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💰 Finance ToolEMI Calculator
Calculate your monthly EMI for home loan, car loan or personal loan. See exact interest breakdown and year-by-year amortisation schedule.
How EMI is calculated
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months.
For a ₹30 lakh home loan at 8.5% for 20 years: monthly rate = 0.708%, n = 240. EMI ≈ ₹26,035. Total interest paid ≈ ₹32.5 lakhs — more than the principal itself.
Home loan vs personal loan: key differences
Home loans carry the lowest rates (8–9.5% in 2025) with tenures up to 30 years, and interest qualifies for Section 24 deduction up to ₹2 lakh. Personal loans are unsecured and costlier (12–24%) but disburse in hours with no collateral. Car loans sit in between at 9–11%.
Banks generally cap total EMIs at 40–50% of your take-home salary. Keeping all EMIs under 30% leaves room for savings and emergencies. If your EMI exceeds 40%, consider a longer tenure to reduce monthly outgo.
Most banks default to reducing tenure on prepayment — this saves more interest overall. You can also request EMI reduction. For floating-rate home loans, there is no prepayment penalty per RBI guidelines.
Repo-linked home loans (RLLR) reset faster when RBI cuts rates, meaning your EMI drops sooner. MCLR loans lag by 6–12 months. Most new borrowers prefer RLLR. Existing MCLR borrowers can switch to RLLR — check the switchover fee first.