EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan. Before you take any loan in India — whether it is a home loan, car loan or personal loan — calculating the EMI in advance helps you plan your monthly budget accurately. Our free EMI calculator covers all loan types with a full repayment schedule.
How EMI Is Calculated
The EMI formula is: 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. Our calculator handles this automatically — just enter your loan amount, interest rate and tenure.
Typical Interest Rates in India 2026
| Loan Type | Typical Rate 2026 | Common Tenure |
|---|---|---|
| Home Loan | 8.5% – 10.5% | 15 – 30 years |
| Car Loan | 9% – 12% | 3 – 7 years |
| Personal Loan | 12% – 24% | 1 – 5 years |
| Education Loan | 9% – 15% | 5 – 15 years |
How to Use the EMI Calculator
- Select loan type — Home, Car or Personal
- Use the sliders to set your loan amount, interest rate and tenure
- Click Calculate EMI to see your monthly payment
- View the donut chart showing principal vs total interest
- Click View Full Repayment Schedule to see year-by-year breakdown
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Try it free — no sign-up needed
Use the Free EMI Calculator →Also useful: SIP Calculator for investment planning and Percentage Calculator for interest calculations.
