EMI Calculator
Calculate your monthly EMI for any loan type instantly.
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Monthly EMI
₹43,391
₹54.14L
Total interest
₹1.04Cr
Total payment
108.28%
Interest / loan
Repayment breakdown by year
Year 1: Principal paid ₹99.5K, Interest paid ₹4.21L. Year 2: Principal paid ₹2.08L, Interest paid ₹8.34L. Year 3: Principal paid ₹3.26L, Interest paid ₹12.36L. Year 4: Principal paid ₹4.54L, Interest paid ₹16.29L. Year 5: Principal paid ₹5.94L, Interest paid ₹20.10L. Year 6: Principal paid ₹7.46L, Interest paid ₹23.79L. Year 7: Principal paid ₹9.11L, Interest paid ₹27.34L. Year 8: Principal paid ₹10.91L, Interest paid ₹30.74L. Year 9: Principal paid ₹12.87L, Interest paid ₹33.99L. Year 10: Principal paid ₹15.00L, Interest paid ₹37.07L. Year 11: Principal paid ₹17.32L, Interest paid ₹39.95L. Year 12: Principal paid ₹19.85L, Interest paid ₹42.63L. Year 13: Principal paid ₹22.60L, Interest paid ₹45.09L. Year 14: Principal paid ₹25.59L, Interest paid ₹47.30L. Year 15: Principal paid ₹28.85L, Interest paid ₹49.25L. Year 16: Principal paid ₹32.40L, Interest paid ₹50.92L. Year 17: Principal paid ₹36.25L, Interest paid ₹52.26L. Year 18: Principal paid ₹40.45L, Interest paid ₹53.27L. Year 19: Principal paid ₹45.02L, Interest paid ₹53.91L. Year 20: Principal paid ₹50.00L, Interest paid ₹54.14L.
What this means for you
₹43,391 every month for 20 years
On a ₹50.00L loan at 8.5% interest, your fixed monthly EMI is ₹43,391. You pay this exact amount every month for 20 years (240 instalments total) until the loan is fully cleared.
You pay ₹54.14L in interest — 108% extra on top of what you borrowed
Total amount repaid: ₹1.04Cr. For every ₹1 lakh borrowed, you return ₹2.08 lakhs. In year one, 82% of each EMI is just interest — only 18% reduces what you owe. This is why making prepayments early in the loan has the biggest impact.
Monthly take-home you need: ₹1,44,637
Keep all EMIs under 30% of take-home pay — the safe personal finance rule. At ₹43,391/month, your take-home should be at least ₹1,44,637/month. Banks also calculate your FOIR (Fixed Obligation to Income Ratio) across all loans — applications where FOIR exceeds 55% are typically rejected.
Important
Choosing 15 years instead saves you ₹15.51L
Your EMI goes up by ₹5,846/month — but you save ₹15.51L in total interest. That is money you keep instead of paying to the bank. If your income can support the higher EMI, the shorter tenure is almost always the better financial decision.
Pro tip
One lump-sum prepayment can save lakhs
A single prepayment — even just 3 months of EMI — cuts your interest bill significantly. Ask your bank to reduce the tenure (not the EMI) when prepaying; that saves more money over the long run. For floating-rate home loans, prepayment is free by law (RBI mandate since 2011). Fixed-rate loans may have a penalty in the agreement.
Try the calculator →What is this calculator?
The EMI (Equated Monthly Instalment) Calculator computes the fixed monthly amount you pay to repay a loan in full over its tenure. Unlike simple interest, EMI uses the reducing-balance method: each month's interest is charged only on the outstanding principal, so the interest component falls over time even though the EMI stays constant. This calculator works for all standard loan types — home loans, car loans, personal loans, and education loans — since they all use the same formula. Use it to compare loan offers side by side, decide between tenures, or verify whether a loan fits your budget before applying.
How to use
- 1Enter your loan amount. For example, ₹50,00,000 (₹50 lakhs) for a home loan you're considering.
- 2Enter the interest rate quoted by your lender. SBI home loan rates start at 8.50% p.a. as of mid-2026 — always verify the current rate at your bank's website before finalising.
- 3Set the loan tenure. Try both 15 years and 20 years to compare the EMI vs total interest trade-off.
- 4Read your EMI: ₹44,043/month for ₹50L at 8.5% over 20 years. Add this to any existing EMIs to calculate your total FOIR (Fixed Obligation to Income Ratio).
- 5Check the "What this means for you" section — it tells you whether the EMI is within the 30% income rule and how much you save with a shorter tenure.
- 6Use the amortization chart to see how the principal-to-interest split changes year by year. In the early years, most of your EMI is interest — this is why prepayments made early have the biggest impact.
Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n − 1]P = principal loan amount; r = monthly interest rate (annual rate ÷ 12 ÷ 100); n = total number of monthly instalments (tenure in years × 12). The formula assumes a fixed interest rate and equal payments throughout. For floating-rate loans, the EMI or tenure adjusts whenever the lender's benchmark rate changes.
| Fixed rate | Floating rate | |
|---|---|---|
| EMI stability | Constant throughout | Changes with repo rate |
| Typical rate | 0.5–1% above floating | Lower initial rate |
| Best for | Rising-rate environments | Falling-rate environments |
| Prepayment charge | May apply (check T&C) | Zero — RBI mandated (2011) |
| Rate reset | Never (for fixed period) | Quarterly or on repo change |
Frequently asked questions
Most banks and financial planners recommend keeping total EMI obligations below 40–50% of gross monthly income, and ideally below 30% of net (take-home) income. The RBI assesses borrowers' Fixed Obligation to Income Ratio (FOIR) before sanctioning; a FOIR above 55% typically leads to rejection. Use the 30% net income rule as your planning benchmark — it leaves enough headroom for emergencies and investments.