EMI Calculator
Monthly EMI in INR with indicative interest rates from major Indian banks.
Monthly EMI
₹8,997
Total interest
₹11,59,342
Total payment
₹21,59,342
Formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1)
Extra payments & prepayments
Add a recurring extra amount every month, or one-time lump-sum prepayments to see how much interest and time you save.
Added on top of your EMI every month — goes entirely toward principal.
Month 1 = first EMI. E.g. month 13 = one year in.
Amortization schedule
Month-wise principal, interest and outstanding balance. Grouped by year — expand to see months.
Indian bank loan rates
Auto-refreshed daily from each bank's official rate page. Verify before applying.
| Bank / NBFC | Interest rate (p.a.) | Action |
|---|---|---|
| Loading rates… | ||
Disclaimer: Rates shown are indicative published values scraped daily from each bank's public page. Actual rates depend on credit profile, loan amount and tenure. Confirm on the bank's official website.
External references
Cross-check rates and lender details from these authoritative sources.
- RBI — Database on Indian Economy— official interest-rate statistics
- RBI — Bank-wise lending rates— monthly bulletin
- BankBazaar — Home / Personal / Gold loan rates— aggregator comparison
- Paisabazaar — Loan interest rates— aggregator comparison
- MoneyControl — Loan rates— news & rate tracker
- CIBIL — Check your credit score— affects the rate you're offered
EMI calculator FAQs
- How is EMI calculated?
- EMI is calculated with 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 tenure in months.
- What is a good EMI to income ratio in India?
- Most Indian lenders prefer total EMIs to stay under 40–50% of your net monthly income. Staying near 35% leaves room for savings and rate increases on floating-rate loans.
- How much interest does prepayment save?
- Prepayment reduces the outstanding principal, so all future interest on that amount is saved. Enter a lump-sum or extra monthly amount in this calculator to see the exact interest saved and the tenure reduction.
- Are the bank interest rates shown here official?
- The rates are indicative reference rates refreshed daily from public sources and are meant for comparison only. Your final rate depends on your credit score, income and the lender's current offer.
- Does a longer tenure reduce EMI?
- Yes. A longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan. Compare both figures in the results panel before choosing a tenure.