EMI Calculator
EMI Calculator
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Monthly EMI
Monthly EMI
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Total Interest Payable
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Total Amount Payable
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Principal (0%)
Interest (0%)
Amortization Schedule
| Month | EMI | Principal Paid | Interest Paid | Balance |
|---|
How to Use
- Enter the loan amount in rupees
- Enter the annual interest rate
- Select tenure in months or years
- Click Calculate to see your monthly EMI
Home Loan Interest Rates 2026 — Top Banks
| Bank | Rate (p.a.) | Processing Fee | Max Tenure |
|---|---|---|---|
| SBI | 8.25% - 9.15% | 0.35% of loan | 30 years |
| HDFC Bank | 8.35% - 9.25% | 0.50% of loan | 30 years |
| ICICI Bank | 8.40% - 9.30% | 0.50% of loan | 30 years |
| Bank of Baroda | 8.30% - 9.20% | ₹8,500 flat | 30 years |
| Kotak Mahindra | 8.50% - 9.40% | 0.50% of loan | 25 years |
| Axis Bank | 8.45% - 9.35% | 1% of loan | 30 years |
EMI Calculator — Key Highlights
- Instantly calculate EMI for Home, Car, Personal, Gold & Education loans
- View complete amortization schedule month-by-month
- Compare EMI across different interest rates and tenures
- Works in 9 Indian languages including Hindi, Tamil, Telugu
- Share results on WhatsApp or copy to clipboard
- 100% free, no registration, works offline
Frequently Asked Questions — EMI Calculator
EMI (Equated Monthly Instalment) is a fixed payment made to a lender each month. The formula is: EMI = P × r × (1+r)^n / ((1+r)^n – 1), where P = principal, r = monthly interest rate (annual rate/12/100), n = total months. For example, a ₹10 lakh loan at 9% for 5 years gives EMI of ₹20,758.
The monthly EMI is approximately ₹26,035. Over 20 years, you will pay total interest of ₹32.48 lakhs, making the total repayment ₹62.48 lakhs. You can reduce this by making prepayments or choosing a shorter tenure.
SBI currently offers the most competitive rates starting at 8.25% for salaried individuals with CIBIL 750+. Bank of Baroda and LIC Housing Finance also offer rates in the 8.30-8.40% range. Your actual rate depends on CIBIL score, employment type, loan amount, and property location.
5 ways to reduce EMI: 1) Extend the loan tenure (20→30 years can reduce EMI by 15-20%), 2) Make a larger down payment, 3) Improve CIBIL score to 750+ for better rates, 4) Balance transfer to a bank with lower rates, 5) Negotiate with your current bank for a rate reduction citing competitor offers.
Flat rate charges interest on the full loan amount throughout. Reducing balance charges interest only on the outstanding amount (which decreases monthly). Banks use reducing balance. A flat rate of 10% is equivalent to ~18% reducing balance. Always compare loans on reducing balance basis.
Disclaimer: This calculator is for educational purposes only. Consult a financial advisor for investment decisions. Actual values may vary based on lender terms.