EMI Calculator 2026 – Home Loan, Car Loan & Personal Loan EMI

Loan EMI Calculator 2026

Calculate monthly EMI, total interest, and full amortization for any loan type

Loan Amount (₹) *

Enter total loan amount you want to borrow

Annual Interest Rate (%)

8.5%

Home Loan: 8.5–9% | Car: 7–9% | Personal: 10–14%

Loan Tenure

20 Yrs

Max: Home Loan 30yr | Car 7yr | Personal 5yr

Bank / Lender

Select lender to auto-fill current rate

Monthly EMI

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Loan Amount

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Total Interest

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Total Payment

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EMI per Lakh

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Interest %

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Tenure

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Principal vs Interest

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Interest %

Principal–

Interest–

Balance Reduction Over Time

Prepayment Analysis – See How Much You Save

Prepayment Amount (₹)

After Month

Reduce

Prepayment Impact

INTEREST SAVED

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MONTHS SAVED

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NEW EMI/TENURE

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NEW PAYOFF DATE

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Amortization Schedule

Year/Month	EMI	Principal	Interest	Balance

Disclaimer: This is an indicative EMI calculation. Actual EMI may vary based on bank processing fees, GST on charges, and specific loan terms. Consult a financial advisor before taking a loan.

Loan Interest Rates 2026

Loan Type	SBI	HDFC	ICICI
🏠 Home Loan	8.50%	8.75%	8.65%
🚗 Car Loan	7.95%	7.90%	8.10%
👤 Personal Loan	10.50%	10.75%	10.80%
🎓 Education Loan	8.15%	9.50%	9.00%
💼 Business Loan	9.00%	10.00%	10.50%
🏗️ LAP	9.60%	9.75%	9.50%

*Indicative rates 2026. Actual rates vary by profile, CIBIL score & loan amount.

EMI per ₹1 Lakh – Quick Reference

Rate	5 Years	10 Years	15 Years	20 Years
7.5%	₹2,003	₹1,188	₹927	₹806
8.0%	₹2,028	₹1,213	₹956	₹836
8.5%	₹2,053	₹1,239	₹985	₹868
9.0%	₹2,076	₹1,267	₹1,014	₹900
10.0%	₹2,125	₹1,322	₹1,075	₹965
12.0%	₹2,225	₹1,435	₹1,200	₹1,101

EMI amounts per ₹1,00,000 loan at various rates and tenures.

Quick Loan Scenarios

Home Loan EMI – 2026 Guide

₹30L @ 8.5% / 20yr₹26,035/mo

Total Interest₹32.5L

Total Outflow₹62.5L

Home Loan Tax Benefits

Claim up to ₹2L deduction on home loan interest (Sec 24b) and ₹1.5L on principal (Sec 80C). Our experts maximise your tax savings when filing ITR.

File ITR with Home Loan Benefits Calculate Tax Savings

Understanding EMI & Loan Basics

Key concepts every loan borrower in India should know before applying

What is EMI?

EMI (Equated Monthly Instalment) is a fixed monthly payment comprising principal repayment + interest. It remains constant throughout the loan tenure in a standard reducing-balance loan.

Reducing Balance Method

In a reducing balance loan, interest is calculated on the outstanding principal — not the original amount. As you repay, the principal reduces and so does your interest component each month.

Tax Benefits on Loans

Home loan interest: up to ₹2 lakh deduction under Section 24b. Home loan principal: up to ₹1.5 lakh under Section 80C. Education loan interest is fully deductible under Section 80E.

CIBIL Score Impact

A CIBIL score above 750 typically gets you the best interest rates. Missing even one EMI can drop your score significantly. Always maintain a CIBIL score above 700 before applying for any loan.

📝 Complete Guide

EMI Calculator – Complete Guide 2026

Everything you need to know about EMI calculation, loan types, prepayment strategy, and maximising tax benefits in India

The Basics

What is an EMI Calculator and Why Is It Essential?

An EMI calculator 2026 is a free online tool that instantly computes your monthly loan instalment, total interest payable, total repayment amount, and generates a complete amortization schedule — for any type of loan. Whether you need a home loan EMI calculator 2026, a car loan EMI calculator, a personal loan EMI calculator 2026, or a business loan EMI calculator, a single well-built tool like ours handles all loan types accurately.

The importance of using an EMI calculator India before taking a loan cannot be overstated. Banks often present the monthly EMI as an attractive small number, but what they don't immediately highlight is the total interest — which for a 20-year home loan at 8.5% can equal or exceed the original principal. A ₹50 lakh home loan ends up costing ₹1.08 crore in total payments. Knowing this upfront lets you make an informed borrowing decision, compare loan offers, and plan your prepayment strategy effectively.

              
              Quick Fact: For a ₹50 lakh home loan at 8.5% for 20 years, the monthly EMI is ₹43,391 — the total payment over 20 years is ₹1.04 crore, meaning you pay ₹54.1 lakh in interest alone (108% of the original loan amount). Use our free home loan EMI calculator 2026 above to see your exact numbers.
            

₹50L Home Loan @ 8.5%

₹43,391

Monthly EMI (20 years)

Loan Amount₹50,00,000

Total Interest₹54,13,822

Total Payment₹1,04,13,822

Interest Ratio108% of loan!

The Formula

EMI Calculation Formula – How Is Monthly EMI Calculated?

Understanding the EMI calculation formula helps you verify results, negotiate with banks, and plan your loan smartly. The standard reducing-balance EMI formula used by all Indian banks is:

EMI = [P × r × (1+r)^n] / [(1+r)^n – 1]

P = Principal Loan Amount | r = Monthly interest rate (Annual Rate ÷ 12 ÷ 100) | n = Loan tenure in months

The key insight from the formula is that even though the EMI stays constant throughout the loan, the composition of each EMI changes every month. In the early months, a larger portion goes towards interest and a smaller portion reduces the principal. As the loan matures, this ratio gradually reverses — more goes to principal and less to interest. This is why our EMI calculator with amortization schedule is so valuable — it shows you exactly how much principal and interest you pay in each period.

              
              Practical Example: For a ₹50L loan at 8.5% for 20 years, your first EMI of ₹43,391 pays ₹35,417 as interest and only ₹7,974 as principal repayment. By year 15, the same EMI pays ~₹18,000 interest and ~₹25,000 principal. The emi interest calculator in our tool tracks every single month of this progression.
            

EMI Calculation Example

Loan Amount (P)₹30,00,000

Annual Rate8.5% p.a.

Monthly Rate (r)0.7083%

Tenure (n)240 months

Monthly EMI₹26,035

Total Paid₹62,48,400

Total Interest₹32,48,400

INTEREST AS % OF LOAN

108.3%

You pay ₹32.5L interest on ₹30L loan

Home Loan

Home Loan EMI 2026 – Rates, Eligibility & Tax Benefits

The home loan EMI 2026 landscape has stabilised after the rate hike cycle of 2022–24. The RBI held the repo rate steady in early 2026, and home loan rates currently hover between 8.5% to 9.5% across major lenders depending on borrower profile, CIBIL score, and loan amount. This makes it essential to use an accurate home loan EMI calculator 2026 before committing to a property purchase.

Key factors affecting your home loan EMI in 2026:

CIBIL Score: A score above 750 typically gets you the lowest available rate. Below 700 can mean 0.5–1% higher rate, translating to significantly higher EMI over 20 years.
Loan-to-Value Ratio: Lenders typically fund 75–90% of property value. Higher down payment = lower loan = lower EMI.
Fixed vs Floating Rate: Fixed rates are higher but predictable. Floating rates (linked to RBLR or EBLR) move with RBI policy — currently more favourable.
Tax Benefits: Under the Old Tax Regime, you can claim ₹2 lakh deduction on interest (Section 24b) and ₹1.5 lakh on principal (Section 80C) — a combined annual benefit of up to ₹1.05 lakh for someone in the 30% slab.

              
              Home Loan EMI per Lakh (2026): At 8.5% for 20 years → ₹868/lakh | At 9% for 20 years → ₹900/lakh | At 8.5% for 30 years → ₹769/lakh. Use our emi per lakh calculator tab above for any custom rate.
            

Home Loan Tax Savings

Loan Amount₹50,00,000

Rate / Tenure8.5% / 20 yr

Annual Interest Paid~₹4,20,000

Sec 24b Deduction₹2,00,000

Sec 80C (Principal)₹1,50,000

Total Deduction₹3,50,000

Tax Saved (30% slab)₹1,09,200

Prepayment Strategy

EMI Calculator with Prepayment – How Prepaying Saves Lakhs

Our EMI calculator with prepayment analysis is one of the most powerful features on this page. Prepayment — making a lump sum payment towards your loan principal in addition to regular EMIs — is the single most effective strategy to reduce your total interest outgo over the loan lifetime.

The magic of prepayment lies in timing: the earlier you prepay, the higher the impact. In the early years of a loan, most of your EMI goes towards interest and very little reduces the principal. A prepayment directly reduces the outstanding principal, which immediately reduces the interest calculation for all future months.

Reduce Tenure: Keep the same EMI amount but pay off the loan earlier. This saves the maximum total interest.
Reduce EMI: Keep the same tenure but lower your monthly payment. This improves cash flow but saves less interest overall.
Best Timing: Prepay in the first 5–7 years when the interest component in EMI is highest. A ₹1 lakh prepayment in year 2 saves more than ₹1 lakh prepayment in year 15.

              
              Prepayment Example: On a ₹50L home loan at 8.5% for 20 years (EMI ₹43,391), a single prepayment of ₹5 lakh after Year 2 saves approximately ₹9.8 lakh in total interest and reduces tenure by approximately 26 months. Use the Prepayment Analysis tool above to calculate your specific scenario.
            

Reduce Tenure (Recommended)

EMI stays the same
Loan closes earlier
Saves maximum interest
Builds equity faster
Best for wealth building

Reduce EMI

Lower monthly outflow
Tenure stays the same
Less interest saved
More monthly cash flow
Best for tight budgets

How to Use

How to Use Our Free EMI Calculator – Step by Step

Our loan EMI calculator is India's most comprehensive free EMI tool — supporting 5 loan types, full amortization, prepayment analysis, and bank rate comparison. Here is how to get your complete results:

Select Your Loan Type

Click Home Loan, Car Loan, Personal Loan, Education Loan, or Business Loan. The rate slider and tip text automatically update with the typical rate range for that loan type — making it a dedicated home loan EMI calculator 2026, car loan EMI calculator, personal loan EMI calculator 2026, education loan EMI calculator, or business loan EMI calculator in one click.

Enter Loan Amount and Select Bank

Type your loan amount. Use the Bank/Lender dropdown to auto-fill the current rate for SBI, HDFC, or ICICI — instantly turning our tool into an SBI EMI calculator 2026 or HDFC EMI calculator. Or use the rate slider to manually enter any custom rate.

Set Loan Tenure

Drag the tenure slider from 1 month to 360 months (30 years). Our tool works as an EMI calculator for 20 years, 30 years, or any duration. See how extending or reducing tenure impacts your monthly EMI and total interest outgo in real time.

Calculate and Analyse Full Results

Get your monthly EMI, total interest, total payment, EMI per lakh, interest percentage, donut chart, balance reduction line chart, and a complete EMI calculator with amortization table — switchable between yearly and monthly view. The emi interest calculator shows exactly how much interest and principal each payment covers.

Run Prepayment Analysis

Open the Prepayment Analysis panel, enter a lump sum amount, specify after which month it will be paid, and choose whether to reduce tenure or EMI. Our EMI calculator with prepayment instantly shows: total interest saved, months eliminated from your loan, new EMI or new payoff date — all without any page reload.

          
          Bank EMI Calculator 2026: Our monthly EMI calculator supports all major lenders. The EMI per lakh reference table on the right helps you quickly estimate affordability before running the full calculation — just multiply the per-lakh figure by the number of lakhs you want to borrow.
        

Loan Comparison

Car Loan vs Personal Loan vs Home Loan – Key Differences

Different loan types have very different interest rates, tenures, and purpose restrictions. Understanding these helps you choose the right product for your need.

Home Loan (8.5–9.5%): Secured against property. Longest tenure (up to 30 years). Lowest interest rate. Comes with Section 24b + 80C tax benefits. Best for property purchase.
Car Loan (7.5–9%): Secured against vehicle. Tenure 3–7 years. No tax benefit. Rate slightly lower than personal loan due to collateral.
Personal Loan (10–24%): Unsecured. No collateral needed. Fastest disbursal (same day for some banks). Highest interest rate. Best for emergencies or short needs.
Education Loan (8–12%): Secured or unsecured. Interest fully deductible under Section 80E with no upper limit. Moratorium period during study.
Business Loan (9–18%): Secured or unsecured depending on loan size. Interest expense is tax-deductible as business expenditure.

Smart Borrowing Tips

6 Smart Tips to Reduce Your Total Loan Cost

Maintain CIBIL above 750: Even a 0.25% rate reduction on a ₹50L home loan saves ₹3–4 lakh over 20 years.
Choose shorter tenure when possible: A ₹50L loan at 8.5% costs ₹54L interest over 20 years but only ₹23L over 10 years — saving ₹31L by halving the tenure.
Prepay annually using bonus: Channelling your annual bonus as loan prepayment (reducing tenure) can save 4–6 years of EMIs on a 20-year home loan.
Use balance transfer: If rates fall significantly or a better offer is available, transferring your home loan balance can save substantial interest over the remaining tenure.
Maximise tax benefits: Under the Old Tax Regime, ensure you claim both Section 24b (₹2L interest) and 80C (₹1.5L principal) deductions to significantly reduce net cost of borrowing.
Compare processing fees: A 0.5% processing fee on a ₹50L loan is ₹25,000 — factor this into total loan cost when comparing offers.

Quick Reference

EMI Reference Table 2026 – ₹10 Lakh Loan at Various Rates & Tenures

The table below shows monthly EMI amounts for a ₹10 lakh loan at different interest rates and tenures. Multiply by the number of lakhs you need to borrow for a quick estimate before using our detailed bank EMI calculator 2026:

Tenure	@ 7.5%	@ 8.5%	@ 9%	@ 10%	@ 12%
1 Year	₹86,706	₹87,068	₹87,451	₹87,916	₹88,849
3 Years	₹31,110	₹31,567	₹31,800	₹32,267	₹33,214
5 Years	₹20,038	₹20,517	₹20,758	₹21,247	₹22,244
10 Years	₹11,870	₹12,388	₹12,668	₹13,215	₹14,347
15 Years	₹9,270	₹9,847	₹10,143	₹10,746	₹12,002
20 Years	₹8,056	₹8,678	₹8,997	₹9,650	₹11,011
30 Years	₹6,992	₹7,689	₹8,046	₹8,776	₹10,286

          
          The values above are for ₹10 lakh. For ₹50 lakh, multiply by 5. For ₹30 lakh, multiply by 3. Or simply use our free emi calculator online above for exact results at any loan amount. The emi per lakh calculator reference table in the sidebar shows values per ₹1 lakh for even quicker estimation.
        

Frequently Asked Questions

Common questions about EMI calculation, loan rates, and prepayment

The standard EMI calculation formula is: EMI = [P × r × (1+r)^n] / [(1+r)^n – 1], where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = loan tenure in months. For example, for a ₹50 lakh home loan at 8.5% annual for 20 years: r = 8.5/12/100 = 0.007083, n = 240 months, giving EMI = ₹43,391. Our emi calculator india applies this formula precisely for any combination of inputs.

The EMI per lakh for a home loan in 2026 depends on the interest rate and tenure. At 8.5% for 20 years, EMI per lakh is approximately ₹868. At 9% for 20 years it is ₹900/lakh. At 8.5% for 15 years it is ₹985/lakh. At 8.5% for 30 years it reduces to ₹769/lakh. To find your total EMI, simply multiply the per-lakh figure by the number of lakhs you are borrowing. Our emi per lakh calculator reference table covers all major rate and tenure combinations.

The home loan EMI 2026 rates currently range from 8.5% to 9.5% across major lenders. SBI offers 8.50% (RBLR-linked), HDFC Bank 8.75%, and ICICI Bank 8.65% for new borrowers with good CIBIL scores. Rates are floating (linked to RBLR/EBLR) for most home loans, meaning they can change when the RBI revises the repo rate. Use our home loan EMI calculator 2026 or the SBI EMI calculator 2026 scenario to see your exact monthly payment at current rates.

Financial experts consistently recommend reducing tenure over reducing EMI when making prepayments, because it minimises the total interest outgo. When you reduce tenure, you stop paying interest on the loan balance for those eliminated months — saving significant money. When you reduce EMI, you pay the same total number of instalments but at a lower amount — saving less interest overall. The only exception is if your monthly cash flow is very tight and a lower EMI is needed for financial stability. Use our EMI calculator with prepayment analysis panel to compare both scenarios for your specific loan.

Home loan borrowers under the Old Tax Regime can claim two major deductions: (1) Section 24(b): Deduction on home loan interest up to ₹2 lakh per year for a self-occupied property (no limit for let-out property, subject to set-off rules). (2) Section 80C: Deduction on principal repayment up to ₹1.5 lakh per year (within the overall 80C limit). Together, these can save up to ₹1.09 lakh per year in tax for someone in the 30% slab. Under the New Tax Regime, neither deduction is available. Our ITR filing experts ensure you maximise these benefits correctly.

An amortization schedule (from our EMI calculator with amortization table) is a complete month-by-month or year-by-year breakdown of every EMI payment, showing: the total EMI amount, how much goes to principal repayment, how much is interest, and the outstanding loan balance after each payment. In the early years of a loan, the interest component in each EMI is very high. As the outstanding balance reduces over time, the interest component decreases and more of each EMI goes to principal repayment. This schedule is extremely useful for tracking your debt paydown progress and planning prepayments.

Using our EMI calculator for 20 years with current rates: ₹30L loan at 8.5% → EMI ₹26,035/mo | ₹50L at 8.5% → EMI ₹43,391/mo | ₹75L at 8.5% → EMI ₹65,086/mo | ₹1 crore at 8.5% → EMI ₹86,782/mo. The total interest paid on a 20-year loan is approximately 108% of the original loan amount at 8.5% — meaning you effectively pay for the house twice. This makes prepayment strategy and tenure reduction extremely important for long-tenure home loans. Use our home loan EMI calculator 2026 for your exact monthly figure.