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EMI Calculator for Home Loan,

Car Loan & Personal Loan in
India

Home Loan

Personal Loan

Car Loan
Car Loan Amount

25,00,00

|
0|
5L|
10L|

15L|
20L

Interest Rate
%
10.5

|
5|
7.5|
10|
12.5|
15|
17.5|
20

Loan Tenure
Yr
20

|
0|
1|
2|
3|
4|
5|
6|
7

Mo

EMI Scheme
EMI in Advance

EMI in Arrears
Loan EMI

9,931
Total Interest Payable

2,54,205
Total Payment
(Principal + Interest)

8,34,205
Break-up of Total Payment69.5%30.5%Principal Loan AmountTotal Interest

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Schedule showing EMI payments starting from

EMI Payment /
yearBalancePrincipalInterestBalance20152016201720182019202020212022 0 25,000
50,000 75,000 1,00,000 1,25,000 1,50,000 0 1,00,000 2,00,000 3,00,000
4,00,000 5,00,000 6,00,000

Interest
(B)

Total Payment
(A + B)

Balanc

15,823

29,793

5,66,0

4,614

5,317

9,931

5,75,386

4,657

5,274

9,931

5,70,729

4,699

5,232

9,931

5,66,030

59,305

1,19,172

5,06,1

5,189

9,931

5,61,2

5,145

9,931

5,56,5

5,101

9,931

5,51,6

5,057

9,931

5,46,7

9,931

5,41,8

4,967

9,931

5,36,9

4,922

9,931

5,31,9

4,876

9,931

5,26,8

4,829

9,931

5,21,7

4,783

9,931

5,16,6

4,736

9,931

5,11,4

5,012

 4,688

9,931

5,06,1

52,377

1,19,172

4,39,3

4,640

9,931

5,00,8

4,591

9,931

4,95,5

4,542

9,931

4,90,1

4,493

9,931

4,84,7

4,443

9,931

4,79,2

4,393

9,931

4,73,6

4,342

9,931

4,68,0

4,291

9,931

4,62,4

4,239

9,931

4,56,7

4,187

9,931

4,51,0

4,134

9,931

4,45,2

4,081

9,931

4,39,3

44,647

1,19,172

3,64,8

4,028

9,931

4,33,4

3,973

9,931

4,27,5

3,919

9,931

4,21,4

3,864

9,931

4,15,4

3,808

9,931

4,09,3

3,752

9,931

4,03,1

3,695

9,931

3,96,8

3,638

9,931

3,90,5

3,580

9,931

3,84,2

 3,522

9,931

3,77,8

3,463

9,931

3,71,3

3,404

9,931

3,64,8

36,023

1,19,172

2,81,6

3,344

9,931

3,58,2

3,284

9,931

3,51,6

3,223

9,931

3,44,9

3,162

9,931

3,38,1

3,100

9,931

3,31,2

3,037

9,931

3,24,4

2,974

9,931

3,17,4

2,910

9,931

3,10,4

2,846

9,931

3,03,3

2,781

9,931

2,96,1

2,715

9,931

2,88,9

2,649

9,931

2,81,6

26,402

1,19,172

1,88,9

2,582

9,931

2,74,3

2,515

9,931

2,66,9

2,447

9,931

2,59,4

2,378

9,931

2,51,8

2,309

9,931

2,44,2

2,239

9,931

2,36,5

2,169

9,931

2,28,8

2,097

9,931

2,20,9

2,026

9,931

2,13,0

1,953

9,931

2,05,0

1,880

9,931

1,97,0

1,806

9,931

1,88,9

15,666

1,19,172

85,41

1,732

9,931

1,80,7

1,657

9,931

1,72,4

1,581

9,931

1,64,0

1,504

9,931

1,55,6

1,427

9,931

1,47,1

1,349

9,931

1,38,5

1,270

9,931

1,29,9

1,191

9,931

1,21,1

1,111

9,931

1,12,3

1,030

9,931

1,03,4

948

9,931

94,48

866

9,931

85,41

3,963

89,379

783

9,931

76,26

699

9,931

67,03

615

9,931

57,72

529

9,931

48,31

443

9,931

38,83

 356

9,931

29,25

268

9,931

19,59

180

9,931

9,84

90

9,931

What is EMI?
Equated Monthly Installment EMI for short is the amount payable
every month to the bank or any other financial institution until the
loan amount is fully paid off. It consists of the interest on loan as well
as part of the principal amount to be repaid. The sum of principal
amount and interest is divided by the tenure, i.e., number of months,
in which the loan has to be repaid. This amount has to be paid
monthly. The interest component of the EMI would be larger during
the initial months and gradually reduce with each payment. The exact
percentage allocated towards payment of the principal depends on the
interest rate. Even though your monthly EMI payment wont change,
the proportion of principal and interest components will change with
time. With each successive payment, youll pay more towards the
principal and less in interest.
Heres the formula to calculate EMI:

where

E is EMI
P is Principal Loan Amount
r is rate of interest calculated on monthly basis. (i.e., r = Rate of
Annual interest/12/100. If rate of interest is 10.5% per annum, then r
= 10.5/12/100=0.00875)
n is loan term / tenure / duration in number of months

For example, if you borrow 10,00,000 from the bank at

10.5% annual interest for a period of 10 years (i.e., 120
months), then EMI = 10,00,000 * 0.00875 * (1 +
0.00875)120 / ((1 + 0.00875)120 1) = 13,493. i.e., you will
have to pay 13,493 for 120 months to repay the entire loan
amount. The total amount payable will be 13,493 * 120 =
16,19,220 that includes 6,19,220 as interest toward the
loan.
Computing EMI for different combinations of principal loan amount,
interest rates and loan term using the above EMI formula by hand is
time consuming, complex and error prone. Our EMI calculator
automates this calculation for you and gives you the result in a split
second along with visual charts displaying payment schedule and the
break-up of total payment.

How to use EMI calculator?

With colourful charts and instant results, our EMI calculator is easy to
use, intuitive to understand and is quick to perform. You can calculate
EMI for home loan, car loan, personal loan, education loan or any
other fully amortizing loan using this calculator.
Enter the following information in the EMI calculator:

Principal loan amount you wish to avail (rupees)

Loan term (months or years)

Rate of interest (percentage)

EMI in advance OR EMI in arrears (for car loan only)

Use the slider to adjust the values in the EMI calculator form. If you
need to enter more precise values, you can type the values directly in
the relevant boxes provided above. As soon as the values are changed
using the slider (or hit the tab key after entering the values directly in
the input fields), EMI calculator will re-calculate your monthly
payment (EMI) amount.
A pie chart depicting the break-up of total payment (i.e., total
principal vs. total interest payable) is also displayed. It displays the
percentage of total interest versus principal amount in the sum total of
all payments made against the loan. The payment schedule table
showing payments made every month / year for the entire loan
duration is displayed along with a chart showing interest and principal
components paid each year. A portion of each payment is for the
interest while the remaining amount is applied towards the principal

balance. During initial loan period, a large portion of each payment is

devoted to interest. With passage of time, larger portions pay down the
principal. The payment schedule also shows the intermediate
outstanding balance for each year which will be carried over to the
next year.

Floating Rate EMI Calculation

We suggest that you calculate floating / variable rate EMI by taking
into consideration two opposite scenarios, i.e., optimistic
(deflationary) and pessimistic (inflationary) scenario. Loan amount
and loan tenure, two components required to calculate the EMI are
under your control; i.e., you are going to decide how much loan you
have to borrow and how long your loan tenure should be. But interest
rate is decided by the banks & HFCs based on rates and policies set
by RBI. As a borrower, you should consider the two extreme
possibilities of increase and decrease in the rate of interest and
calculate how much would be your EMI under these two conditions.
Such calculation will help you decide how much EMI is affordable,
how long your loan tenure should be and how much you should
borrow.
Optimistic (deflationary) scenario: Assume that the rate of
interest comes down by 1% 3% from the present rate. Consider this
situation and calculate your EMI. In this situation, your EMI will come
down or you may opt to shorten the loan tenure. Ex: If you avail home

loan to purchase a house as an investment, then optimistic scenario

enables you to compare this with other investment opportunities.
Pessimistic (inflationary) scenario: In the same way, assume
that the rate of interest is hiked by 1% 3%. Is it possible for you to
continue to pay the EMI without much struggle? Even a 2% increase in
rate of interest can result in significant rise in your monthly payment
for the entire loan tenure.
Such calculation helps you to plan for such future possibilities. When
you take a loan, you are making a financial commitment for next few
months, years or decades. So consider the best as well as worst cases
and be ready for both. In short, hope for the best but be prepared for
the worst!

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