Plan your loan smartly with our free EMI Calculator. Instantly compute monthly EMI, total interest, and total payable for home loans, car loans, personal loans, and business loans. Adjust the loan amount, interest rate, and tenure to compare scenarios and choose a repayment plan that fits your budget.
EMI Calculator
Quickly calculate your monthly EMI, total interest, and total payment for home, car, or personal loans. Use this free EMI calculator to plan your finances smartly.
Monthly EMI
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Total Interest
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Total Payment
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How to Use the EMI Calculator
- Enter your loan amount, interest rate, and tenure.
- Click Calculate EMI to view your results.
- Check monthly EMI, total interest, and total payment.
- Click Show Amortization Schedule to see detailed month-wise payments.
Use this tool for home loans, car loans, or personal loans and plan your EMIs with confidence.
Home Loan FAQs
Should I prepay my Home Loan or start a SIP?
This is a classic dilemma. If your Home Loan interest rate is low (e.g., <8.5%) and you can earn higher returns from Equity SIPs (e.g., >12%), mathematically, investing via SIP is better. However, if you seek peace of mind and want to be debt-free, or if loan rates are very high, prepaying is safer. Many experts suggest a balanced approach: continue the EMI and start a parallel SIP to recover the interest cost.
How does a longer tenure affect my Home Loan EMI?
Increasing the tenure (e.g., from 15 to 20 years) reduces your monthly EMI, making it more affordable. However, it significantly increases the total interest you pay to the bank. Use the calculator to find a "sweet spot" where the EMI is affordable, but the tenure isn't unnecessarily long.
Repo Rate vs. Fixed Rate: Which is better for Home Loans?
Most banks in India now offer Repo Rate Linked Lending Rates (RLLR), which are floating rates. These are generally transparent and quicker to pass on rate cut benefits to you. Fixed rates are usually priced 1-2% higher but offer certainty. For most borrowers, a floating (Repo-linked) rate is currently more cost-effective.
Car Loan FAQs
Can I get a floating interest rate on a Car Loan?
Traditionally, car loans were always Fixed Rate. However, recently, many public sector banks in India have started offering Floating Rate car loans linked to the Repo Rate. These can be cheaper initially but your EMI may increase if the RBI hikes rates. Private banks still predominantly offer fixed rates for cars.
Do Electric Vehicles (EVs) get special loan rates?
Yes! Many banks offer a "Green Car Loan" scheme for Electric Vehicles with an interest rate discount of 0.25% to 0.50% lower than standard car loans. Additionally, EV loans sometimes offer longer tenures (up to 8 years) compared to the standard 7 years for petrol/diesel cars.
Personal Loan FAQs
What is the difference between Flat Rate and Reducing Balance Rate?
This is the most critical factor in Personal Loans.
1. Reducing Balance: Interest is charged only on the outstanding principal (Standard Bank method).
2. Flat Rate: Interest is calculated on the entire loan amount for the whole tenure.
Warning: A "Flat Rate" of 10% is roughly equivalent to a "Reducing Rate" of 18-19%. Always ask the lender for the annualized reducing rate (APR) to compare correctly.
1. Reducing Balance: Interest is charged only on the outstanding principal (Standard Bank method).
2. Flat Rate: Interest is calculated on the entire loan amount for the whole tenure.
Warning: A "Flat Rate" of 10% is roughly equivalent to a "Reducing Rate" of 18-19%. Always ask the lender for the annualized reducing rate (APR) to compare correctly.
Does checking my Personal Loan eligibility affect my CIBIL score?
Using an online EMI calculator or a "soft" eligibility checker does not affect your score. However, formally applying for a loan triggers a "Hard Inquiry" by the bank. Multiple hard inquiries in a short time can temporarily lower your CIBIL score.