EMI Calculator (2026) – Free Online Loan EMI Calculator India
💰 Calculate EMI for Any Loan – Instant Results
EMI Calculator
Loan Amount ₹5,00,000
Interest Rate (% p.a.) 12%
Loan Tenure (Years) 5 Years
Your Monthly EMI
₹11,122
Principal Amount₹5,00,000
Total Interest Payable₹1,67,320
Total Amount Payable₹6,67,320
You pay ₹33 interest per ₹100 borrowed. Consider higher down payment to reduce total interest.
Principal vs Interest Breakdown
Principal
Interest
Year-wise EMI Breakdown – Amortization Schedule
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance | P vs I Split |
|---|
What is EMI & How to Use This Calculator
EMI (Equated Monthly Instalment) is a fixed monthly payment made by a borrower to repay a loan. Every EMI consists of two parts — principal repayment and interest payment. In early months, interest component is higher; as loan progresses, principal component increases.
To use this free EMI calculator, enter just 3 values:
- Loan Amount — the amount you want to borrow
- Interest Rate — annual interest rate offered by your bank
- Tenure — loan repayment period in years
Get instant results: monthly EMI, total interest payable, total payment, amortization table, and principal vs interest donut chart.
EMI Formula Explained
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
P = Principal Loan Amount
R = Monthly Interest Rate = Annual Rate / 12 / 100
N = Loan Tenure in Months
Example: Rs 5,00,000 at 12% for 5 years
R = 12/12/100 = 0.01, N = 60
EMI = [5,00,000 x 0.01 x (1.01)^60] / [(1.01)^60 – 1] = Rs 11,122/month
P = Principal Loan Amount
R = Monthly Interest Rate = Annual Rate / 12 / 100
N = Loan Tenure in Months
Example: Rs 5,00,000 at 12% for 5 years
R = 12/12/100 = 0.01, N = 60
EMI = [5,00,000 x 0.01 x (1.01)^60] / [(1.01)^60 – 1] = Rs 11,122/month
EMI Calculators by Loan Type
Use our specialized calculators for different loan types — each with bank-specific rates and content:
| Loan Type | Interest Rate (2026) | Max Tenure | Calculator |
|---|---|---|---|
| Home Loan | 8.40% – 10.65% | 30 Years | Home Loan EMI |
| Car Loan (New) | 8.70% – 11.00% | 7 Years | Car Loan EMI |
| Education Loan | 8.15% – 15.00% | 15 Years | Education Loan EMI |
| Gold Loan | 7.50% – 24.00% | 4 Years | Gold Loan EMI |
| Business Loan | 10.75% – 30.00% | 5 Years | Business Loan EMI |
| Personal Loan | 10.49% – 36.00% | 5 Years | Bank EMI Calculators |
Bank-wise Personal Loan EMI Calculators
Compare personal loan EMI from all major banks — each calculator uses bank-specific interest rates:
| Bank | Interest Rate (p.a.) | Max Loan | EMI Calculator |
|---|---|---|---|
| SBI Bank | 11% – 15% | Rs 20 Lakhs | SBI EMI Calculator |
| HDFC Bank | 10.5% – 21% | Rs 40 Lakhs | HDFC EMI Calculator |
| ICICI Bank | 10.85% – 19% | Rs 50 Lakhs | ICICI EMI Calculator |
| Axis Bank | 11.25% – 22% | Rs 40 Lakhs | Axis EMI Calculator |
| Kotak Bank | 10.99% – 24% | Rs 35 Lakhs | Kotak EMI Calculator |
| PNB Bank | 11.4% – 16.95% | Rs 20 Lakhs | PNB EMI Calculator |
| Bank of Baroda | 11.05% – 18.75% | Rs 20 Lakhs | BOB EMI Calculator |
| Canara Bank | 11.25% – 14% | Rs 10 Lakhs | Canara EMI Calculator |
| Union Bank | 11.35% – 15.5% | Rs 15 Lakhs | Union EMI Calculator |
| IDFC First Bank | 10.99% – 36% | Rs 1 Crore | IDFC EMI Calculator |
| IndusInd Bank | 10.49% – 26% | Rs 50 Lakhs | IndusInd EMI Calculator |
| Federal Bank | 12% – 19.5% | Rs 25 Lakhs | Federal EMI Calculator |
| Yes Bank | 10.99% – 20% | Rs 40 Lakhs | Yes Bank EMI Calculator |
| RBL Bank | 14% – 23% | Rs 20 Lakhs | RBL EMI Calculator |
| Bandhan Bank | 11.55% – 17.5% | Rs 10 Lakhs | Bandhan EMI Calculator |
EMI Quick Reference Table 2026
Ready EMI calculations at 12% interest rate for common loan amounts:
| Loan Amount | 1 Year EMI | 3 Years EMI | 5 Years EMI | 10 Years EMI |
|---|---|---|---|---|
| Rs 1,00,000 | Rs 8,885 | Rs 3,321 | Rs 2,224 | Rs 1,435 |
| Rs 5,00,000 | Rs 44,424 | Rs 16,607 | Rs 11,122 | Rs 7,174 |
| Rs 10,00,000 | Rs 88,849 | Rs 33,214 | Rs 22,244 | Rs 14,347 |
| Rs 20,00,000 | Rs 1,77,698 | Rs 66,429 | Rs 44,489 | Rs 28,694 |
| Rs 50,00,000 | Rs 4,44,244 | Rs 1,66,071 | Rs 1,11,222 | Rs 71,735 |
*EMI calculated at 12% p.a. Adjust rate in calculator above for your exact rate.
Frequently Asked Questions – EMI Calculator
What is EMI?
EMI (Equated Monthly Instalment) is a fixed monthly payment made to repay a loan. It includes both principal and interest components. In early EMIs, interest is higher; in later EMIs, principal repayment is higher. EMI remains constant throughout tenure for fixed-rate loans.
How to calculate EMI?
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]. P = loan amount, R = monthly interest rate (annual / 12 / 100), N = tenure in months. Or use our free EMI calculator above — enter loan amount, rate, and tenure to get instant results.
What is EMI for Rs 10 lakh loan for 5 years?
For Rs 10 lakh at 12% for 5 years: monthly EMI = Rs 22,244. Total interest = Rs 3,34,640. Total payment = Rs 13,34,640. Use calculator above to check with your exact interest rate.
How to reduce EMI amount?
5 ways to reduce EMI: 1) Higher down payment — reduces loan amount, 2) Longer tenure — lowers EMI but increases total interest, 3) Better credit score — gets lower interest rate, 4) Negotiate with bank — especially as existing customer, 5) Balance transfer — move loan to lower rate bank.
Does prepayment reduce EMI or tenure?
Prepayment can reduce either EMI or tenure — your choice. Reducing tenure saves more interest and you become debt-free sooner. Reducing EMI improves monthly cash flow. Most financial experts recommend reducing tenure to maximize interest savings.
What is the difference between flat rate and reducing balance rate?
Reducing balance rate (used by all banks): interest calculated on outstanding principal — decreases as you repay. Flat rate: interest calculated on original principal throughout — effectively much higher. A 12% reducing balance rate is roughly equivalent to 21-22% flat rate. Always confirm which rate your lender is quoting.