EMI Calculator India 2026
Calculate monthly EMI for any loan. Full amortization schedule showing principal vs interest month by month.
Disclaimer: Results are estimates for informational purposes only. Market conditions and interest rates vary. Consult a SEBI-registered financial advisor before making investment decisions.
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About EMI Calculator
Calculate your exact monthly EMI for a home, car, personal, or education loan using the standard reducing-balance formula banks use. Enter the loan amount, interest rate, and tenure to see your monthly payment instantly, along with a full month-by-month amortization schedule showing exactly how much of each EMI goes toward interest versus principal. Compare fixed vs floating rates, model the effect of a rate change, or check how much a lump-sum prepayment would save in total interest before committing to it.
How to use
- Enter your figures in the input fields — the result recalculates instantly as you type, no submit button needed.
- Double-check which financial year or rate the tool is using, shown near the result, since tax and interest rates change periodically.
- Use the "Next step" workflow links below to move into a related calculation, like comparing this result against another instrument.
- Share your result via WhatsApp or Twitter using the buttons above if you need to send it to someone else.
- Everything is calculated locally in your browser — your financial figures are never sent to any server.
Tool details
⚡ Next step — complete your workflow
Expert note — India 2026
RBI April 2026: Repo rate at 5.75%. SBI EBLR = 8.40%. For floating rate loans linked to EBLR, any repo rate cut passes through within 3 months. If on MCLR-linked loan, switch to EBLR for better rate transmission.
Frequently asked questions
What is the EMI formula?
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1] where P = principal, r = monthly rate (annual/12/100), n = months.
Should I reduce EMI or tenure on prepayment?
Reducing tenure saves more interest overall. Reducing EMI improves monthly cash flow. If rate > 8.5%, reducing tenure is mathematically superior.
Does EMI change with RBI rate cuts?
For EBLR-linked loans yes — within 3 months. For MCLR-linked loans, depends on your reset date (every 6 or 12 months).
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