EMI Calculator – Home Loan, Car Loan & Personal Loan EMI
Calculate EMI for home loans, car loans, and personal loans. See monthly instalment, total interest, and principal vs. interest breakdown. Free online EMI calculator for Indian bank loans.
$4,339.12
Monthly EMI
$541,387.88
Total Interest
$1,041,387.88
Total Payment
Frequently Asked Questions
EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan over a set period.
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is number of months.
Yes, a longer tenure reduces the monthly EMI but increases the total interest paid over the loan period.
What is EMI Calculator?
An EMI (Equated Monthly Instalment) calculator helps you calculate the fixed monthly amount you will pay to repay a home loan, car loan, or personal loan from any Indian bank (SBI, HDFC, ICICI, Axis, Kotak, and others). Enter your loan amount in rupees, the annual interest rate offered by your bank, and the loan tenure in months. The calculator instantly shows your EMI, the total interest you will pay over the full tenure, and a pie chart breaking down principal versus interest. Most Indian bank home loan rates range from 8.5% to 10.5% per annum — try different rates to compare offers.
How to Use EMI Calculator
- 1Enter the loan amount in rupees (e.g. ₹20,00,000 for a ₹20 lakh home loan).
- 2Enter the bank's annual interest rate (e.g. 9% for SBI home loan).
- 3Enter the loan tenure in months (e.g. 240 months for a 20-year home loan).
- 4Your monthly EMI is calculated instantly.
- 5View the total interest payable and the principal vs. interest pie chart.
Key Features
- ✓EMI calculation for home loans, car loans, and personal loans
- ✓Supports amounts in lakhs and crores
- ✓Total interest payable over full loan tenure
- ✓Principal vs. interest breakdown chart
- ✓Compare EMI across different tenures
Benefits
- →Know your exact EMI before applying to an Indian bank
- →Compare home loan offers from SBI, HDFC, ICICI, and others
- →Decide between shorter tenure (less interest) vs. longer tenure (lower EMI)
- →Plan your monthly household budget around your loan EMI
Why Use Irreva for EMI Calculator?
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. It includes both the principal repayment and the interest charge. The EMI stays the same throughout the loan tenure.
How is EMI calculated?
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 number of monthly instalments.
What is a good home loan EMI per lakh?
At 9% per annum for 20 years, the EMI is approximately ₹900 per lakh. For ₹20 lakh, that is ₹18,000/month. For ₹50 lakh, that is ₹45,000/month.
Should I choose a shorter or longer loan tenure?
A shorter tenure means higher EMI but much less total interest paid. A longer tenure lowers your monthly EMI but increases the total interest cost significantly. Use this calculator to compare both options.
Which is better — lower interest rate or shorter tenure?
Both reduce total cost. A 1% reduction in interest rate on a ₹50 lakh 20-year home loan saves approximately ₹7 lakh in total interest. Reducing tenure from 20 to 15 years saves approximately ₹12 lakh. Combining both has the greatest impact.
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