Finance

EMI Calculator

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

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Finance tool

EMI Calculator

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

Monthly EMI

₹12,398.57

Total interest

₹4,87,828.27

Total repayment

₹14,87,828.27

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 10, 15 and 20 years before choosing a tenure

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.

Advertised rate snapshot

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 23 September 2026

LenderAdvertised rateApplies toFreshnessVerification
State Bank of India7.25% p.a. onwardsHome Loan Card rate; lender terms and eligibility applyAdvertised effective date: 1 April 2026Official source
Axis Bank8.00%-8.85% p.a.Floating rate for CIBIL score 751 and aboveOfficial page labeled September 2026Official source
Axis Bank8.20%-9.10% p.a.Floating rate for CIBIL 750 or below, or no credit historyOfficial page labeled September 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.

This is a dated snapshot, not a live rate feed or a complete market comparison. Open the linked lender page to check the latest figure and confirm the rate applicable to your own application.

Only figures that were verifiable on the linked official lender pages during the last review are listed. Rates from other lenders are intentionally omitted until their current public rate table can be checked.

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

These answers are written for this calculator's inputs, assumptions, and common real-world decisions. They explain what the result can show and where you still need the official document or a qualified professional.

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.

I can afford the EMI, but I also pay rent and another loan. Is the loan still affordable?

The calculator cannot decide that for you. Add the proposed EMI to your rent, existing EMIs, essential household costs, and a realistic amount for savings. Leave room for rate changes and unexpected expenses instead of using every available rupee for debt payments.

Should I choose a 15-year or 20-year home loan if both EMIs fit my budget?

Compare both the monthly payment and the total interest. The 20-year option may feel easier each month, but the longer repayment period can cost more overall. A shorter tenure may be worthwhile only when the higher EMI still leaves enough room for your regular costs and savings.

What happens to my EMI if the interest rate on my loan increases?

For a floating-rate loan, the lender may change the EMI, extend the tenure, or apply another option allowed by your agreement. This calculator shows a fixed-rate illustration, so ask the lender how rate resets are communicated and request a revised repayment schedule when the rate changes.

Can I use my annual bonus to reduce the loan faster?

You can compare a possible part-prepayment with the current repayment plan, but first check your emergency savings and the lender's rules. Use the prepayment calculator for an estimate, then ask the lender how the payment will change the outstanding principal, EMI, tenure, and any applicable charges.