EMI Calculator India 2026
Calculate home loan, personal loan or car loan EMI with amortization schedule — instant, accurate, Indian format
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₹1,00,000₹1,00,00,000
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5%24%
1 yr30 yrs
Your EMI Result
Monthly EMI
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Total Amount Paid
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Total Interest
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Principal
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Principal vs Interest Split
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📐 EMI Formula
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1) where P = loan amount, r = monthly interest rate (annual rate ÷ 1200), n = tenure in months. Each month: interest portion = outstanding balance × r; principal = EMI − interest.
EMI Calculator India — Home Loan, Personal Loan & Car Loan
An EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan over a defined tenure. Our EMI calculator covers home loans, personal loans, car loans, and education loans — helping you plan your finances before you commit to borrowing.
Current Home Loan Interest Rates — Top Banks 2026
| Bank | Interest Rate | Processing Fee | EMI per ₹1 Lakh (20 yr) |
|---|---|---|---|
| SBI Home Loan | 8.50% p.a. | 0.35% | ₹868 |
| HDFC Bank | 8.70% p.a. | 0.50% | ₹880 |
| ICICI Bank | 8.75% p.a. | 0.50% | ₹884 |
| Axis Bank | 8.75% p.a. | 1% | ₹884 |
| Bank of Baroda | 8.40% p.a. | 0.25% | ₹861 |
How to Reduce Your Home Loan EMI?
- Higher down payment: More down payment = lower principal = lower EMI
- Longer tenure: 30 years vs 20 years reduces EMI but increases total interest significantly
- Better CIBIL score: Score above 750 qualifies for lower interest rates (0.5–1% difference = lakhs saved)
- Part prepayment: Paying extra when you have a bonus reduces principal and future EMIs
- Balance transfer: Refinancing to a lower rate bank can save lakhs over the loan tenure
EMI Calculator FAQs
What is a good EMI to salary ratio?
Lenders typically approve if total EMIs are below 40–50% of gross monthly income. Financial advisors recommend keeping home loan EMI below 35% of take-home salary for comfortable repayment.
Can I get a home loan with 30% down payment?
Yes — most banks finance 70–80% of property value (LTV ratio). For properties above ₹75 lakh, maximum LTV is 75%. The remaining 25% must come from your own funds.
What happens if I miss an EMI?
Missing an EMI triggers a penalty (typically 2% of overdue amount), negatively impacts your CIBIL score, and the bank may send recovery notices. 3+ consecutive missed EMIs can lead to NPA classification and legal action.
Is home loan interest tax deductible?
Yes — up to ₹2,00,000/year under Section 24(b) in old tax regime. Principal repayment up to ₹1,50,000 is deductible under Section 80C. New tax regime does not allow these deductions.