EMI Calculator 2026 - Home Loan & Personal Loan

Calculate your monthly EMI (Equated Monthly Installment) for home loans, personal loans, car loans, and education loans with our free EMI calculator. Get instant and accurate calculations of your monthly payment amount, total interest payable, and complete loan repayment schedule. Our EMI calculator uses the standard EMI formula recognized by all Indian banks and financial institutions. Whether you're planning to buy a house, car, or need a personal loan, use this calculator to plan your finances better. The calculator helps you understand how different interest rates and loan tenures affect your monthly payments, enabling you to make informed borrowing decisions and choose the best loan option for your needs.

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Calculate Your EMI

₹
%

Tip: 1 year = 12 months, 5 years = 60 months, 10 years = 120 months, 20 years = 240 months

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What is EMI and How is it Calculated?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. EMI consists of both principal and interest components. In the initial months, the interest component is higher, and gradually the principal component increases as you continue paying your EMIs.

EMI Calculation Formula

EMI = [P × R × (1+R)^N] / [(1+R)^N-1]

Where:

• P = Principal loan amount

• R = Monthly interest rate (Annual rate / 12 / 100)

• N = Number of monthly installments (Tenure in months)

Step-by-Step EMI Calculation Example

Let's calculate EMI for a home loan:

  • • Loan Amount (P): ₹25,00,000
  • • Annual Interest Rate: 8.5%
  • • Loan Tenure: 15 years (180 months)
  • • Monthly Interest Rate (R): 8.5 / 12 / 100 = 0.00708
  • • Calculation:
  • EMI = [25,00,000 × 0.00708 × (1.00708)^180] / [(1.00708)^180 - 1]
  • EMI = [17,700 × 3.537] / [2.537]
  • • Monthly EMI: ₹24,679.45
  • • Total Amount: ₹44,42,301.00
  • • Total Interest: ₹19,42,301.00

Types of Loans and Typical Interest Rates 2026

Home Loans

  • Floating Rate8.35% - 9.50%
  • Fixed Rate9.00% - 10.50%
  • Max Tenure30 years
  • Max AmountUp to ₹5 Cr

Tax benefits available under Section 24 (interest) and 80C (principal)

Personal Loans

  • Interest Rate10.50% - 24.00%
  • Typical Tenure1 - 5 years
  • Max AmountUp to ₹40 lakhs
  • Processing Fee1% - 3%

No collateral required, quick disbursal, no tax benefits

Car Loans

  • Interest Rate8.50% - 13.00%
  • Typical Tenure3 - 7 years
  • Down Payment10% - 25%
  • Max Loan Amount90% of car value

Lower rates for new cars, higher for used cars

Education Loans

  • Interest Rate8.50% - 15.00%
  • Repayment PeriodUp to 15 years
  • Moratorium PeriodCourse + 1 year
  • Tax BenefitSec 80E

Interest deduction available for 8 years under Section 80E

Tips to Reduce Your EMI Burden

  1. Make Higher Down Payment: Pay 20-30% upfront to reduce loan amount and EMI.
  2. Choose Longer Tenure: Increases total interest but reduces monthly EMI burden.
  3. Prepay When Possible: Make lump-sum prepayments to reduce principal and interest.
  4. Compare Interest Rates: Even 0.5% difference can save lakhs over loan tenure.
  5. Balance Transfer: Move to banks offering lower rates after a few years.
  6. Maintain Good Credit Score: Score above 750 gets you better interest rates.
  7. Negotiate Processing Fees: Get waivers on processing fees, especially for higher amounts.

Frequently Asked Questions

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