EMI Calculator 2026
Calculate EMI for Home Loans, Car Loans, Personal Loans with prepayment options & detailed amortization schedule
Home Loan Rate
8.50%
starting from
Car Loan Rate
9.50%
starting from
Prepayment Savings
₹ 10L+
on ₹50L loan
Max Tenure
30 Years
for home loans
Prepayment Options
Quick Tips
- • Higher down payment = Lower EMI
- • Longer tenure = Lower EMI but more interest
- • Prepayment saves interest significantly
- • Early prepayment gives maximum savings
Monthly EMI
₹ 43,391
Principal + Interest
Total Interest
₹ 54,13,820
Over loan tenure
Principal Amount
₹ 50,00,000
Total Payment
₹ 1,04,13,820
Prepayment Savings
₹ 0
With prepayment of ₹0
Amortization Schedule
Compare Loan Options
Current Option
1% Lower Rate
15 Years Tenure
📚 Understanding EMI & Loan Calculations
EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan. It consists of two components: principal repayment and interest payment. The formula used is: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is tenure in months.
Benefits of Prepayment
- • Reduces principal - Lowers outstanding loan amount
- • Saves interest - Significant savings over loan tenure
- • Shortens tenure - Become debt-free faster
- • Improves credit score - Shows responsible repayment
EMI Calculation Example
Example: ₹50,00,000 loan @ 8.5% for 20 years
- • Monthly EMI: ₹43,391
- • Total Interest: ₹54,13,820
- • Total Payment: ₹1,04,13,820
- • Prepayment saves: ₹10L+ interest
❓ Frequently Asked Questions
How is EMI calculated?
EMI is calculated using the formula: E = 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
What is the benefit of prepayment?
Prepayment reduces your outstanding principal, which directly reduces the total interest payable. It can either reduce your EMI amount or shorten your loan tenure, saving you significant money in the long run. Early prepayment gives maximum savings.
How does loan tenure affect my EMI?
Longer tenure means lower monthly EMI but higher total interest paid over the loan term. Shorter tenure means higher EMI but significant savings on total interest. Choose based on your monthly payment capacity and financial goals.
What's the difference between fixed and floating interest rates?
Fixed Rate: Interest rate remains constant throughout the loan tenure. Provides certainty but usually starts higher.
Floating Rate: Interest rate changes with market conditions. Usually starts lower but carries risk of increase.
What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. It helps you understand how your payments are allocated.