EMI Calculator

Free EMI calculator for any loan. Calculate home loan, car loan, personal loan EMI instantly. Get year-wise amortization, total interest and prepayment impact. No login needed.

EMI Calculator

Reducing balance method · Results update instantly

How much do you need to borrow? ₹30 L

Most home loans in India are between ₹20L–₹75L

₹1 Lakh₹5 Crore
What interest rate did the bank quote? 8.5%

SBI home loans from 8.5% · HDFC from 8.75% · Check your bank's current rate

5%24%
% p.a.
How many years to repay? 20 years

Longer tenure = smaller EMI but more total interest paid

1 year30 years
years
Your monthly EMI
₹26,035
for 240 months · ₹3.12L per year
Total interest cost
₹32.48L
What borrowing costs you
Total you'll repay
₹62.48L
Principal + Interest
Principal vs Interest split
Principal: ₹30L
Interest: ₹32.48L

These numbers are a solid starting point. Your actual EMI may vary slightly by lender based on their processing fees and compounding method — always confirm with your bank before signing.

How your interest burden shifts over the years

In the early years, most of your EMI goes to interest. This flips over time — which is why prepaying early saves the most.

Year-by-year repayment schedule
Year EMI Paid Principal Paid Interest Paid Interest % Balance
ThriftRupee Insight

At 8.5% interest for 20 years, you pay ₹32.48 lakh in interest on a ₹30 lakh loan — that's more than the loan itself. Paying just ₹3,000 extra per month cuts your tenure by 4 years and saves ₹9.2 lakh. Use our Prepayment Calculator to model this.

What is an EMI Calculator?

An EMI calculator helps you determine the fixed monthly payment you'll make towards your loan repayment. EMI stands for Equated Monthly Instalment — the fixed amount you pay every month that covers both the principal repayment and the interest charged by your bank. India's home loans, car loans, and personal loans all use the EMI system.

ThriftRupee's free EMI calculator gives you your monthly EMI instantly, along with the total interest you'll pay over the full loan tenure and a year-by-year breakdown of how your repayment is split between principal and interest.

How to use this EMI calculator

Enter three values above: your loan amount (use the presets for common amounts like ₹30L or ₹50L, or type your exact figure), the interest rate your bank has quoted, and your preferred repayment tenure. The results update instantly — no "Calculate" button needed. You can adjust any slider and watch your EMI change in real time to find the combination that fits your budget.

EMI formula explained

All Indian banks calculate EMI using the reducing balance method:

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ – 1)

P = Loan amount (principal)
r = Monthly interest rate = (Annual rate ÷ 12 ÷ 100)
n = Total number of monthly payments (tenure in months)

For a ₹30 lakh loan at 8.5% for 20 years: r = 8.5 ÷ 12 ÷ 100 = 0.00708, n = 240 months. EMI = ₹26,035.

Key factors that affect your EMI

Loan amount — The higher your loan amount, the higher your EMI. Every ₹1 lakh increase in loan at 8.5% over 20 years adds approximately ₹868 to your monthly EMI.

Interest rate — Even a 0.5% difference in rate significantly impacts your total interest outgo. On a ₹50 lakh loan over 20 years, moving from 8.5% to 9% increases total interest by ₹3.5 lakh.

Tenure — A longer tenure reduces your monthly EMI but sharply increases total interest paid. A 30-year loan pays 80% more interest than a 15-year loan for the same principal at the same rate.

Processing fee — Most banks charge 0.5–1% of the loan amount upfront. Factor this into your true cost of borrowing when comparing lenders.

ThriftRupee tips for reducing your EMI burden

Tip 1: Prepay in the first 5 years. Since interest is highest in the early years, even one or two extra EMIs per year during this period can reduce your total interest outgo by 15–20%.

Tip 2: Compare rates before signing. A 0.5% lower rate from a different bank on a ₹50 lakh home loan saves approximately ₹3.5 lakh over 20 years — worth the effort of comparison.

Tip 3: Use windfalls for principal reduction. When you receive a bonus, tax refund, or any lump sum, direct it towards loan principal. The interest saved will always exceed what you'd earn in a savings account.

Frequently asked questions

What is the EMI for a ₹30 lakh home loan for 20 years?
At an interest rate of 8.5% per annum, the EMI for a ₹30 lakh home loan over 20 years is ₹26,035 per month. You will pay a total of ₹32.48 lakh in interest, making your total repayment ₹62.48 lakh. Use the slider above to adjust the rate and tenure for your specific bank quote.
EMI is calculated using the reducing balance method: 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 ÷ 12 ÷ 100), and n is the tenure in months. All Indian banks use this formula for home loans, car loans, and personal loans.
If you have a floating rate loan (most home loans in India are floating), your EMI will increase when RBI raises the repo rate, since your bank's lending rate is linked to the repo rate. For example, a 0.5% rate hike on a ₹50 lakh, 20-year loan increases EMI by approximately ₹1,750 per month. Fixed rate loans are unaffected.
Reducing tenure saves significantly more interest. For a ₹30 lakh loan at 8.5% over 20 years, if you make a ₹3 lakh prepayment in year 3, reducing tenure saves approximately ₹7.8 lakh in interest whereas reducing EMI saves only ₹5.2 lakh. Always choose tenure reduction over EMI reduction unless your cash flow is tight.
Under the flat rate method, interest is calculated on the original loan amount throughout the tenure. Under the reducing balance method (used by all banks for home and car loans), interest is calculated on the outstanding principal each month, which decreases over time. A flat rate of 7% is equivalent to approximately 12.8% on a reducing balance basis — always compare using the effective rate.
Yes, in two ways: (1) Balance transfer — switch your loan to a bank offering a lower interest rate. Even a 0.5% reduction on ₹50 lakh can save ₹3–4 lakh in interest. (2) Negotiate with your existing bank when repo rates fall. Use our Balance Transfer Calculator to see your exact savings before switching.
As a general rule, your total EMI obligations should not exceed 40–50% of your net monthly take-home salary. Most banks use a FOIR (Fixed Obligation to Income Ratio) of 50–60% of gross income. For a monthly salary of ₹80,000, most banks will approve an EMI of up to ₹32,000–₹48,000. Use our Loan Eligibility Calculator for a precise figure.