EMI Calculator for Home Loan, Car Loan & Personal Loan



EMI Calculator:-

In today’s world, where big-ticket purchases such as homes, cars, and appliances are common, it relies on financial loans and equated monthly instalments (EMIs). EMI is the payable amount every month to the bank or any other financial institution to fulfil the loan amount in a specified time. Using an EMI calculator makes it simple and easy to calculate your monthly EMI for your loan and tenure. An EMI calculator is a valuable tool that helps individuals to know the amount of repayment.

The monthly payment of a loan corresponds to the amount that the borrower must repay each month to the bank or credit organization which granted the loan. This monthly payment mainly includes two elements:

  • Repayment of borrowed capital: This is the initial amount borrowed which must be repaid in full at the end of the repayment period.

  • Interest: This is the remuneration required by the bank or credit organization for having made the borrowed capital available.

The monthly payment of a loan is established in advance and generally remains constant throughout the repayment period. However, it should be noted that certain loans may have variable monthly payments.

In summary, the monthly payment of a loan is the periodic amount that the borrower must pay, including both the repayment of the borrowed capital and the corresponding interest.  This tool calculates the amount of the monthly payment for a fixed rate and constant monthly payment based on the duration in months or years, its interest rate and the capital borrowed.

What is EMI?

An Equated Monthly Installment (EMI) is a fixed amount of money paid each month to a bank or financial institution until a loan is fully repaid. This payment includes both the interest charged on the loan amount and a portion of the principal amount borrowed.

When you take out a loan, such as a home loan or a car loan, the total amount you owe is divided into equal monthly installments over a specific period, known as the tenure. Each EMI payment consists of a portion that goes towards paying off the principal amount borrowed and another portion that covers the interest charged by the lender.

Initially, a larger portion of your EMI goes towards paying off the interest, while a smaller portion is allocated to reducing the principal amount. However, as you continue making payments over time, the proportion allocated to the principal increases, and the interest component decreases.

Even though the total EMI amount remains the same throughout the loan tenure, the distribution between the principal and interest components changes with each payment. This means that with each successive payment, you are gradually reducing the outstanding principal amount owed, leading to a decrease in the overall interest charged over time.

Overall, EMIs provide borrowers with a structured and manageable way to repay their loans, allowing them to budget their finances effectively while gradually paying off their debt.

Formula to Calculate EMI:-

Here’s the formula to calculate EMI:

EMI Formula


E is EMI

P is Principal Loan Amount

r is rate of interest calculated on monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)

n is loan term / tenure / duration in number of months

For Example:-

Suppose you borrow ₹5,00,000 from a bank at an annual interest rate of 12% for a period of 5 years (i.e., 60 months).

Using the EMI formula:

EMI = P * r * (1 + r)^n / ((1 + r)^n – 1)

P = Principal amount (loan amount)
r = Monthly interest rate (annual interest rate divided by 12 months)
n = Loan tenure in months

Here’s how the calculation would go:

P = ₹5,00,000
Annual Interest Rate = 12%
Monthly Interest Rate (r) = 12% / 12 = 1% per month (0.01)
Loan Tenure (n) = 5 years * 12 months = 60 months

Now, plugging in the values:

EMI = ₹5,00,000 * 0.01 * (1 + 0.01)^60 / ((1 + 0.01)^60 – 1)

After calculating this, the EMI would come out to be approximately ₹11,122.

So, you would have to pay around ₹11,122 for 60 months to repay the entire loan amount. The total amount payable over the tenure would be ₹11,122 * 60 = ₹6,67,320, including ₹1,67,320 as interest toward the loan.

Personal Loan EMI

Let us assume that these are the details of your personal loan by using personal loan EMI calculator :

Loan amount Loan tenure Interest rate Processing fee Loan EMI
Rs.10 lakh 5 years 10.99% 2% Rs.21,737

Total amount payable

Total interest due Rs.3,04,246
Processing fee Rs.20,000
Loan quantum Rs.10 lakh
Total amount to be paid Rs.13,24,246

EMI breakup for a personal loan of Rs.10 lakh

Year Principal (in Rs.) Interest (in Rs.) Total of Principal and Interest (in Rs.) Outstanding Loan Balance (in Rs.)
2020 90,510 61,652 1,52,162 9,09,490
2021 1,69,254 91,597 2,60,851 7,40,236
2022 1,88,821 72,029 2,60,850 5,51,416
2023 2,10,649 50,199 2,60,848 3,40,766
2024 2,35,002 25,846 2,60,848 1,05,764
2025 1,05,764 2,923 1,08,687 0

Home Loan EMI:-

Let us assume that these are the details of your home loan by using home loan EMI calculator :

Loan Amount (Rs.) Loan Tenure (years) Interest Rate (%) Processing Fee (%) EMI (Rs.)
50,00,000 10 9.75 0.5 65,385

Total Amount Payable:-

Item Amount (Rs.)
Total interest due 35,46,163
Processing fee 2,50,000
Loan quantum 50,00,000
Total amount payable 87,96,163

EMI Breakup for a Home Loan of Rs. 50,00,000:

Year Principal (in Rs.) Interest (in Rs.) Total of Principal and Interest (in Rs.) Outstanding Loan Balance (in Rs.)
2020 1,85,856 4,84,654 6,70,510 48,14,144
2021 2,10,810 4,59,700 6,70,510 46,03,334
2022 2,38,069 4,32,441 6,70,510 43,65,265
2023 2,67,888 4,02,622 6,70,510 40,97,377
2024 3,00,542 3,69,968 6,70,510 37,96,836
2025 3,36,335 3,34,175 6,70,510 34,60,501
2026 3,75,598 2,94,912 6,70,510 30,84,902
2027 4,18,700 2,51,810 6,70,510 26,66,202
2028 4,66,043 2,04,467 6,70,510 21,00,159
2029 5,18,071 1,52,439 6,70,510 15,82,087
2030 5,75,284 95,226 6,70,510 10,06,803

Car Loan EMI:-

Let us assume that these are the details of your car loan by using car loan EMI calculator:

Loan Details

Item Amount (Rs.)
Loan amount 20,00,000
Loan tenure 5 years
Interest rate 9.12%
Processing fee 2.5%
Loan EMI 16,653

Total Amount Payable

Item Amount (Rs.)
Total interest due 1,99,199
Processing fee 20,000
Loan quantum 20,00,000
Total amount to be paid 10,19,199

EMI Breakup

Year Principal Interest Total of Principal and Interest Outstanding Loan Balance
2020 75,722 40,852 1,16,574 7,24,278
2021 1,39,524 60,317 1,99,841 5,84,756
2022 1,52,793 47,049 1,99,842 4,31,964
2023 1,67,324 32,516 1,99,840 2,64,640
2024 1,83,238 16,602 1,99,840 81,401
2025 81,402 1,866 83,268 0

Factors Affecting Your Due Amount:-

1. Term of the Loan:
The duration of the loan impacts your EMI. A longer tenure reduces monthly payments but increases total interest paid. Conversely, shorter terms mean higher EMIs but lower overall interest.

2. Interest Rate:
Lower interest rates result in lower EMIs and total repayment amounts. Compare rates to find the best option for your budget and financial goals.

3. Loan Amount:
The amount you borrow directly affects your EMI. Higher loan amounts lead to larger EMIs and vice versa. Borrow only what you need and can afford to repay comfortably.

4. Down Payment:
Making a larger down payment reduces the loan amount, resulting in smaller EMIs. Consider saving for a substantial down payment to lessen your monthly obligations.

5. Prepayment Options:
Some loans offer the flexibility to make extra payments or pay off the loan early without penalties. This can reduce the total interest paid and shorten the loan term.

6. Loan Type:
Different loan types, such as fixed-rate and adjustable-rate mortgages, have varying interest structures. Understand the terms of your loan to predict payment fluctuations.

7. Credit Score:
Your credit score influences the interest rate offered by lenders. Maintaining a high credit score can qualify you for lower rates, reducing your overall repayment burden.

8. Economic Conditions:
Economic factors like inflation and market trends can affect interest rates. Monitor economic indicators to anticipate potential changes in your loan terms.

9. Loan Repayment Frequency:
Choose between monthly, bi-monthly, or weekly payment schedules. More frequent payments may reduce interest accrual over time and help pay off the loan faster.

10. Fees and Charges:
Be aware of any processing fees, late payment penalties, or other charges associated with the loan. These additional costs can impact your total repayment amount.

Types Of EMI Calculator:-

1. Home Loan EMI Calculator:

This calculator simplifies the process of estimating your Equated Monthly Installments (EMIs) for home loans. By inputting the loan amount, interest rate, and tenure, you can swiftly determine the monthly repayment amount. It empowers you to manage your finances efficiently by ensuring that your home loan repayments align with your budget. Whether you’re planning to purchase a new home or renovate your existing one, this calculator provides valuable insights into your repayment obligations, allowing you to make informed financial decisions.

2. Car Loan EMI Calculator:

Tailored specifically for car loans, this calculator streamlines the calculation of your monthly EMIs. By entering details such as the loan amount, interest rate, and tenure, you receive an instant estimate of your EMI amount. This tool facilitates informed decision-making by helping you assess the affordability of the car loan and plan your finances accordingly. Whether you’re considering buying a new car or upgrading your existing vehicle, this calculator empowers you to manage your finances effectively, ensuring that you can comfortably meet your repayment obligations.

3. Personal Loan EMI Calculator:

This user-friendly calculator is designed to assist you in estimating your EMIs for personal loans. By inputting details such as the loan amount, interest rate, and tenure, you can quickly determine your monthly repayment obligations. Whether you’re planning a wedding, consolidating debt, or covering unexpected expenses, this calculator provides valuable insights into your repayment schedule, enabling you to budget effectively and manage your finances responsibly.

4. Education Loan EMI Calculator:

Tailored specifically for education loans, this calculator simplifies the process of estimating your monthly EMIs. By entering details such as the loan amount, interest rate, and tenure, you gain valuable insights into your repayment obligations. Whether you’re pursuing higher education within the country or abroad, this calculator helps you plan your finances effectively, ensuring that you can comfortably repay the borrowed amount without financial strain. It empowers you to make informed decisions about your education financing, enabling you to focus on your academic pursuits without worrying about the financial aspects.

5. Loan against Property EMI Calculator:

Designed specifically for loans against property, this calculator provides a convenient way to estimate your EMIs. By inputting details such as the loan amount, interest rate, and tenure, you receive an instant estimate of your monthly repayment obligations. Whether you’re planning to expand your business, meet medical expenses, or fund other financial needs, this calculator helps you assess the affordability of the loan against your property. It enables you to plan your repayments effectively, ensuring that you can manage your finances responsibly while leveraging the equity in your property.

6. Business Loan EMI Calculator:

Tailored for calculating EMIs for business loans, this calculator assists entrepreneurs and businesses in estimating their monthly repayment obligations. By inputting the loan amount, interest rate, and tenure, borrowers can plan their finances effectively and ensure timely repayment, thus avoiding financial strain and maintaining a healthy cash flow for their business operations.

7. Gold Loan EMI Calculator:

Specifically designed for calculating EMIs for gold loans, this calculator helps individuals assess the repayment schedule for loans secured against gold assets. Borrowers can input the loan amount, interest rate, and tenure to determine the monthly installment amounts, facilitating informed decision-making and ensuring the efficient management of their gold loan obligations.

8. Machinery Loan EMI Calculator:

Catering to borrowers seeking loans for machinery and equipment purchases, this calculator aids in estimating EMIs for machinery loans. By entering details such as loan amount, interest rate, and repayment tenure, businesses can plan their investment in machinery while considering the financial implications and ensuring sustainable repayment schedules.

9. Personal Overdraft EMI Calculator:

Designed for individuals availing personal overdraft facilities, this calculator helps in estimating the EMIs for the amount utilized from the overdraft limit. Users can input the borrowed amount, interest rate, and repayment tenure to calculate the monthly installment obligations, enabling them to manage their finances efficiently and avoid excessive debt burdens.

10. Consumer Durable Loan EMI Calculator:

Tailored for consumers financing the purchase of consumer durables such as electronics, appliances, and furniture, this calculator assists in estimating EMIs for consumer durable loans. By inputting details like loan amount, interest rate, and tenure, consumers can assess the affordability of the loan and plan their repayments effectively, ensuring timely payments and minimizing financial stress.

How an Online EMI Calculator Can Help You:-

1. Accurate EMI Estimates:
An online EMI calculator provides precise estimates of your monthly installment, enabling you to plan your finances effectively. Knowing your EMI in advance helps you budget and manage your expenses better.

2. Time-Saving Tool:
Calculating EMIs manually can be tedious and time-consuming. With an EMI calculator, you can instantly determine your monthly payments without the need for complex calculations, saving you valuable time.

3. Error-Free Calculations:
By using an EMI calculator, you eliminate the risk of human error in your calculations. The tool ensures accuracy, providing you with reliable results every time you use it.

4. Tailored to Loan Types:
EMI calculators are customized for different types of loans, such as home loans, personal loans, or car loans. Each loan type has specific parameters, and the calculator accurately computes the EMI breakup accordingly.

5. Financial Planning:
Understanding your EMI helps you make informed financial decisions. By adjusting loan amounts, tenures, or interest rates, you can assess different scenarios and choose the most suitable loan option based on your repayment capacity.

6. Debt-to-Income Ratio Management:
Knowing your EMI amount allows you to calculate your debt-to-income ratio. Keeping this ratio below 50% enhances your chances of loan approval, as lenders view lower debt burdens more favorably.

In summary, an online EMI calculator simplifies the loan planning process, providing you with quick, accurate, and customized EMI estimates tailored to your specific financial needs and loan requirements.

Advantages of using Y20 India EMI Calculator:-

1. Free of Charge: The Y20 India EMI calculator is completely free to use, allowing users to access its benefits without any financial burden. There are no subscription fees or hidden charges associated with its usage.

2. High Accuracy: Users can rely on the Y20 India EMI calculator for precise calculations every time. With its advanced algorithms and meticulous design, it ensures accurate results, providing users with confidence in their financial planning.

3. User-Friendly: The calculator is designed to be intuitive and easy to use, catering to users of all levels of expertise. Whether you’re a beginner or an experienced professional, you can navigate the calculator effortlessly to obtain the desired calculations.

4. Instantaneous Results: Users can obtain accurate estimates instantaneously, saving valuable time and effort. The fast processing speed of the calculator ensures that users receive prompt results, allowing them to make timely decisions.

5. Unlimited Usage: There are no restrictions on the number of times users can utilize the Y20 India EMI calculator. Whether you need to perform calculations occasionally or on a regular basis, you can access the calculator whenever required, enhancing convenience and flexibility.


The monthly payment is one of the most important variables. It is this which determines what you will have to pay each month to the bank, sometimes over a long period. It is therefore very important not to overestimate your monthly repayment capacity to avoid bearing the financial burden every month. Strongly impacted by the amount and duration of the financing, this calculator will allow you to carry out different simulations to find your optimal monthly credit payment. The calculator also allows you to calculate the other key data of a loan. In addition to calculating the monthly credit payment, you can also use it to determine the duration, the interest rate and your borrowing capacity. Enter the different data into the calculator depending on what you want to calculate. Generally speaking, think carefully about the objective and real need for taking out a loan. A loan should only be considered if you really need the planned acquisition and you see no other way to finance it.

Also, take into account other elements concerning your loan. Ideally, try to bypass borrower insurance. If this is not possible (for example in the context of a real estate loan), compare offers from other suppliers to possibly delegate insurance. This will prevent you from unnecessarily increasing the cost of your loan. Always consider the results of our credit calculator as a point of orientation, in the end only personalized and individualized banking offers count.

Frequently Asked Questions:-

Q.1 What is an EMI calculator?

An EMI calculator is a tool that helps individuals calculate their Equated Monthly Installments (EMIs) for loans based on the loan amount, interest rate, and tenure.

Q.2 How does an EMI calculator work?

An EMI calculator uses a mathematical formula to compute the monthly payment amount for a loan, considering factors such as the principal amount, interest rate, and loan tenure.

Q.3 What are the benefits of using an EMI calculator?

Using an EMI calculator provides accurate estimates of monthly payments, helps in financial planning, saves time, and eliminates the risk of calculation errors.

Q.4 Can I use the EMI calculator for different types of loans?

Yes, EMI calculators are available for various types of loans including home loans, personal loans, car loans, education loans, etc. Each calculator is tailored to the specific parameters of the loan type.

Q.5 How do I use the EMI calculator?

To use the EMI calculator, simply input the loan amount, interest rate, and tenure into the designated fields. The calculator will then provide the monthly EMI amount instantly.

Q.6 What factors affect the EMI amount?

The EMI amount is influenced by factors such as the loan amount, interest rate, loan tenure, processing fees, and any additional charges associated with the loan.

Q.7 Can I customize the EMI calculation based on my requirements?

Yes, you can customize the EMI calculation by adjusting parameters such as the loan amount, interest rate, and tenure to suit your specific financial needs and repayment capacity.

Q.8 Is the EMI calculation provided by the calculator accurate?

Yes, the EMI calculation provided by the calculator is highly accurate as it uses advanced algorithms to ensure precise results.

Q.9 What if I want to compare multiple loan options?

You can use the EMI calculator to compare multiple loan options by inputting the details of each loan, allowing you to make an informed decision based on affordability and repayment terms.

Q.10 Are there any limitations to using the EMI calculator?

There are no significant limitations to using the EMI calculator. However, it’s important to remember that the calculated EMI is an estimate and actual EMI amounts may vary slightly due to factors such as fluctuations in interest rates and processing fees.

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