| Year | Principal Paid | Interest Paid | Outstanding Balance |
|---|---|---|---|
| 1 | ₹59,707 | ₹2,52,709 | ₹29,40,293 |
| 2 | ₹64,984 | ₹2,47,432 | ₹28,75,309 |
| 3 | ₹70,728 | ₹2,41,688 | ₹28,04,580 |
| 4 | ₹76,980 | ₹2,35,436 | ₹27,27,600 |
| 5 | ₹83,785 | ₹2,28,632 | ₹26,43,815 |
| 6 | ₹91,190 | ₹2,21,226 | ₹25,52,625 |
| 7 | ₹99,251 | ₹2,13,166 | ₹24,53,374 |
| 8 | ₹1,08,024 | ₹2,04,393 | ₹23,45,351 |
| 9 | ₹1,17,572 | ₹1,94,844 | ₹22,27,779 |
| 10 | ₹1,27,964 | ₹1,84,452 | ₹20,99,815 |
| 11 | ₹1,39,275 | ₹1,73,141 | ₹19,60,540 |
| 12 | ₹1,51,586 | ₹1,60,831 | ₹18,08,954 |
| 13 | ₹1,64,985 | ₹1,47,432 | ₹16,43,969 |
| 14 | ₹1,79,568 | ₹1,32,849 | ₹14,64,402 |
| 15 | ₹1,95,440 | ₹1,16,977 | ₹12,68,962 |
| 16 | ₹2,12,715 | ₹99,701 | ₹10,56,247 |
| 17 | ₹2,31,517 | ₹80,899 | ₹8,24,730 |
| 18 | ₹2,51,981 | ₹60,435 | ₹5,72,749 |
| 19 | ₹2,74,254 | ₹38,163 | ₹2,98,495 |
| 20 | ₹2,98,495 | ₹13,921 | ₹0 |
Free EMI Calculator India 2026 — Home, Car & Personal Loan
Calculate your monthly EMI instantly for any loan amount, interest rate and tenure. Get a complete year-wise amortization schedule showing principal paid, interest paid and outstanding balance.
How to Use the EMI Calculator
Enter your loan amount using the slider or type directly, set the annual interest rate and choose your loan tenure in months. Results update instantly — no Calculate button needed.
EMI Formula Explained
EMI = P × r × (1+r)^n / ((1+r)^n − 1)
P = Principal loan amount
r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
n = Loan tenure in monthsFor a ₹30 lakh loan at 8.5% for 20 years: r = 0.00708, n = 240, EMI ≈ ₹26,035/month.
Common Use Cases
- Home loan EMI calculation before applying to a bank
- Comparing loan offers from different lenders
- Understanding how much interest you pay over the loan tenure
- Planning prepayment to reduce outstanding balance
Frequently Asked Questions
Q: What is EMI?
A: EMI (Equated Monthly Installment) is a fixed monthly payment you make to a lender to repay a loan. Each EMI has two components: a principal repayment and an interest charge. In early months, more of your EMI goes toward interest; as the loan matures, a larger portion goes toward principal.
Q: How is EMI calculated?
A: EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12 and 100), and n is the number of monthly installments. This formula ensures equal payments every month while fully paying off the loan by the end of the tenure.
Q: How can I reduce my EMI?
A: You can reduce your EMI in three ways: (1) negotiate a lower interest rate with your lender, (2) increase your loan tenure (note: this increases total interest paid), or (3) make a larger down payment to reduce the principal. Making prepayments also reduces the outstanding balance, which lowers future interest.
Q: What is the difference between home loan and personal loan EMI rates?
A: Home loans in India typically carry interest rates of 8.5%–10.5% p.a. because they are secured by property. Personal loans are unsecured and carry higher rates of 10%–24% p.a. Car loans fall in between at 7%–12% p.a. Always compare the Annual Percentage Rate (APR), not just the stated interest rate.
Q: Does prepayment reduce my EMI or loan tenure?
A: Most banks default to reducing your loan tenure (keeping EMI the same) when you make a prepayment, which saves more interest. You can usually request the bank to reduce your EMI instead while keeping the tenure constant. Reducing tenure is mathematically better if you can afford the existing EMI.
Last updated: June 2026 · Based on standard Indian banking EMI formula · For informational purposes only.