EMI Calculator
Calculate your monthly EMI for home loan, car loan, or personal loan instantly.
Monthly EMI
₹26,035
Total Interest
₹32,48,488
Total Amount
₹62,48,488
Payment Breakdown
Quick Presets
Year-wise Amortization Schedule
| Year | EMI Paid | Principal | Interest | Balance |
|---|
How is EMI Calculated?
EMI (Equated Monthly Installment) is calculated using the formula:
EMI = P × r × (1+r)n / ((1+r)n - 1)
Where P = Principal loan amount, r = Monthly interest rate (annual rate / 12 / 100), and n = Number of monthly installments.
Current Home Loan Interest Rates in India (2026)
| Bank | Rate |
|---|---|
| SBI | 8.25% - 9.65% |
| HDFC Bank | 8.70% onwards |
| ICICI Bank | 8.75% onwards |
| Bank of Baroda | 8.15% - 10.65% |
| Kotak Mahindra | 8.70% onwards |
Rates are indicative and subject to change. Please verify with the respective bank.
FAQs
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay to the bank each month until your loan is fully repaid. Each EMI payment includes both principal repayment and interest.
Does prepayment reduce EMI?
Prepayment reduces your outstanding principal. Depending on your bank's policy, it can either reduce your EMI amount or reduce the loan tenure. Most banks don't charge prepayment penalties on floating-rate loans as per RBI guidelines.