🇮🇳 EMI Calculator
Calculate Equated Monthly Installment (EMI) for home loans, car loans, and personal loans in India. Get detailed amortization schedule and interest breakdown.
Loan Details
Understanding EMI (Equated Monthly Installment)
EMI is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month.
EMI Formula
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate / 12 / 100)
- n = Loan tenure in months
Current Home Loan Interest Rates in India (2025)
| Bank | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| SBI | 8.50% - 9.15% | 0.35% |
| HDFC | 8.50% - 9.40% | 0.50% |
| ICICI Bank | 8.55% - 9.45% | 0.50% |
| Axis Bank | 8.60% - 9.55% | 1% |
| Kotak Mahindra | 8.70% - 9.60% | 0.50% |
Example Calculation
Home Loan Example
Loan Amount: ₹50,00,000 | Interest Rate: 8.5% | Tenure: 20 years
Calculation:
- Monthly Rate (r) = 8.5% / 12 / 100 = 0.007083
- Number of Months (n) = 20 × 12 = 240
- EMI = 50,00,000 × 0.007083 × (1.007083)^240 / ((1.007083)^240 - 1)
- EMI = ₹43,391
Total Payment: ₹43,391 × 240 = ₹1,04,13,840
Total Interest: ₹1,04,13,840 - ₹50,00,000 = ₹54,13,840
Factors Affecting EMI
- Loan Amount: Higher loan = Higher EMI
- Interest Rate: Higher rate = Higher EMI
- Loan Tenure: Longer tenure = Lower EMI but more interest
- Prepayment: Reduces principal and future interest
References
- Reserve Bank of India. (2025). Repo Rate and Monetary Policy. RBI.org.in.
- National Housing Bank. (2025). Housing Finance Statistics. NHB.org.in.
Last Updated: February 17, 2026
Disclaimer: Interest rates are indicative and subject to change. Contact banks for current rates.
Disclaimer: Interest rates are indicative and subject to change. Contact banks for current rates.