🏦 EMI Calculator (Home · Car · Personal)
Calculate the EMI (Equated Monthly Instalment) for any loan — home, car, personal or education. You get the monthly EMI, total interest over the tenure, and a year-by-year amortization schedule showing how much of each year's payments go to principal versus interest.
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Results
How it's calculated
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P = principal, r = annual rate ÷ 12, n = months. Early EMIs are interest-heavy; the schedule shows the switchover.
Frequently asked questions
How can I reduce total interest?
Shorter tenure (higher EMI) or prepayments. On a ₹50L, 8.5%, 20-year home loan, even one extra EMI a year typically cuts 2-3 years off the tenure. Floating-rate home loans have no prepayment penalty in India.
What tenure should I pick?
The longest tenure gives the lowest EMI but the highest total interest — the chart makes the trade-off visible. Keep total EMIs under ~40-45% of take-home pay.
Are there tax benefits on loans?
Home loans: up to ₹2L interest (Section 24b) and ₹1.5L principal (80C) under the old regime only. Car/personal loans have no tax benefit for salaried individuals.
