EMI calculator for home, car, bike & personal loans
Work out your monthly EMI, total interest and full month-by-month amortization schedule for any loan.
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- Formulas published
Your monthly EMI
₹10,871
You'd pay ₹10,871 a month. Over the loan, interest adds ₹1,52,273 — 30% on top of what you borrow.
- Total interest
- ₹1,52,273
- Total amount payable
- ₹6,52,273
- Principal: ₹5,00,000 (77%)
- Interest: ₹1,52,273 (23%)
Assumptions behind this estimate
- Fixed interest rate for the whole tenure, calculated on reducing balance.
- Monthly payments starting one month after disbursal; every EMI paid on time.
- Excludes processing fees (and the GST on them), insurance and other charges. Use the true cost checker to include them.
- Figures are rounded to the nearest rupee for display. The last EMI may differ slightly because of rounding.
Month-by-month repayment schedule (60 EMIs)
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹10,871 | ₹6,288 | ₹4,583 | ₹4,93,712 |
| 2 | ₹10,871 | ₹6,346 | ₹4,526 | ₹4,87,367 |
| 3 | ₹10,871 | ₹6,404 | ₹4,468 | ₹4,80,963 |
| 4 | ₹10,871 | ₹6,462 | ₹4,409 | ₹4,74,501 |
| 5 | ₹10,871 | ₹6,522 | ₹4,350 | ₹4,67,979 |
| 6 | ₹10,871 | ₹6,581 | ₹4,290 | ₹4,61,398 |
| 7 | ₹10,871 | ₹6,642 | ₹4,229 | ₹4,54,756 |
| 8 | ₹10,871 | ₹6,703 | ₹4,169 | ₹4,48,053 |
| 9 | ₹10,871 | ₹6,764 | ₹4,107 | ₹4,41,289 |
| 10 | ₹10,871 | ₹6,826 | ₹4,045 | ₹4,34,463 |
| 11 | ₹10,871 | ₹6,889 | ₹3,983 | ₹4,27,574 |
| 12 | ₹10,871 | ₹6,952 | ₹3,919 | ₹4,20,623 |
Your monthly EMI
₹10,871
Your EMI isn't the whole cost
This calculator shows the EMI on the loan amount. It doesn't include the processing fee or the GST on it, which you pay upfront. To see the actual interest rate once those are counted, use the personal loan actual interest rate calculator. Planning to pay early? See how much a part payment saves, or what it takes to close the loan fully.
How this works
The standard reducing-balance EMI formula we use, how the repayment schedule is built, and how rounding is handled so principal adds up exactly. Read the full methodology, formulas and sources.
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Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months.
Why does most of my early EMI go towards interest?
Interest is charged on the outstanding balance, which is highest at the start. As you repay principal, the interest part of each EMI falls and the principal part rises. The schedule below shows this month by month.
Does the EMI include processing fees?
No. Fees are usually paid upfront or deducted from the loan amount. Use the actual interest rate checker to see how the processing fee and GST change the real cost of the loan.
What is the EMI on a ₹10 lakh loan?
It depends on the rate and tenure. At 10% p.a. for 5 years, the EMI is about ₹21,247 and total interest about ₹2,74,823. At 12% for 3 years it is about ₹33,214. At 8.5% for 20 years, typical of a home loan, it is about ₹8,678, but total interest rises to about ₹10,82,776. Enter your own rate and tenure above to see the exact figure.
Is this a reducing balance or flat rate EMI calculator?
Reducing balance. Interest is charged each month only on the amount you still owe, which is how most bank home, car and personal loans work. A flat rate charges interest on the original amount for the whole tenure, so it costs more. Example: ₹1 lakh for 1 year at 12% costs about ₹6,619 in interest on reducing balance (EMI ₹8,885), but ₹12,000 at a 12% flat rate (EMI ₹9,333). If an offer quotes a flat rate, compare the EMIs, not the rates.
Does this work for car, bike and business loans?
Yes. The EMI formula is the same for any loan repaid in equal monthly instalments on a reducing balance: home, car, bike, personal, education or business. Enter the loan amount, interest rate and tenure from your offer.
Can I calculate EMI with prepayment?
This calculator shows the EMI and schedule without prepayments. To see how a part payment changes your EMI or tenure and how much interest it saves, use the loan prepayment calculator linked below.
Can I download the EMI schedule to Excel?
Yes. Use “Download schedule (Excel / CSV)” under the result. The file opens in Excel or Google Sheets with every month's EMI, principal, interest and balance. It is created on your device; nothing is sent to us.
Related tools
- Actual Interest Rate & APR CheckerThe rate on your offer isn't what you really pay. Add the processing fee, GST and other charges to see the actual interest rate (APR) and the total cost.
- Loan Affordability CalculatorEstimate how much EMI fits your budget after rent, expenses and savings, and the home or personal loan it supports.
- Loan Prepayment CalculatorFind out how much a part payment saves on your home or personal loan, and whether to cut your EMI or your tenure.
Related guides
- GuideProcessing fee and GST: how to find a loan's actual interest rateHow a processing fee and the GST on it push a loan's real cost above the advertised rate, and how to work out its actual interest rate (APR).
- GuideCredit card EMI vs personal loan: which costs less?Compare a credit card EMI with a personal loan for the same purchase: interest, GST, processing fees and effective APR, with worked examples in rupees.
Last reviewed · By ClearRupee Editorial Team