Calculate your monthly EMI for home loans, car loans, and personal loans. Instant results with full amortization schedule.
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Typical: Home loan 8–9% • Car loan 9–12% • Personal loan 12–24%
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EMI is a fixed monthly payment made by a borrower to a lender on a specific date each month. It comprises both the principal repayment and the interest on the outstanding loan amount. Each month, the interest portion decreases while the principal portion increases, but the total EMI remains constant throughout the loan tenure.
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 total number of months. For example, a ₹25 lakh home loan at 8.5% for 20 years gives an EMI of approximately ₹21,698.
Home loan interest rates in India typically range from 8.35% to 10% p.a. in 2026, varying by lender and credit profile. SBI offers rates starting around 8.5%, HDFC around 8.7%, and ICICI around 8.75%. Women borrowers often get a 0.05% concession. The actual rate depends on CIBIL score, income, loan amount, and property type.
Home loans in India can have a maximum tenure of 30 years (360 months) with most major banks. Car loans typically go up to 7 years, and personal loans up to 5–7 years. Longer tenure means lower EMI but higher total interest paid. It is generally advisable to choose the shortest tenure you can comfortably afford.
When you make a prepayment on a floating-rate loan (no prepayment penalty as per RBI rules), lenders typically reduce the loan tenure while keeping EMI the same, which saves more on total interest. However, you can also request a reduction in EMI while keeping tenure constant. For fixed-rate loans, a prepayment penalty of up to 2% may apply.