Loan EMI Calculator
Calculate your monthly EMI for home, car, personal or education loans live — with amortization schedule, principal-vs-interest split and tax benefits.
- Free — no sign-up
- Instant, on-screen results
- Built by our CA · CS team
- Rules cited on the page
Enter your figures — the result on the right updates as you type.
Amortization schedule
| Year | EMI × 12 | Principal | Interest | Balance |
|---|
Maximise tax savings on your loan
Our CAs help you claim every deduction — Section 24, 80C, 80E — and file your ITR correctly.
Disclaimer: Indicative estimate on a reducing-balance basis. Actual EMI, interest and tax benefits depend on your lender's terms, rate resets, part-payments and your income-tax regime.
How your EMI is calculated
EMI (Equated Monthly Instalment) is the fixed amount you pay every month so the loan is fully repaid by the end of the tenure. It is computed on a reducing-balance basis — early instalments are mostly interest, later ones mostly principal.
Example: a ₹50,00,000 home loan at 8.5% for 20 years works out to an EMI of ₹43,391 — total interest of about ₹54.1 lakh over the full tenure. Enter your own figures above to see the split update live.
How tenure & prepayment change your interest
The single biggest lever on total interest is tenure. A longer tenure lowers the monthly EMI but sharply increases total interest, because the outstanding balance stays high for longer. Prepayments work the opposite way — every rupee prepaid goes straight against principal, cutting all future interest on that amount.
Tax benefits on your loan
Home and education loans carry income-tax deductions under the old regime (the new regime does not allow these). The EMI split above already estimates your Year-1 eligible amounts.
Section 24(b) — home loan interest
Deduct up to ₹2,00,000 of interest per year on a self-occupied house (no cap for a let-out property). Claimed on the interest portion of your EMI.
Section 80C — home loan principal
The principal repaid is deductible up to ₹1,50,000 a year within the overall 80C limit, along with stamp duty and registration charges in the year of purchase.
Section 80E — education loan
The full interest on an education loan is deductible with no upper limit, for up to 8 years from the year repayment begins. Principal is not deductible.
Old regime only
These deductions apply under the old tax regime. The new regime offers lower slab rates but disallows Sec 24(b), 80C and 80E — compare both before choosing.
How the Loan EMI Calculator works
4 steps, start to finish — the same order the tool follows.
- 01Enter the loan amount (principal).
- 02Enter the annual interest rate and tenure in years.
- 03Pick the loan type (home/car/personal/education).
- 04See the EMI, total interest, and full amortisation schedule.
Questions people ask
Short answers on Loan EMI Calculator. Tap a question to open it.
01How is EMI calculated?
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of monthly instalments.
02How is EMI calculated for a bank loan?
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the principal loan amount, R is the monthly interest rate (annual rate divided by 12), and N is the number of monthly instalments. Higher tenure means lower EMI but higher total interest paid.
03Does a longer tenure reduce my EMI?
Yes — a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan. A shorter tenure means a higher EMI but far less total interest.
04What is the tax benefit on home loan EMI?
Home loan EMI has two components: principal (deductible up to Rs 1.5 lakh under Section 80C in old regime) and interest (deductible up to Rs 2 lakh under Section 24(b) for self-occupied property; no limit for let-out property subject to overall loss set-off rules).
05How does prepayment help?
Prepaying reduces the outstanding principal, so a larger share of every future EMI goes toward principal instead of interest — cutting your total interest and loan tenure significantly.
06Does prepayment of a loan affect the EMI or tenure?
Prepayment reduces the outstanding principal. Borrowers can choose to keep the EMI the same and reduce the tenure, or keep the tenure the same and reduce the EMI. Reducing tenure saves more interest overall. Some lenders charge a prepayment penalty, though RBI has banned prepayment charges on floating rate retail loans.
07Is home-loan interest tax-deductible?
Yes, under the old regime — up to ₹2,00,000/year on interest (Section 24b) for a self-occupied house, plus principal under 80C. These benefits are not available in the new regime.
08What is the processing fee on personal and home loans in India?
Processing fees vary by lender: typically 0.5% to 2% of the loan amount for home loans and 1% to 3% for personal loans, plus applicable GST at 18%. This is a one-time fee and is factored into the effective cost of the loan (APR) alongside the interest rate.
09How does credit score affect loan EMI in India?
A CIBIL score of 750 and above typically qualifies for the best interest rates from banks, resulting in lower EMIs. A score below 650 may lead to rejection or higher rates (1-3% above normal) which significantly increases EMI and total interest outgo over the loan tenure.
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Disclaimer: This tool gives indicative results for general guidance only and is not professional advice. Please verify with a qualified CA before acting on the numbers.