EMI Calculator

Use our EMI calculator to get your Equated Monthly Installment for personal loans, home loans, and car loans instantly.

Loan Details

₹10K₹50L
5%30%
6 months60 months
Results update automatically as you change values
₹0
Monthly EMI

Loan Summary

Principal Amount₹1,00,000
Total Interest₹0
Total Amount₹0

💡 Tips

  • • Lower interest rates reduce your EMI
  • • Longer tenure = lower EMI but higher total interest
  • • Compare rates from multiple lenders
  • • Check for prepayment charges before taking a loan

How EMI Calculation Works (And Why It Matters)

This EMI calculator helps you plan any loan. Every loan you take — personal loan, home loan, car loan, gets repaid through EMIs. The concept is straightforward: you borrow a fixed amount, the bank charges you interest on it, and you pay both back in equal monthly installments over an agreed period. What isn’t always obvious is how much of each payment goes toward interest versus the actual loan amount.

In the early months, most of your EMI is interest. As you keep paying, a larger share starts going toward the principal. This is called an amortising loan structure, and it’s how almost every bank and NBFC in India works. Understanding this helps you make smarter decisions about prepayment and tenure selection.

EMI for Common Personal Loan Amounts

To save you time, here are pre-calculated EMIs at different interest rates. These are reducing-balance calculations, which is what most banks use.

Loan AmountTenure@ 12%@ 15%@ 18%
₹50,00012 months₹4,442₹4,513₹4,585
₹1,00,00012 months₹8,885₹9,026₹9,168
₹1,00,00024 months₹4,707₹4,849₹4,992
₹2,00,00024 months₹9,415₹9,697₹9,984
₹3,00,00036 months₹9,964₹10,399₹10,845
₹5,00,00048 months₹13,174₹13,923₹14,695

These are approximate EMIs at reducing balance rates. Your actual EMI may vary slightly based on the lender’s specific calculation method and any fees included in the loan.

Longer Tenure or Higher EMI — Which Is Better?

This is the most common dilemma borrowers face. Let’s look at it with real numbers. Say you borrow ₹3 lakh at 14% interest:

  • 24 months: EMI of ₹14,402. Total interest paid: ₹45,654.
  • 36 months: EMI of ₹10,253. Total interest paid: ₹69,087.
  • 48 months: EMI of ₹8,196. Total interest paid: ₹93,420.

The 48-month option has an EMI that’s ₹6,000 lower per month, but you end up paying almost double the interest. The general rule: pick the shortest tenure where the EMI stays within 40% of your take-home salary. That keeps you financially comfortable while minimising interest costs.

Personal Loan Interest Rates Across Banks and Loan Apps

Interest rates in India vary widely depending on whether you go to a bank or a fintech app. Here’s a rough picture:

LenderRate RangeBest For
SBI11.15% – 14%Existing account holders, high CIBIL
HDFC Bank10.75% – 16%Pre-approved customers
ICICI Bank10.85% – 16.5%Salaried with 750+ score
Navi / MoneyView14% – 24%Quick disbursal, lower amounts
KreditBee / Fibe16% – 29%First-time borrowers, small loans

Rates change frequently and depend on your credit profile. Compare loan apps on MoneyScore to see which ones offer the best deal. Use our interest rate calculator to see how rates affect your total cost.

The Real Cost of a Loan Isn’t Just the Interest Rate

Most people focus on interest rates, but the total cost of a loan includes processing fees (typically 1–3% of the loan amount), GST on the processing fee, and sometimes insurance premiums that get bundled in. A ₹2 lakh loan at 12% with a 2% processing fee effectively costs you ₹4,000 upfront, which some lenders deduct from the disbursed amount. Make sure you factor these in when comparing offers.

Smart Ways to Reduce Your EMI Burden

  • Improve your CIBIL score before applying. A score of 750+ can get you interest rates 3–5% lower than what someone with a 650 score gets. On a ₹5 lakh loan, that’s a saving of ₹15,000–30,000 over the tenure. Check your score with our free CIBIL score checker.
  • Make partial prepayments. Even paying one extra EMI per year can reduce your tenure by several months and save you thousands in interest. For floating-rate loans, RBI mandates zero prepayment penalty.
  • Negotiate. If you’re an existing customer with a good repayment track record, banks are often willing to reduce your rate by 0.5–1% if you simply ask.
  • Avoid flat-rate offers. Some loan apps advertise attractively low “flat rates” that are actually 1.8–2x the equivalent reducing balance rate. Always ask for the effective annual rate.

Frequently Asked Questions

Common questions about EMI calculator

EMI (Equated Monthly Installment) is the fixed amount you pay each month towards your loan. It's calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is principal, R is monthly interest rate, and N is number of months. The formula ensures you pay equal amounts every month, with early EMIs going mostly towards interest and later ones towards principal.
The EMI on a ₹1 lakh personal loan for 12 months depends on the interest rate. At 12% per annum, your monthly EMI would be approximately ₹8,885. At 15%, it would be ₹9,026. At 18%, it would be ₹9,168. Use the calculator above to see exact EMI for any rate. Most loan apps offer rates between 12% and 24% for personal loans.
For a ₹2 lakh personal loan over 24 months, the EMI at 12% interest is approximately ₹9,415 per month, and you'd pay ₹26,960 as total interest. At 15%, the EMI rises to ₹9,696 with ₹32,700 total interest. Shorter tenure means higher EMI but significantly lower total interest paid over the loan period.
For a ₹50,000 personal loan at 15% interest: the EMI for 6 months is ₹8,728, for 12 months is ₹4,513, and for 24 months is ₹2,424. Many loan apps like KreditBee, MoneyView, and Navi offer loans starting from ₹50,000 with varying interest rates. Always compare rates before applying.
Financial advisors and most banks recommend keeping total EMI payments below 40-50% of your monthly take-home salary. If your in-hand salary is ₹30,000, your total EMI burden (including all existing loans) should ideally not exceed ₹12,000-15,000. Going beyond this ratio increases the risk of financial stress and may also hurt your loan approval chances.
Most lenders give you the choice: reduce your EMI while keeping the same tenure, or keep the same EMI and reduce the tenure. Reducing tenure saves you more on total interest, so it's usually the better option if you can manage the current EMI. Check if your lender charges a prepayment penalty — RBI has mandated that floating-rate loans cannot carry prepayment charges.
Small differences are normal. Banks may use a slightly different day-count convention or include processing fees in the loan amount. Some lenders also charge a flat rate (which is different from a reducing balance rate). Always ask for the reducing balance interest rate — flat rates look lower but are effectively almost double the quoted number.
Missing an EMI payment has several consequences: a late payment fee (typically ₹500-1,000 plus GST), a negative entry in your CIBIL report that stays for up to 7 years, and potential penalty interest on the missed amount. Even one missed EMI can drop your credit score by 50-100 points. If you anticipate difficulty, contact your lender before the due date to discuss restructuring options.
With a flat rate, interest is calculated on the original loan amount throughout the tenure, even though you're paying it down every month. With a reducing balance rate, interest is calculated on the outstanding balance, which decreases with each EMI. A 12% flat rate is roughly equivalent to a 21-22% reducing balance rate. Most banks and legitimate loan apps use reducing balance — always confirm before signing.
As of 2024-25, SBI offers personal loans starting at 11.15%, HDFC Bank from 10.75%, ICICI Bank from 10.85%, and Bank of Baroda from 11.40%. However, these rates are for borrowers with excellent credit scores (750+). Loan apps like Navi, MoneyView, and Fibe offer quick disbursals but typically charge 14-24%. Compare using MoneyScore to find the best rate for your profile.