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Use our free online EMI calculator to calculate monthly installment amounts for home loans, car loans, personal loans, and education loans. Get accurate EMI calculations, detailed loan amortization schedules, yearly payment breakdowns, and visual charts for comprehensive loan analysis.
Enter loan details to see yearly breakdown
| Year | Principal | Interest | Total | Balance | Paid % |
|---|---|---|---|---|---|
Enter loan details to see yearly schedule | |||||
Select Loan Type: Choose between Home Loan, Car Loan, Personal Loan, or Education Loan.
Enter Loan Amount: Input the principal loan amount you wish to borrow.
Set Interest Rate: Enter the annual interest rate offered by your lender.
Choose Loan Tenure: Select the loan duration in years or months.
Home Loan Planning: Calculate monthly payments for house purchase.
Car Loan Analysis: Estimate monthly installments for vehicle financing.
Personal Loan Budgeting: Plan repayment for personal expenses.
Education Loan Management: Calculate costs for higher education financing.
Loan Comparison: Compare different loan offers and tenures.
Prepayment Strategy: Analyze impact of extra payments on interest.
Equated Monthly Installment (EMI) is the fixed monthly payment amount that borrowers pay to banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, and other financial institutions until the loan is fully repaid. According to Reserve Bank of India (RBI) guidelines, EMI consists of both the interest component and the principal repayment portion.
Here's how it works: The monthly installment amount is calculated by distributing the combined principal and interest obligations across the loan's repayment period. Each EMI payment includes both components, with the interest portion being more substantial in earlier payments (typically 70-80% of the first EMI goes toward interest) and decreasing over time as the principal balance reduces.
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)Where: P = Principal Loan Amount, r = Monthly Interest Rate (Annual Rate ÷ 12), n = Loan Tenure in Months
| Payment Method | EMI | Step-up EMI | Step-down EMI | Balloon Payment |
|---|---|---|---|---|
| Monthly Payment | Fixed | Increases | Decreases | Lower + Final Lump Sum |
| Total Interest | Standard | Lower | Higher | Higher |
| Suitability | All borrowers | Young professionals | Senior citizens | Business owners |
Our calculator provides interactive charts and graphs to visualize your loan journey. See exactly how your money is split between principal and interest over time.
Understand the power of prepayments. Even small extra payments can significantly reduce your loan tenure and total interest paid.