Free Tool

EMI Calculator

Calculate your monthly EMI, total interest, amortization schedule — with prepayment analysis. India's most detailed EMI tool.

💳 Loan Details
Loan Amount ₹30,00,000
₹ Rupees
₹1L₹1 Cr
Annual Interest Rate 8.5%
% per year
1%24%
Loan Tenure 20 Years
⏳ months
1 yr30 yrs
Processing Fee (optional) 0%
% of loan
0%3%
Monthly EMI
₹0
per month
₹0
Principal
₹0
Total Interest
₹0
Total Payment
0%
Interest %
₹0
Processing Fee
0%
Effective Rate
💹 Breakup
0%
Interest
Principal
₹0
Interest
₹0
Total Payment
₹0
🏃 Prepayment Analysis
Calculate savings from lump-sum prepayment
Prepayment Amount
₹
After Month No.
# month
💰 Prepayment Savings
₹0
Interest Saved
0
Months Saved
0
New Tenure
₹0
New EMI Option
📋 Amortization Schedule
Month EMI Principal Interest Balance Paid %
About EMI
📐
EMI Formula
EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ - 1] where P = Principal, r = monthly rate, n = tenure in months.
📉
Reducing Balance
Most Indian banks use reducing balance method — interest is calculated on the outstanding loan, not the original amount.
💡
Save on Interest
Prepay whenever possible — even small lump-sum payments in early years can save lakhs in interest over the loan tenure.
⚡
Effective Rate
The effective rate includes processing fee. Always compare effective rates across banks — not just the advertised rate.
FAQ
How is EMI calculated? ▾
EMI is calculated using the formula: EMI = [P × r × (1+r)ⁿ] / [(1+r)ⁿ - 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments.
Does prepaying a loan really help? ▾
Yes, significantly! Prepaying in the early years of a loan has the maximum impact since most of your early EMIs go towards interest. Even a single prepayment of ₹5 lakh on a ₹30 lakh home loan can save ₹8–12 lakh in interest.
What is the difference between flat rate and reducing balance rate? ▾
In flat rate interest, interest is calculated on the original loan amount throughout the tenure. In reducing balance (used by most banks), interest decreases each month as you repay the principal. A 10% flat rate is equivalent to roughly 18-19% reducing balance — always confirm which method your bank uses.
How much home loan can I get on my salary? ▾
Most banks allow a home loan EMI of up to 40–50% of your net monthly income. As a rule of thumb, you can get a loan of roughly 50–60 times your monthly salary. For example, a ₹50,000/month salary may qualify you for a ₹25–30 lakh loan.