. In the early years of a loan, the interest component dominates — for a 20-year home loan at 8.5%, about 81% of the first year's EMI goes toward interest. As the outstanding balance reduces, the principal share increases.

Factor	Early EMIs	Later EMIs
Interest share	High (75-85%)	Low (10-20%)
Principal share	Low (15-25%)	High (80-90%)
Impact of prepayment	Maximum savings	Moderate savings
Outstanding balance	Reduces slowly	Reduces quickly

Frequently Asked Questions

What is EMI?

EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan. Each EMI includes both principal repayment and interest charges, calculated so the loan is fully repaid by the end of the tenure.

Does EMI include interest?

Yes. Each EMI has two components — principal and interest. In the early months, the interest portion is higher and the principal portion is lower. Over time, this ratio reverses as the outstanding balance reduces.

How can I reduce my EMI?

You can reduce EMI by increasing the loan tenure, making part-prepayments to lower the outstanding principal, negotiating a lower interest rate with your bank, or transferring your loan to a bank offering a lower rate.

What is the difference between fixed and floating rate EMI?

Fixed rate EMI stays the same throughout the loan tenure regardless of market changes. Floating rate EMI changes when the RBI repo rate changes — it can go up or down. Most home loans in India are floating rate.

What happens if I miss an EMI?

Missing an EMI results in late payment fees (typically 1-2% of the EMI), a negative impact on your credit score (CIBIL), and if defaults continue, the bank may initiate legal recovery proceedings.

Can I prepay my loan to reduce EMI?

Yes. Most banks allow part-prepayment. For floating rate home loans, RBI mandates zero prepayment charges. For fixed rate and other loans, banks may charge 2-4% of the prepaid amount as a fee.

Official Sources & References

This EMI Calculator uses the standard reducing-balance formula as mandated by the RBI. Always verify rates and charges with your lender before making decisions.

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