ganak.appEMI Calculator
Calculate EMI (Equated Monthly Installment) for home loans, car loans, personal loans, and education loans in India. View complete amortization schedule with principal and interest breakdown for each month. Compare EMIs across different interest rates and tenures. Essential for loan planning and affordability assessment.
Yearly view – Payment breakdown
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹99,510 | ₹421,182 | ₹4,900,490 |
| 2 | ₹108,306 | ₹412,386 | ₹4,792,184 |
| 3 | ₹117,879 | ₹402,813 | ₹4,674,305 |
| 4 | ₹128,298 | ₹392,394 | ₹4,546,007 |
| 5 | ₹139,638 | ₹381,054 | ₹4,406,369 |
| 6 | ₹151,981 | ₹368,711 | ₹4,254,388 |
| 7 | ₹165,414 | ₹355,278 | ₹4,088,974 |
| 8 | ₹180,038 | ₹340,654 | ₹3,908,936 |
| 9 | ₹195,950 | ₹324,742 | ₹3,712,986 |
| 10 | ₹213,272 | ₹307,420 | ₹3,499,714 |
| 11 | ₹232,121 | ₹288,571 | ₹3,267,593 |
| 12 | ₹252,638 | ₹268,054 | ₹3,014,955 |
| 13 | ₹274,969 | ₹245,723 | ₹2,739,986 |
| 14 | ₹299,275 | ₹221,417 | ₹2,440,711 |
| 15 | ₹325,729 | ₹194,963 | ₹2,114,982 |
| 16 | ₹354,519 | ₹166,173 | ₹1,760,463 |
| 17 | ₹385,855 | ₹134,837 | ₹1,374,608 |
| 18 | ₹419,960 | ₹100,732 | ₹954,648 |
| 19 | ₹457,082 | ₹63,610 | ₹497,566 |
| 20 | ₹497,566 | ₹23,209 | ₹0 |
EMI stands for Equated Monthly Installment - a fixed payment you make to your lender every month until your loan is fully repaid. Each EMI consists of two parts: principal repayment and interest charges.
When you take a loan, the bank calculates your EMI based on three factors: loan amount (principal), interest rate (annual percentage), and loan tenure (repayment period in months/years).
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
Example:
Loan: ₹10,00,000 | Rate: 9% p.a. | Tenure: 10 years
EMI: ₹12,668 | Total Interest: ₹5,20,160
1. Increase Down Payment
Borrowing less means lower EMI. Aim for 20-30% down payment to reduce monthly burden.
2. Negotiate Lower Interest Rate
Even 0.5% reduction saves significantly. Compare offers from multiple lenders.
3. Make Regular Prepayments
Extra payments reduce principal faster, saving lakhs in interest over time.
| Feature | Home Loan | Car Loan | Personal Loan |
|---|---|---|---|
| Interest Rate | 8-10% p.a. | 9-12% p.a. | 11-24% p.a. |
| Tenure | 5-30 years | 1-7 years | 1-5 years |
| Tax Benefits | Yes (80C, 24b) | No | No |
When you make a prepayment, you have two options:
Reduce Tenure (Recommended)
- ✓ Monthly payment stays same
- ✓ Loan closes earlier
- ✓ Saves more interest overall
Reduce EMI
- • Monthly payment decreases
- • Loan tenure remains same
- • Good for cash flow relief