Home loans
See the EMI and total interest before you choose a tenure.
EMI calculator
Work out the monthly instalment on a loan and see how much of each payment goes to interest.
Where it helps
Vehicle and business loans
Check whether an EMI fits your monthly cash flow.
Comparing offers
Compare two banks' rates on the same amount and tenure.
Good to know
Nothing is stored
What you type is used to build this one page and isn't saved.
Fees not included
Add processing fees, GST on fees and insurance separately.
Longer isn't cheaper
A longer tenure lowers the EMI but raises total interest.
Questions people ask
How do you calculate a loan EMI?
Enter the loan amount, the yearly interest rate and the tenure in years or months. The calculator shows the monthly EMI, the total interest and the total you'll pay, with a year-by-year schedule and a month-by-month table of opening balance, principal, interest and closing balance. It uses the reducing-balance method Indian banks use.
- EMI Monthly. Reducing balance.
- Year And month tables. Full schedule.
- Interest Total shown. Over the loan.
- Free No sign-up. Not stored.
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the yearly rate divided by 12 and by 100, and n is the number of months. This is the reducing-balance method Indian banks use, so the result should match your bank's figure closely.
Why is the last instalment slightly different?
The EMI and each month's interest are rounded to the paisa, so the last payment clears whatever is left. On a long loan it can differ from the EMI by a few rupees. Banks do the same, which is why your final statement may show a slightly different last amount.
Does this include processing fees or insurance?
No. Add the lender's processing fee, GST on fees and any insurance separately, because they change the real cost of the loan. Ask the bank for the annual percentage rate, which includes fees, when comparing offers from different lenders. Those fees can add noticeably to the real cost of a small loan.
How does tenure affect the EMI?
A longer tenure lowers the monthly EMI but increases the total interest, sometimes by a lot. A 20-year home loan can cost far more in interest than a 15-year one at the same rate. Try a few tenures here to find a balance between affordable EMIs and total cost.
What does the schedule show?
For each year or month it shows the opening balance, the amount paid, how much went to principal and interest, and the closing balance. Early on, most of the EMI is interest; later, most of it is principal. That's why prepaying early saves the most.
How much EMI can I afford?
Many lenders like total EMIs to stay under about 40 to 50% of your monthly income, but a lower share is safer. Leave room for savings and emergencies. Try different loan amounts here to see what keeps your EMI comfortable before you apply. Keep a buffer for emergencies.
Is the EMI the same for fixed and floating rates?
The formula is the same, but a floating rate changes with the bank's benchmark. When it rises, banks often extend the tenure rather than raise the EMI. Re-run the calculation with the new rate to see the effect on total interest when your rate changes.
Can I calculate a business loan EMI?
Yes. Enter the amount, rate and tenure the lender offers. Business loans often have higher rates and fees than home loans, so check the full cost. For working capital, also compare an overdraft, where you pay interest only on what you use. Ask lenders for the full fee list.
How do I reduce my total interest?
Choose a shorter tenure if you can afford the EMI, make part payments when you have spare cash, and compare rates before you borrow. The loan prepayment calculator shows how much a part payment or an extra amount each month saves over the loan. Even small extra payments help.
Why does my bank's EMI differ a little?
Banks may count interest by the actual days in each month, start the EMI from a different date, or charge broken-period interest for the first part-month. These cause small differences. The bank's repayment schedule is the final word. Ask the bank for its schedule if the gap looks larger.
What is a no-cost EMI?
On many purchases, the interest is offset by a discount from the seller, so you pay roughly the product price over a few months. There may still be a processing fee and GST on the interest. Check the full amount you'll pay before choosing it.
Is EMI interest tax-deductible?
Home loan interest and principal can qualify for deductions under the old tax regime within limits, and business loan interest is a business expense. Personal loan interest usually isn't deductible unless used for specific purposes. Ask your CA for your case. Keep your interest certificates.
Is anything I enter stored?
No. The figures are used to work out this one result and aren't saved. There's no sign-up or account. Try as many amounts, rates and tenures as you like to compare offers before you talk to the bank. Nothing is kept once the result is shown.
Does it work on a phone?
Yes. Enter the loan details on your phone to see the EMI and the yearly schedule. The month-by-month table is long, so it's easier to read on a bigger screen, but every part of the calculator works in a mobile browser. Nothing needs installing. It's free too.
Is the EMI calculator free?
Yes. It's free with no sign-up and no limit. It's one of the free business tools from Marketiism, along with the loan prepayment and interest calculators. Marketiism builds business software and doesn't offer loans or financial products. Use it as often as you need when comparing loans.
Want this inside your own account?
Marketiism keeps your invoice numbers, GST reports, UPI payment links and WhatsApp reminders in one place. Leave your details and we'll call to set it up for your business, or start the trial yourself.
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