EMI Calculator 2025
Calculate Home Loan, Car Loan, Personal Loan EMI Instantly | Free Online Calculator
Enter Loan Details
EMI Calculation Result
Your Monthly EMI
Principal Amount
₹50,00,000
Total Interest
₹54,13,840
Total Payment
₹1,04,13,840
| Year | Principal Paid | Interest Paid | Balance |
|---|
What is EMI? – Complete Guide to EMI Calculator
EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each month. The EMI calculator helps you calculate the monthly payment for any loan – home loan EMI, car loan EMI, personal loan EMI, or education loan EMI. Each EMI consists of both principal and interest components.
Use our free online EMI calculator above to instantly calculate your loan EMI. Whether you’re checking SBI EMI calculator, HDFC EMI calculator, ICICI loan calculator, or any other bank – the formula remains same!
EMI Calculation Formula
The EMI calculation formula uses the reducing balance method (most common in India):
Where:
P = Principal loan amount
R = Monthly interest rate (Annual rate / 12 / 100)
N = Number of monthly installments (Years × 12)
Example: For ₹50 lakh home loan EMI at 8.5% for 20 years:
- P = ₹50,00,000
- R = 8.5 / 12 / 100 = 0.00708
- N = 20 × 12 = 240 months
- EMI = ₹43,391 per month
Types of Loan EMI Calculators
1. Home Loan EMI Calculator
Home loan EMI calculator helps calculate monthly payment for housing loan. Typical home loan features:
- Loan amount: ₹20 lakh to ₹10 crore
- Interest rate: 8.5% – 10% (2025 rates)
- Tenure: Up to 30 years
- Banks: SBI, HDFC, ICICI, Axis, LIC Housing
2. Car Loan EMI Calculator
Car loan EMI calculator for vehicle financing:
- Loan amount: ₹2 lakh to ₹50 lakh
- Interest rate: 8% – 12%
- Tenure: 1 to 7 years
- Down payment: Usually 10-25%
3. Personal Loan EMI Calculator
Personal loan EMI calculator for unsecured loans:
- Loan amount: ₹50,000 to ₹40 lakh
- Interest rate: 10% – 18% (higher as unsecured)
- Tenure: 1 to 5 years
- No collateral required
4. Education Loan EMI Calculator
Education loan EMI calculator for student loans:
- Loan amount: ₹4 lakh to ₹1 crore
- Interest rate: 8% – 12%
- Moratorium: EMI starts after course + 6 months
- Tax benefit under Section 80E
Bank-wise Interest Rates 2025
| Bank | Home Loan | Car Loan | Personal Loan |
|---|---|---|---|
| SBI | 8.50% – 9.85% | 8.85% – 9.55% | 11.00% – 14.00% |
| HDFC Bank | 8.75% – 9.90% | 8.50% – 11.00% | 10.50% – 21.00% |
| ICICI Bank | 8.75% – 9.85% | 8.70% – 12.00% | 10.75% – 19.00% |
| Axis Bank | 8.75% – 10.30% | 8.99% – 12.00% | 10.49% – 22.00% |
| PNB | 8.45% – 10.25% | 8.55% – 10.05% | 10.40% – 14.45% |
| Bank of Baroda | 8.40% – 10.65% | 8.50% – 10.35% | 10.60% – 15.00% |
How to Reduce Your EMI?
- Increase Loan Tenure: Longer tenure = lower EMI (but more total interest)
- Make Larger Down Payment: Reduces principal, hence lower EMI
- Prepay Loan Partially: Prepayment reduces outstanding principal
- Negotiate Interest Rate: Good credit score helps get lower rates
- Balance Transfer: Transfer to bank offering lower interest rate
- Compare Multiple Banks: Use EMI calculator to compare options
What is Amortization Schedule?
Amortization schedule shows the detailed breakdown of each EMI payment into principal and interest components. In initial years, major portion goes towards interest. As loan progresses, principal component increases.
Use the “View Amortization Schedule” button in the calculator above to see year-wise breakdown of your loan repayment.
Frequently Asked Questions (FAQs)
1. What is EMI?
EMI (Equated Monthly Installment) is the fixed monthly payment made to repay a loan. It includes both principal and interest components.
2. What is the EMI for a 50 lakh home loan?
For ₹50 lakh at 8.5% for 20 years, EMI is ₹43,391. For 25 years at same rate, EMI is ₹40,260. Use calculator above for exact calculation.
3. How is EMI calculated?
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]. P = Principal, R = Monthly rate, N = Number of months. Most banks use reducing balance method.
4. Which bank has lowest home loan interest rate?
As of 2025, SBI and Bank of Baroda offer among the lowest rates starting 8.40-8.50%. Compare rates using EMI calculator.
5. Can I prepay my loan to reduce EMI?
Yes! Prepayment reduces outstanding principal. For floating rate home loans, RBI mandates zero prepayment penalty. Prepay when you have surplus funds.
6. What is flat rate vs reducing balance EMI?
Flat rate: Interest on original principal throughout. Reducing balance: Interest on outstanding balance – this is more beneficial and commonly used in India.
7. How to use SBI EMI calculator?
Enter loan amount, SBI interest rate (8.50% onwards), and tenure. Our calculator works same as SBI EMI calculator – showing monthly EMI, total interest, and amortization.
8. What is the EMI for 1 crore home loan?
For ₹1 crore at 8.5% for 20 years, monthly EMI is ₹86,782. Total interest payable: ₹1.08 crore. Total payment: ₹2.08 crore.
Calculate your loan EMI now using the free EMI calculator above. Compare EMI for different loan amounts, interest rates, and tenures to make informed borrowing decisions!