EMI Calculator
Calculate your monthly EMI and see the complete amortization schedule for any loan.
Monthly EMI
₹43,391
Total Interest
₹54,13,840
Total Payment
₹1,04,13,840
Growth Over Time
₹1,04,13,840
| Year | Principal | Interest |
|---|---|---|
| 1 | ₹99,509 | ₹4,21,183 |
| 2 | ₹1,08,305 | ₹4,12,387 |
| 3 | ₹1,17,878 | ₹4,02,814 |
| 4 | ₹1,28,298 | ₹3,92,394 |
| 5 | ₹1,39,638 | ₹3,81,054 |
| 6 | ₹1,51,981 | ₹3,68,711 |
| 7 | ₹1,65,415 | ₹3,55,277 |
| 8 | ₹1,80,036 | ₹3,40,656 |
| 9 | ₹1,95,949 | ₹3,24,743 |
| 10 | ₹2,13,269 | ₹3,07,423 |
| 11 | ₹2,32,120 | ₹2,88,572 |
| 12 | ₹2,52,638 | ₹2,68,054 |
| 13 | ₹2,74,969 | ₹2,45,723 |
| 14 | ₹2,99,273 | ₹2,21,419 |
| 15 | ₹3,25,726 | ₹1,94,966 |
| 16 | ₹3,54,518 | ₹1,66,174 |
| 17 | ₹3,85,854 | ₹1,34,838 |
| 18 | ₹4,19,960 | ₹1,00,732 |
| 19 | ₹4,57,080 | ₹63,612 |
| 20 | ₹4,97,482 | ₹23,210 |
| Year | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| 1 | ₹99,509 | ₹4,21,183 | ₹49,00,491 |
| 2 | ₹1,08,305 | ₹4,12,387 | ₹47,92,185 |
| 3 | ₹1,17,878 | ₹4,02,814 | ₹46,74,307 |
| 4 | ₹1,28,298 | ₹3,92,394 | ₹45,46,009 |
| 5 | ₹1,39,638 | ₹3,81,054 | ₹44,06,371 |
| 6 | ₹1,51,981 | ₹3,68,711 | ₹42,54,390 |
| 7 | ₹1,65,415 | ₹3,55,277 | ₹40,88,976 |
| 8 | ₹1,80,036 | ₹3,40,656 | ₹39,08,940 |
| 9 | ₹1,95,949 | ₹3,24,743 | ₹37,12,991 |
| 10 | ₹2,13,269 | ₹3,07,423 | ₹34,99,722 |
| 11 | ₹2,32,120 | ₹2,88,572 | ₹32,67,601 |
| 12 | ₹2,52,638 | ₹2,68,054 | ₹30,14,963 |
| 13 | ₹2,74,969 | ₹2,45,723 | ₹27,39,995 |
| 14 | ₹2,99,273 | ₹2,21,419 | ₹24,40,721 |
| 15 | ₹3,25,726 | ₹1,94,966 | ₹21,14,995 |
| 16 | ₹3,54,518 | ₹1,66,174 | ₹17,60,477 |
| 17 | ₹3,85,854 | ₹1,34,838 | ₹13,74,624 |
| 18 | ₹4,19,960 | ₹1,00,732 | ₹9,54,664 |
| 19 | ₹4,57,080 | ₹63,612 | ₹4,97,583 |
| 20 | ₹4,97,482 | ₹23,210 | ₹101 |
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. Each EMI includes both principal repayment and interest. In the early years, a larger portion goes towards interest, and as the loan matures, more goes towards principal.
EMI Formula
EMI is calculated using the reducing balance method: 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), and n is the total number of monthly instalments.
Popular EMI Scenarios
FAQ: What is the difference between flat rate and reducing balance rate?
In a flat rate loan, interest is calculated on the full principal for the entire tenure. In a reducing balance loan, interest is calculated on the outstanding principal — which decreases with each EMI payment. Banks in India mostly use the reducing balance method. A flat rate of 10% is roughly equivalent to a reducing balance rate of about 17-18%.
FAQ: How does prepayment reduce my loan burden?
Prepaying even a small amount can significantly reduce your total interest outgo. For example, prepaying ₹1 lakh on a ₹50 lakh home loan in the first year can save you over ₹3 lakh in interest. You can choose to reduce your EMI amount or reduce your loan tenure — reducing tenure saves more interest overall.
FAQ: Can I get tax benefits on EMI?
For home loans, the principal component of EMI qualifies for deduction under Section 80C (up to ₹1.5 lakh), and interest paid qualifies under Section 24(b) (up to ₹2 lakh for self-occupied property). Car loans and personal loans do not offer tax benefits unless used for specific purposes like home renovation.