EMI Calculator
Free home, car & personal loan EMI calculator for India
Your monthly EMI
- Monthly EMI
- ₹ 21,696
- Principal
- ₹ 25,00,000
- Total interest
- ₹ 27,06,939
- Total payable
- ₹ 52,06,939
Frequently asked questions
How is EMI calculated in India?
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P = principal loan amount, R = monthly interest rate (annual rate ÷ 12 ÷ 100), and N = tenure in months. This calculator uses that exact formula.
What is the difference between flat and reducing balance EMI?
Banks in India use the reducing balance method — interest is charged only on the outstanding principal. This calculator uses reducing balance, which matches what banks like SBI, HDFC and ICICI quote.
Can I use this for home, car and personal loans?
Yes. The math is identical across loan types. Only the interest rate and tenure typically differ — home loans 7–9% over 15–30 years, car loans 8–11% over 3–7 years, personal loans 10–18% over 1–5 years.
Is this EMI calculator accurate?
Yes, to the rupee — it follows the standard reducing-balance EMI formula used by all Indian banks. Actual EMI may vary slightly due to processing fees, GST and rate revisions.
Does this calculator save my data?
We log anonymous, aggregated inputs (loan amount, tenure, rate) to improve the tool. No personally identifiable information is stored.
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