Calculate monthly EMI, total interest payable, and full repayment amount for any loan instantly.
Enter your loan principal amount, the annual interest rate, and the tenure in months. The calculator computes your monthly EMI using the standard reducing-balance formula, along with the total interest you'll pay over the life of the loan and the full repayment amount.
The Equated Monthly Installment (EMI) is calculated using:
EMI = [P × r × (1+r)n] / [(1+r)n − 1]
| Loan Type | Indicative Rate |
|---|---|
| Home Loan | 8.4% – 9.5% |
| Car Loan | 9% – 11% |
| Personal Loan | 10.5% – 18% |
| Loan Against Property | 9% – 11% |
| Education Loan | 9% – 13% |
Rates vary by bank, credit score, loan amount, and tenure. Check with your lender for current rates.
Under the Old Tax Regime, home loan EMIs offer significant tax savings:
Use our Income Tax Calculator to see exactly how much tax you save with your home loan.
EMI is calculated using the formula EMI = [P × r × (1+r)n] / [(1+r)n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments.
Prepayment reduces your outstanding principal. You can usually choose to either keep the EMI the same and shorten the tenure, or reduce the EMI and keep the tenure. Shortening tenure typically saves more interest.
Yes, under the Old Tax Regime. Principal repayment qualifies under Section 80C (up to ₹1.5 lakh) and interest under Section 24(b) (up to ₹2 lakh for self-occupied property). Use our income tax calculator to see the full benefit.
Fixed-rate keeps your EMI constant for the entire tenure. Floating-rate (more common) changes when the bank revises its repo-linked rate, so EMI can rise or fall. Most home loans in India today are floating-rate.
Shorter tenure saves significant interest but increases monthly burden. Longer tenure is easier on monthly cash flow but pays much more interest. A 15–20 year tenure is common for home loans; consult a CA to balance EMI affordability with total interest cost.
CA Swapnil Soni helps you balance EMI affordability with tax efficiency — across home loans, business loans, and tax-saving investments.
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