EMI Calculator
Calculate monthly EMI for loans including home loans, car loans, personal loans
EMI Breakdown
EMI (Equated Monthly Installment) Calculator
Calculate monthly EMI for loans including home loans, car loans, and personal loans. Understand the split between principal and interest components.
Formula
Where P = loan principal, r = monthly interest rate (annual rate/12/100), n = tenure in months
Example Calculation
Scenario:
Home loan of ₹50 lakh at 8.5% p.a. for 20 years
Calculation:
P = 50,00,000, r = 8.5/12/100, n = 240Result:
EMI: ₹43,391; Total payment: ₹1.04 crore; Total interest: ₹54.14 lakh
Key Points
- •EMI remains constant throughout tenure (for fixed-rate loans)
- •Initially, interest component is higher; principal component increases over time
- •Prepayment reduces either tenure or EMI amount
- •Lower tenure means higher EMI but lower total interest
- •Compare effective interest rate, not just advertised rate
Tax Implications:
- •Home loan: Interest deduction up to ₹2 lakh u/s 24(b) (self-occupied property)
- •Home loan: Principal repayment deduction up to ₹1.5 lakh u/s 80C
- •First-time home buyers: Additional ₹50,000 deduction u/s 80EEA (conditions apply)
- •Car/personal loans: No tax deduction available
Disclaimer: The calculations and information provided are estimates based on the inputs provided and current rates as of November 2025. Actual results may vary. Interest rates, tax laws, and regulations are subject to change. Please consult with a qualified financial advisor or tax professional for personalized advice.