Calculate the monthly EMI, total interest and complete amortization schedule for any loan — home, personal, business or auto.
You will pay ₹10,624 every month for 60 months. Total interest cost: ₹1,37,411 (27.48% of principal).
| Year | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| 1 | ₹81,134 | ₹46,348 | ₹4,18,866 |
| 2 | ₹89,630 | ₹37,852 | ₹3,29,236 |
| 3 | ₹99,015 | ₹28,467 | ₹2,30,221 |
| 4 | ₹1,09,383 | ₹18,099 | ₹1,20,837 |
| 5 | ₹1,20,837 | ₹6,645 | ₹0 |
Every rupee you borrow in India — home loan, personal loan, car loan, business loan or education loan — is repaid using the reducing-balance EMI method mandated by the RBI. The EMI is a fixed monthly instalment where the interest component is highest at the start and the principal share grows as the outstanding falls. This calculator returns the EMI, total interest outgo, total payment and a full year-wise amortization schedule for any principal, rate and tenure.
The formula EMI = P × r × (1+r)^N / ((1+r)^N − 1) is used by every bank and NBFC (SBI, HDFC, ICICI, Axis, Bajaj Finserv, etc.). Small rate changes matter enormously on long tenures — a 25 bps drop on a ₹50 lakh, 20-year home loan saves ~₹1.6 lakh in interest. Use the schedule to plan prepayments: even one extra EMI a year cuts a 20-year loan by ~4 years.
This EMI engine works for any Indian loan product. For product-specific views (interest-band, LTV, subsidy) use the Home Loan, Personal Loan, Car Loan, Education Loan or Gold Loan calculators — all use the same reducing-balance engine with sensible defaults.
Buying a ₹65 L flat with 20% own contribution and a ₹50 L loan from a scheduled bank.
Consolidating credit-card debt using an unsecured personal loan.
| Rate | 5 yr | 10 yr | 15 yr | 20 yr | 25 yr |
|---|---|---|---|---|---|
| 8.50% | ₹2,053 | ₹1,240 | ₹985 | ₹868 | ₹805 |
| 9.00% | ₹2,076 | ₹1,267 | ₹1,014 | ₹900 | ₹839 |
| 9.50% | ₹2,100 | ₹1,294 | ₹1,044 | ₹932 | ₹874 |
| 10.50% | ₹2,149 | ₹1,349 | ₹1,105 | ₹998 | ₹944 |
| 12.00% | ₹2,224 | ₹1,435 | ₹1,200 | ₹1,101 | ₹1,053 |
| 14.00% | ₹2,327 | ₹1,553 | ₹1,332 | ₹1,244 | ₹1,204 |
Comparing flat-rate ads with reducing-balance rates — flat 8% ≈ reducing 14%.
Ignoring processing fees, prepayment charges and insurance loading in APR.
Choosing max tenure to get lowest EMI — interest paid can exceed principal.
Missing an EMI — 30+ days late kills CIBIL score by 40–70 points.
Need a CA to review your numbers? Book a free consult — we'll double-check within 24 hours.
Prepay in year 1–5 when interest-heavy EMIs dominate — max impact per rupee.
Switch to a Repo-linked lending rate (RLLR) home loan for faster rate transmission.
Keep EMI ≤ 40% of net monthly income; 50% max including all credit obligations.
Get an amortization schedule at closing — needed for Section 24 & 80C claims.
EMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
No. Processing fees, insurance, GST on fees and stamp duty are excluded and vary per lender. Add them separately to arrive at the true cost of the loan.
Yes. Any principal prepayment reduces the outstanding balance and therefore future interest. Prepaying earlier in the tenure saves the most interest.
EMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
via EMI CalculatorEMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
via Personal Loan CalculatorEMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
via Home Loan CalculatorEMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
via Car Loan CalculatorEMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
via Education Loan CalculatorThis dataset is free to reference in articles, research and reports. Attribution to Taxpex Consultancy is all we ask. Data last verified 31 July 2026.
Taxpex Consultancy. (2026). EMI Calculator — Taxpex. Retrieved from https://taxpex.com/tools/loans-emi/emi-calculator<a href="https://taxpex.com/tools/loans-emi/emi-calculator">EMI Calculator — Taxpex</a> — Taxpex Consultancy