Calculate your Equated Monthly Installment (EMI) for any loan in India. Works for home loans from SBI, HDFC, ICICI; car loans; and personal loans. Enter your loan amount, interest rate, and tenure to get your monthly installment instantly.
Step 1. Enter the loan principal amount in Indian rupees.
Step 2. Enter the annual interest rate quoted by your bank.
Step 3. Enter the loan tenure in months (e.g., 240 months for a 20-year home loan).
Step 4. The calculator shows your monthly EMI, total repayable amount, and total interest burden.
With the default inputs loaded in the form, the calculator produces a starting result you can use as a baseline. Change one field at a time to compare a new scenario.
EMI (Equated Monthly Installment) is the fixed monthly payment that repays both principal and interest over the loan tenure. The EMI formula was standardized for Indian banking by RBI guidelines.
Indian banks use the reducing balance method: interest is charged only on the outstanding principal balance, not the original loan amount. This is more favorable than the flat rate method used by some NBFCs.
Home loan EMI for FY 2025-26: SBI lending at 8.50-9.85%, HDFC at 8.75-10.00%, ICICI at 8.75-10.05%, depending on credit score and loan-to-value ratio. The repo rate changes by RBI directly affect floating rate home loan EMIs.
Pre-payment of home loans significantly reduces total interest. Making one extra EMI per year can reduce a 20-year loan by 2-3 years. Most banks allow unlimited prepayment on floating rate home loans without penalty.
Flat rate: interest calculated on original principal throughout. Reducing balance: interest on outstanding balance only. The same quoted rate produces lower EMI and total interest under reducing balance. Always confirm which method your lender uses.
For floating rate loans, EMI changes when the bank revises its EBLR (External Benchmark Lending Rate) linked to the repo rate. Fixed rate loans are unaffected. Each 0.25% rate change on a Rs.50 lakh 20-year loan changes EMI by approximately Rs.850.
Yes: make a prepayment to reduce principal and request EMI revision; refinance to a lower rate lender (free for floating rate loans after 6 months); or extend the tenure (reduces EMI but increases total interest). Balance transfer to another bank is common for significant rate differences.
Banks generally cap home loan EMI at 40-50% of your net monthly income. FOIR (Fixed Obligation to Income Ratio) must be below 0.55 for most banks. Total EMI across all loans should not exceed 50% of take-home pay for comfortable repayment.
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Disclaimer: Results from this calculator are for informational and planning purposes only and do not constitute financial, legal, or professional advice. Always verify important calculations with a qualified professional.
