EMI Calculator
Know Your Monthly
Loan Payment
Calculate your Equated Monthly Instalment for any loan โ home, car, personal or education. Get full amortization schedule with year-by-year breakdown.
EMI Calculator
Home loan, car loan, personal loan โ all in one
| Year | EMI Paid | Principal Paid | Interest Paid | Balance | % Paid |
|---|
EMI Key Insights
Numbers every loan borrower must know
EMI Complete Guide
Everything you need to know before taking a loan
EMI Formula Explained
Flat Rate vs Reducing Balance
- Flat Rate: Interest charged on full principal throughout โ misleading, higher cost
- Reducing Balance: Interest on outstanding principal โ used by all banks, fair
- Flat 10% โ Reducing Balance 18% effectively!
- Always confirm reducing balance rate with lender
FOIR โ Fixed Obligation to Income Ratio
Banks limit total EMI to 40โ50% of take-home salary. If income = โน80,000/mo, max total EMIs = โน32,000โโน40,000. Existing EMIs reduce eligibility further. This is the most common reason for loan rejection.
Tenure vs Interest Trade-off
- Longer tenure = lower EMI but far more total interest paid
- โน50L @ 8.5%: 10yr EMI = โน61,993, total = โน74.4L
- โน50L @ 8.5%: 20yr EMI = โน43,391, total = โน1.04Cr
- Extra 10 years costs โน29.6 lakhs more in interest!
Check Credit Score
750+ gets best rates. Check free via CIBIL/Experian
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Rate difference of 0.5% saves lakhs over loan tenure
Fix Loan Amount
Borrow only what's needed โ every extra lakh costs
Choose Right Tenure
Balance EMI affordability vs total interest outgo
Tax Benefits on Loans
Section 80C, 24B, 80E โ maximize your deductions
80C: Principal Repayment
Principal portion of EMI qualifies for โน1.5L 80C deduction. Combine with PPF/ELSS to max out the limit strategically.
24B: Interest Deduction
Up to โน2L interest on self-occupied property is deductible. For let-out property, full interest is deductible (no cap).
Joint Loan = Double Benefits
Co-borrowers each get full 80C + 24B benefits if both are co-owners. A couple can together save โน3.12L in tax annually.
Loan Pro Tips
Borrow smart, save lakhs
Prepay Every Year โ Even Small Amounts
Paying even 1 extra EMI per year on a 20yr loan cuts the tenure by 2โ3 years and saves lakhs in interest. Use bonuses, tax refunds, or windfalls for part-prepayment.
Negotiate Rate Below Repo Rate + 2.65%
RBI's repo rate is your anchor. Current repo = 6.5%. Best home loan = ~8.5%. If your bank charges 9.5%+, negotiate or switch โ you're overpaying by lakhs.
CIBIL 750+ = 0.5โ1% Lower Rate
Build your credit score before applying. A 750+ CIBIL score qualifies you for the lowest rates. Pay all existing EMIs on time for 12 months before applying for a major loan.
Start EMI on 1st of Month, Disburse 20th
Get disbursement close to month-end, start EMI from 1st of next month. This maximizes the free float period and reduces total interest slightly.
Floating Rate > Fixed Rate for Long Loans
Fixed rates are 1โ2% higher. Over 20 years, rates will fluctuate up and down. Floating rate borrowers benefit when RBI cuts rates. Fixed rates only make sense in rising rate scenarios.
Balance Transfer if Rate > Current Rate by 0.5%
If your existing loan rate is 0.5% above current best rates, do a balance transfer. The one-time fees (0.5โ1% of outstanding) are usually recovered within 18 months.
Loan Goal Planner
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Frequently Asked Questions
All your loan & EMI questions answered
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