An EMI (Equated Monthly Instalment) calculator helps you find out exactly how much you'll pay every month for a loan, whether it's a home loan, car loan, or personal loan. Once you enter the loan amount, interest rate, and tenure, it instantly shows your monthly EMI, total interest you'll pay over the full period, and the total amount you'll repay.
Worked Example:
Loan = ₹20,00,000 | Rate = 8.45% p.a. | Tenure = 20 years
r = 8.45 ÷ 12 ÷ 100 = 0.007042
n = 20 × 12 = 240 months
EMI = 20,00,000 × 0.007042 × (1.007042)²⁴⁰ ÷ ((1.007042)²⁴⁰ − 1)
= ₹17,293 per month
What happens if I pay extra EMI?
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If you make a partial prepayment, the outstanding principal reduces, which means either your EMI stays the same and the tenure reduces, or the EMI reduces and tenure stays the same. You can ask your bank which option they offer.
What is a floating vs fixed interest rate?
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A fixed rate stays the same for the entire loan tenure. A floating rate changes with the RBI repo rate, it can go up or down. Most home loans in India are floating rate, linked to the EBLR (External Benchmark Lending Rate).
What is the CIBIL score required for a home loan?
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Most banks require a CIBIL score of 750 or above for a home loan. A higher score gets you a lower interest rate. Scores below 650 may result in loan rejection.
How much EMI can I afford?
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A common rule of thumb is that your total EMIs (all loans combined) should not exceed 40-50% of your monthly take-home salary. Use our CTC to In-Hand calculator to find your take-home first.
What is processing fee on a home loan?
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Banks charge a one-time processing fee of 0.25% to 1% of the loan amount when you take a home loan. This is separate from your EMI. It is paid upfront and is usually non-refundable.