Quick answer
Your EMI depends on three things: the loan amount, the annual interest rate and the tenure. Enter them above to see your monthly EMI, total interest and total amount payable. For example, a ₹10 lakh loan at 9.5% for 10 years works out to about ₹12,940 a month.
How to use this EMI calculator
- Enter or slide to your loan amount in rupees.
- Enter the annual interest rate offered by the lender.
- Choose the tenure in years.
- Read the monthly EMI, total interest and total repayment.
The EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate and n is the number of months.
Ways to lower your EMI
- Make a larger down payment to borrow less.
- Choose a longer tenure (this lowers the EMI but raises total interest).
- Maintain a good credit score to qualify for better rates.
- Prepay when you can to cut the outstanding principal.
Protect your loan
If something happens to the borrower, the loan still needs repaying. Read about loan protection insurance and term insurance to keep your family from inheriting the debt.
Frequently asked questions
How do I calculate my monthly loan EMI?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. The calculator above does this for you instantly.
What is the EMI for a ₹5 lakh personal loan?
At an illustrative 11% annual interest over 5 years, the EMI is about ₹10,871, with roughly ₹1.52 lakh of total interest. Your actual rate depends on the lender and your credit profile.
How much EMI will I pay for a ₹10 lakh loan?
At an illustrative 9.5% over 10 years, the EMI is about ₹12,940 and total interest is roughly ₹5.53 lakh. Change the rate or tenure above to see your own figure.
What is the EMI for a ₹20 lakh home loan?
At an illustrative 8.5% over 20 years, the EMI is about ₹17,356 and total interest is roughly ₹21.66 lakh.
How does the interest rate affect EMI?
A higher rate increases both the EMI and the total interest. Over long tenures such as home loans, even a small rate difference changes the total interest noticeably.
How do I calculate total loan repayment?
Total repayment = EMI × number of months. Subtract the loan amount from it to get the total interest payable.
What happens if I repay my loan early?
Prepaying reduces the outstanding principal, so you pay less interest overall — either through a lower EMI or a shorter tenure. Some lenders charge prepayment or foreclosure fees, especially on fixed-rate and personal loans, so check your loan terms.
Is this a reducing balance EMI calculator?
Yes. Interest is calculated each month on the outstanding balance, which is how most home and personal loans in India are structured.
What documents are required for a home loan?
Lenders usually ask for identity and address proof, income proof such as salary slips or income-tax returns, recent bank statements, and property documents for home, plot and property-backed loans. The exact list varies by lender and employment type.
How much loan can I get on my salary?
Most lenders keep your total EMIs within a share of your monthly income, after existing EMIs and obligations. Use the eligibility and affordability calculators on our calculators page for an indicative figure, then talk to us for lender-specific assessment.
Calculator outputs are indicative estimates generated from the values you enter. Actual figures will differ based on the product, lender or insurer selected. Loan eligibility and approval are subject to lender policies, documentation, credit assessment and other applicable criteria. Results are indicative only. Product availability, eligibility, premiums, interest rates, benefits and approval are subject to applicable terms, conditions, underwriting/lender policies and eligibility criteria.