EMI Calculator
EMI Calculator
Calculate your Equated Monthly Installment for home loans, car loans, personal loans, and education loans.
Enter Loan Details
₹50,00,000
1,00,0005,00,00,000
₹1 Lakh₹5 Cr
8.5%
520
5%20%
20 years
130
1 Yr30 Yrs
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Loan comparison modePrepayment analysisTax benefit calculationAmortization chart
Loan Summary
Monthly EMI
₹43,391
for 240 months
Principal
Interest
Principal
₹50,00,000
Total Interest
₹54,13,879
+108%
Total Amount Payable
₹1,04,13,879
First Year Breakup
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹7,974 | ₹35,417 | ₹49,92,026 |
| 2 | ₹8,031 | ₹35,360 | ₹49,83,995 |
| 3 | ₹8,088 | ₹35,303 | ₹49,75,907 |
| 4 | ₹8,145 | ₹35,246 | ₹49,67,762 |
| 5 | ₹8,203 | ₹35,188 | ₹49,59,559 |
| 6 | ₹8,261 | ₹35,130 | ₹49,51,299 |
Understanding EMI
EMI (Equated Monthly Installment) is a fixed monthly payment made by a borrower to a lender. Each EMI payment consists of principal repayment and interest payment.
EMI Formula
EMI = P x r x (1+r)^n / ((1+r)^n - 1)
Where P = Principal, r = Monthly interest rate, n = Tenure in months
Tips to Reduce Your EMI
- Compare interest rates across lenders
- Opt for longer tenure (increases total interest though)
- Make part-prepayments when possible
- Maintain a good credit score for better rates
- Consider balance transfer if you find lower rates
Home Loan Tax Benefits
- Section 80C: Principal repayment up to ₹1.5 lakh
- Section 24(b): Interest up to ₹2 lakh for self-occupied
- Section 80EEA: Additional ₹1.5 lakh for first-time buyers