EMI Calculator — Home, Car & Business Loan

EMI (Equated Monthly Instalment) is a fixed payment you make to a lender every month. Each EMI consists of two components: principal repayment and interest. In the early months, the interest component is higher, and the principal component increases over time.

EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P = loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = number of monthly instalments.

An amortization schedule is a table that shows each EMI payment broken into principal and interest components, along with the outstanding balance after each payment. It helps you track how much of your loan is paid off over time.

As of FY 2024-25, home loan interest rates typically range from 8% to 10% per annum from major banks. Rates vary based on credit score, income, loan amount, and the bank's MCLR.