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
Most home loans in India are between ₹20L–₹75L
SBI home loans from 8.5% · HDFC from 8.75% · Check your bank's current rate
Longer tenure = smaller EMI but more total interest paid
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.
In the early years, most of your EMI goes to interest. This flips over time — which is why prepaying early saves the most.
| Year | EMI Paid | Principal Paid | Interest Paid | Interest % | Balance |
|---|
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:
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.