Home loan, car loan & personal loan EMI calculator. No signup needed.
EMI stands for Equated Monthly Instalment. It's a fixed amount paid to your bank every month until the loan is repaid.
Each EMI has two parts:
Early months most of your EMI goes toward interest. Later months more goes toward principal.
All Indian banks use the reducing balance method. The formula:
P = Loan amount · R = Monthly interest rate (annual rate ÷ 12 ÷ 100) · N = Total months. This is the exact formula used by SBI, HDFC, ICICI, Axis and all RBI-regulated banks.
Your EMI mainly depends on four things:
You can reduce your EMI in several ways.
| Fixed Rate | Floating Rate (Popular) |
|---|---|
| EMI stays the same throughout the loan tenure. | EMI may increase or decrease based on interest rate changes. |
| RBI rate changes do not affect your monthly EMI. | RBI rate cuts can help reduce your EMI or loan tenure. |
| Usually comes with a slightly higher interest rate. | Usually offers a lower interest rate than fixed-rate loans. |
| Prepayment charges may apply with some lenders. | Most floating-rate home loans have no prepayment charges. |
Verdict: Most Indian home loan borrowers choose floating rate. It's cheaper, allows free prepayment, and rates have trended downward historically over 20+ year periods.
Sample rates from India's top banks. Verify with your bank before applying.
| Bank | Interest rate | Processing fee | Max tenure | Apply |
|---|---|---|---|---|
| SBI | 8.50% | 0.35% | 30 yrs | Apply → |
| HDFC Bank | 8.75% | 0.50% | 30 yrs | Apply → |
| ICICI Bank | 8.90% | 0.50% | 30 yrs | Apply → |
| Axis Bank | 8.85% | 1.00% | 30 yrs | Apply → |
| Kotak Mahindra | 8.70% | 0.50% | 20 yrs | Apply → |
Rates shown are indicative only and subject to change. Always confirm current rates directly with your bank.
Pre-calculated EMI for common loan amounts. Click any row to load into the calculator.
EMI values are calculated using the standard reducing balance formula. Actual EMI may vary based on your bank's processing method.
For a ₹50 lakh home loan at 8.5% — the difference is massive.
Verdict: 20 years is the sweet spot — manageable EMI without overpaying interest. If cash flow allows, 15 years saves the most. Avoid 30 years unless absolutely necessary — you pay ₹34L extra in interest.
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