| # | Opening | EMI | Interest | Principal | Closing |
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How to use this loan EMI calculator
Select your loan type (Home, Personal, Car, Education, Gold, Business or Loan Against Property), pick your bank from the preset list, and enter the amount, rate and tenure. The calculator instantly shows your monthly EMI, total interest and total payment using the standard reducing-balance formula every Indian bank uses.
Example: a ₹20 lakh home loan at 8.75% for 20 years gives an EMI of about ₹17,650 — total interest around ₹22.4 lakh. Try the same loan at 9.5% and the EMI becomes about ₹18,650. A 0.75% rate difference changes your total payment by lakhs, which is why comparing banks before applying matters.
EMI basics every borrower should know
- EMI = Equal Monthly Installment — a fixed amount you pay every month until the loan is fully repaid.
- In the early years most of your EMI goes toward interest; only later does the principal portion grow. That's why prepaying early saves the most.
- Interest is calculated on the reducing balance — as you pay, the outstanding principal falls and so does the interest.
- Processing fee (typically 0.25%–1% of the loan) and prepayment charges add to the real cost — check them before signing.
- Your CIBIL score above 750 usually gets the best advertised rate. A score below 700 often adds 0.5–1% to the rate.
Frequently Asked Questions
A: EMI depends on rate, amount and tenure — use this calculator with each bank's current offer. In Aug 2026, home loan starting rates were roughly 8.6–9.6% p.a. across major banks; PSU banks like SBI, Canara and Bank of Baroda usually quote lower starting rates than private banks.
A: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P = loan amount, r = monthly interest rate (annual ÷ 12 ÷ 100), n = number of months.
A: Yes. Extra payments go directly to the principal and reduce both the outstanding balance and future interest. Prepay early — in the first half of the tenure the interest saving is much larger.
A: Floating (linked to repo rate, e.g. EBLR) changes when the RBI changes rates; fixed stays the same for the agreed period. Floating rates are currently lower, but they can rise.
A: No — they are indicative starting rates for comparison. Your final rate depends on your CIBIL score, income, loan amount and the bank's latest offer. Always confirm on the bank's website or app.
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