EMI Calculator 2026 — Online EMI Calculator of loan with amortization

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₹
₹50K ₹10Cr
%
1% 20%
Years
1 Year 30 Years
240 Months
Home Loan
8.5% interest • 20 years
₹24,567
Monthly EMI

Affordability Check

Financial Health
₹
₹
₹
₹
Your Affordability Score
7.8/10
Comfortable
EMI to Income Ratio 25%
Safe (<30%) Risky (>50%)
Debt to Income Ratio 38%
Good (<40%) Critical (>60%)
Available for New EMI: ₹15,000
Max Recommended EMI: ₹24,000
Current Loan EMI: ₹24,567
This loan fits your budget
Your EMI
₹24,567
Calculated in real-time
Affordability Score
7.8/10
Comfortable
Total Interest
₹33,45,890
68% of total payment
Total Payment
₹83,45,890
Principal + Interest

Loan Breakdown

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Amortization Schedule

What is the EMI (Equated Monthly Installment)?

An Equated Monthly Installment (EMI) is a constant amount that a borrower pays to a lender in a particular date in every calendar month. EMIs are applied to settle the principle of the loan as well as the interest imposed by a lending institution so that by the expiry of the tenure period, a loan is squared off.

The EMI payment system is such that it stays the same over the loan term and this ensures that the borrower can easily budget his or her finances on monthly basis. During your early years, a bigger percentage of your EMI will be spent in paying interest with the figure decreasing to a smaller percentage in the later years, as your EMI payment is used to repay the principal amount. This happens to be the amortization schedule.

EMIs are usually applied in all forms of loans such as home loans, car loans, personal loans, education loans, and business loans. Learning about the calculation of EMI will enable you to make decisions regarding the affordability of the loan, the duration of the tenure, and the budget in general.

The formula used to calculate EMI has been explained

The mathematical formula to calculate the EMI is the reducing balance method which is calculated as below:

EMI = [P × r × (1 + r)ⁿ] / [(1 + r)ⁿ - 1]

P:

Principal loan amount

r:

The interest rate per month (Annual Rate 12 /100):

n:

Frequency of installments per month (Years x 12)

Practical Example:

Compute EMI of a home loan of 30,000000 at an interest rate of 8.5 per annum over a period of 20 years:

  • Principal (P): ₹30,00,000
  • Annual Interest Rate: 8.5% (Monthly: 8.5/12/100 = 0.00708)
  • Tenure: 20 years (240 months)
  • Monthly EMI: ₹25,840
  • Total Payment: ₹62,01,600
  • Total Interest: ₹32,01,600

Types of Loans You Can Calculate

Home Loan

Buy your dream house at an interest rate of 8.5 and above. Tenure up to 30 years. Tax exemptions under Section 80C and 24(b).

  • • Maximum loan: Up to ₹10 crores
  • • Interest rate: 8.5% - 11%
  • • Tenure: Up to 30 years

Car Loan

Quick approvals to finance your new or used car. Minimal documentation. On-road price financing up to 90%.

  • • Maximum loan: Up to ₹50 lakhs
  • • Interest rate: 8.5% - 14%
  • • Tenure: Up to 7 years

Personal Loan

Personal loans that can be obtained immediately and regardless of the reason - medical emergency, wedding, vacation, debt consolidation. No collateral required.

  • • Maximum loan: Up to ₹40 lakhs
  • • Interest rate: 10.5% - 24%
  • • Tenure: Up to 5 years

Education Loan

Finance your tertiary studies in India or catheter. Available moratorium period. Section 80E Tax incentives on interest payment.

  • • Maximum loan: Up to ₹1.5 crores
  • • Interest rate: 9% - 15%
  • • Tenure: Up to 15 years

Business Loan

Expand your business using working capital, equipment funding, and growth loans. Special MSME schemes can be availed.

  • • Maximum loan: Up to ₹50 crores
  • • Interest rate: 11% - 20%
  • • Tenure: Up to 10 years

Credit Card EMI

Turn big buys into convenient EMIs. No extra documentation. The immediate transformation via mobile application or net banking.

  • • Limit: Card limit is dependent
  • • Interest rate: 12% - 18%
  • • Tenure: Up to 24 months

The Advantage of Our EMI Calculator

Instant Calculations

Calculate correct EMI, break down of interest and amortization schedule within milliseconds. No checking, no waiting to be registered.

Visual Analytics

Interactive pie charts, bar graphs and line charts can be used to comprehend the principal vs interest breakdown over time.

Detailed Amortization

Annual and monthly payment plan of principal, interest, and balance outstanding of loan being borrowed in whole term.

Prepayment Analysis

Work out the interest savings in case of single or repeated prepayments. Watch the impact of additional payments on tenure and total cost.

Affordability Check

Assess loan affordability using income, current obligations and suggested FOIR ratios using color-coded suggestions.

AI Recommendations

Intelligent recommendations on the best tenure, prepayment plan and loan structure depending on your financial profile.

Factors That Affect Your EMI

1. Loan Amount (Principal)

Emili is directly proportional to the amount of loan. However, the more the loan amount, the higher the EMI. Limit loan sum by securing a higher down payment to lower monthly payment and total interest payment.

2. Interest Rate

EMI is hugely influenced by interest rate. Even one-half point decrease will save lakhs during loan periods. Compare mortgages offered by various lenders, bargain on credit score, and rethink floating versus fixed-rate mortgages.

3. Loan Tenure

One of the formulae is that the tenure is directly proportional to the total interest but inversely proportional to the EMI. Existence of longer tenure = lower EMI and higher total cost. Select term between cost and cumulative interest.

4. Credit Score

Interest rate eligibility depends on credit score (CIBIL). Score above 750 gets best rates. Credit history- good, pay bills punctually, use less than 30 percent of credit and do not apply to several loans.

5. Lender and Loan Type

The various lenders provide different rates. Public banks tend to be less expensive and tend to be more restrictive. NBFCs are easier to approve in greater rates. Compare the processing costs, prepayment fees, and the non-observable costs.

Industrial Stratagem to cut EMI Dump

1

Increase Down Payment

Make down payment of 30-40 percent rather than minimum 20 percent. This saves a lot of loan value, EMI and overall interest. Before making an application save, in particular, down payment.

2

Make Part-Prepayments

Annual prepayments can be made using bonuses, tax refunds, or savings. Select the option of reducing tenure to close loan quick and collect maximum interest.

3

Negotiate Interest Rate

With the great credit rating, constant income, or already having an affiliation with bank, you can bargain with 0.25-0.50 percent discount. Even the slightest cut will save lakhs.

4

Balance Transfer

Within 2-3 years, where better rates can be had elsewhere, sell loan to new lender. Look at processing fee and interest savings prior to transfer.

5

Opt for Step-Up EMI

A number of lenders provide rising EMI structure. Beginning with low EMI, it rises slowly as income increases. Less initial weight and not prolonged tenure.

6

Consider Co-Borrower

The option of adding co-borrower (spouse/parent) with income enhances eligibility, can have better rates, and offers tax advantages to both borrowers.

Loan errors/Common Loan Mistakes to avoid

Failure to Compare Multiple Lenders

Lakhs can be lost by applying with first lender without comparison. Compare rates, processing fees and prepayment charges of at least 4-5 lenders.

Longer Tenure Just Cause of Lower EMI

A loan of 30 years that appears cheap now will cost you two to three times the amount as interest. Select shortest tenure which you are comfortably able to afford.

Ignoring Hidden Costs

There is the cost of processing fees, insurance, prepayment charges, foreclosure fees. Read before signing fine print.

Maxing Out Loan Eligibility

It does not imply that you should borrow 50L as bank approves you to take that amount. Retain EMI to less than 40% of income to be financially flexible.

Not Reading Loan Agreement

Loan agreement includes very important conditions concerning the interest calculation, prepayment, penalties on late payment. Consult advisor or read carefully.

Missing EMI Payments

Missing at least one EMI would destroy credit score, draw penalty charges and even result in loan default. Install automatic payment.

Begin Planning Your Loan now

Make financial choices effortlessly by using precise EMI, comprehensive amortization schemes, and AI-assisted suggestions. Our interest free calculator will assist you to select the appropriate loan structure and save lakhs of interest.

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