Finance

EMI Calculator

Calculate monthly EMI, total interest, and total repayment for home, car, or personal loans with clear cost estimates.

Finance tool

EMI Calculator

Check the monthly payment before choosing a loan amount or tenure.

Monthly EMI

₹12,399

Total interest

₹4,87,828

Total repayment

₹14,87,828

Calculation notes

How to use this result with confidence

Method

The estimate uses the standard reducing-balance EMI formula. It applies the loan amount, annual interest rate, and number of monthly payments to separate the monthly payment, interest, and principal totals.

Worked example

For Rs. 10 lakh at 8.5% for 10 years, the monthly payment is about Rs. 12,400. Try a shorter tenure as well to see how the higher monthly payment can reduce total interest.

Check before relying on it

This is not a lender quotation. Processing fees, insurance, taxes, floating-rate changes, and lender-specific repayment rules are outside the estimate.

Finance next steps

Understand the result, then compare it

Detailed guide

Home loan EMI: compare tenure before you apply

Review the method, assumptions, and practical checks behind this calculator.

Related calculators

EMI Prepayment CalculatorLoan Comparison Calculator

Test the same decision from another useful angle.

Rates or comparison context

Check current home-loan rate references

Try recent advertised bank rates, then compare the result with your written loan offer.

Current rate reference

Home-loan rates to try in the calculator

Use these advertised figures to compare EMI scenarios without leaving this page. Enter the exact rate from your own written offer before making a borrowing decision.

Last checked 5 August 2026

LenderAdvertised rateApplies toFreshnessVerification
State Bank of India7.25% p.a. onwardsHome Loan Card rate; lender terms and eligibility applyEffective 1 April 2026Official source
Axis Bank8.00%-8.85% p.a.Floating rate for CIBIL score 751 and aboveOfficial page dated August 2026Official source
Axis Bank8.20%-9.10% p.a.Floating rate for CIBIL 750 or below, or no credit historyOfficial page dated August 2026Official source
Canara Bank7.15% p.a.*Advertised home-loan rate; lender terms and eligibility applyChecked 5 August 2026Official source

Advertised rates can change and may depend on credit score, income, employment type, loan amount, loan-to-value ratio, product, and other risk checks. They are not approval offers or lender rankings.

Freshness note: ICICI Bank's official standard-rate table was marked valid only through 31 July 2026 when checked, so those figures are not labelled as current here until the bank refreshes the page. Check the official ICICI page.

Guide

Understand your EMI result

An EMI calculator helps you estimate the fixed monthly payment for a loan before you commit. It is useful for comparing loan amount, interest rate, and repayment period.

Results are for general information. Review the site disclaimer before using a result for an important decision.

How EMI is calculated

EMI stands for Equated Monthly Instalment. It combines a portion of principal repayment and interest into one fixed monthly amount.

The common EMI formula is P x R x (1 + R)^N divided by ((1 + R)^N - 1), where P is loan amount, R is monthly interest rate, and N is number of monthly payments.

How to use the EMI result

Use the EMI amount to check whether the loan fits your monthly budget. A longer tenure reduces the monthly EMI but usually increases total interest.

Before taking a loan, compare at least two tenure options and check the total repayment amount, not only the monthly EMI.

A simple comparison example

For a loan of Rs. 10 lakh at 8.5% annual interest over 10 years, the estimated monthly EMI is about Rs. 12,400. The exact figure can differ when a lender adds fees, insurance, or a different repayment schedule.

Try the same loan amount with a shorter and longer tenure. This makes the trade-off clear: the monthly payment changes, but so does the total interest paid over the loan.

FAQs

Is lower EMI always better?

Not always. A lower EMI can make monthly payments easier, but it may increase total interest if the loan tenure is longer.

Can this calculator be used for home loans?

Yes. You can use it for home loans, car loans, education loans, personal loans, and other fixed-rate loan estimates.

Does EMI include processing fees?

Usually no. Processing fees, insurance, taxes, prepayment charges, and other lender-specific costs should be checked separately in the loan offer.