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Loan EMI Calculator

Recalculate your Loan EMI and Total Interest Due in a snap!

Your Loan Details

Use the slider to alter your Loan details.

Loan Amount
Loan Amount:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Loan EMI: Sprite 4,292

Monthly amount paid to your Loan provider

Break-up of all total amount payable
Loan Amount
Total Interest Due
Processing Fee
Loan Amount Via EMI
Loan Amount Prepaid
Total Interest
Processing Fee
Pre-payment Fee
Total Amount Payable
Your loan details as specified by you
Loan Amount
6 Months
Interest Rate
Processing Fee

Your Amortization Details (Yearly/Monthly)

Your debt repayment schedule in regular instalments over a period of time.

Tab amortization
Principal Paid Interest Paid Outstanding Loan BalanceO/S Balance(Without Pre-payment) O/S Balance(With Pre-payment)
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance Pre-payment
Pre-payment Analysis

(We've broken it down for you!)

SummaryTotal AmountTenure
Without Pre-payment Rupee 47,87,42610 yrs
With Pre-payment Rupee 45,33,7238years 4months
YOU SAVE Sprite 0 YOUR TENURE REDUCED BY 1 years 8 months
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How to use BankBazaar.com's EMI calculator to understand your loan repayment

What is an EMI?

EMI stands for Equated Monthly Instalment which is a fixed amount of payment a borrower has to make to the lender at a specified date on monthly basis. EMIs consists of your principal loan amount and interest amount, payable every month.

Although the EMI remains fixed for every month, the amount paid towards principal and interest changes. The interest component constitutes a major portion of the EMI payment in the initial stages. However, as the loan period progresses and the principal outstanding reduces, the portion of interest repayment decreases. This happens until the end of the loan period when the entire loan amount has been paid off.

Everything You Need to Know About EMI Calculator

Consider a situation where you have decided that you are going to take a loan, be it a personal, car or a home loan. The first step with taking the loan is not applying for it but actually sitting down and calculating how much it is going to cost you. This cost is calculated in terms of the monthly payments that will have to be paid towards the loan and are referred to as EMIs or Equated Monthly Instalments.

To get to the EMI you basically need to calculate the amount borrowed, the interest that you will have to pay on the amount and the amount that you will pay as the processing fee for said loan. Once have all this information, you will have to sit down with a pen and paper to see how much the monthly payment will be for your chosen loan tenure. Once that is done, you may realise that the EMI is too big and you need to reduce it somehow. To do this you will either have to adjust either the loan tenure or the amount that you wish to borrow and do the calculations all over again.

Once you have the right EMI for you, you will start looking at other banks or financial institution that offer you these loans and will realise that you have to repeat the same calculation for each bank and make sure that you make no mistakes. Just reading about this process is so tiring that you will wish there was an easier way to do this whole exercise quickly and efficiently so that you can make your decisions fast and THAT is where the EMI calculator comes into the picture.

To put it quite simply, an EMI calculator is a tool that will require you to enter the amount you want to borrow, the duration of the loan, the interest rates and the processing fee and it will do the rest. The basic formula that works behind an EMI calculator is:

E = P x r x (1+r)^n/((1+r)^n – 1)


  • E is the amount that you will have to pay every month; basically the EMI.
  • P is the amount that you want to borrow.
  • r is the rate of interest that is applicable but calculated on a monthly basis instead of the annual rate of interest. It is obtained by using the formula r = (annual interest/12) x 100.
  • n is the duration of the loan in terms of months. So if you select a term of 5 years, n will be 60.

This is the most basic formula that will be used by the calculator but there are some that may even include things like the processing fee for the loan, into the calculation of the monthly instalment. The processing fee will generally be a certain percentage of the amount being borrowed and can range from 1% to 3% but since it is decided by the bank it can be different for each bank.

There are three parts to the information that the calculator provides. The first is the EMI itself, the second a breakup of the payments due and the third the amortisation table.


The EMI or the Equated Monthly Instalments are the amount that you can expect to pay if you go in for a loan. It includes payments of the principal and the interest that is applicable on the loan. It is the most important information that the calculator provides since the EMI is at the basis of the decision about the affordability of the loan.

The breakup

The breakup is a breakup of the entire amount that you will pay to the bank or the financial institution. It will tell you the amount that will be paid back as the principal and the amount that will be paid as the processing fee for the loan. It will also tell you how much of the repayment will be the interest on the loan.

Amortisation tables

The amortisation table is a snapshot of the progression of the loan and tells you how much you will have paid back at the end of each year, as the loan progresses. It also helps you understand how the interest on the loan will be paid back. It also shows you how much of the initial EMIs will be the interest and how much will be the principal.

BankBazaar’s EMI Calculator helps calculate the monthly instalments payable on any of your loans whether a personal loan, auto loan or home loan.
Calculating EMIs can be a tedious and confusing process. However, BankBazaar has an exceptional and simple EMI Calculator which lets you know the precise amount of your monthly EMIs instantly.

Help you arrive at EMIs in seconds - This calculator will help you calculate exactly how much money you need to pay towards your loan each month.

Simplify calculations - Determine EMIs accurately with minimal effort to reduce stress and confusion caused by tedious manual calculations.

Help plan your finances - Compare possible EMIs by varying the key loan parameters of tenure, amount and interest rate to determine which loan plan is the most affordable to you.
Be it a home loan, personal loan or car loan, now you can easily calculate your EMIs using this user-friendly tool offered by BankBazaar.

Using this calculator is very easy. All you need are the following loan details:

  • Loan amount - this is the amount you need to borrow
    Interest rate - the interest rate for the chosen loan scheme
  • Tenure - the loan period
  • Processing Fee (if any) - the amount charged by the lender to process the loan

(If you don’t have this information at hand, you can obtain it navigating to your chosen bank’s loan page under the section ‘Select a product to begin’, featured under the calculator).Once, you have these details, use the sliders to set the required parameters for the loan amount and tenure. Then, input the interest rate and processing fee in the relevant boxes.....and Voila!

The loan EMI calculator will instantly reveal your monthly EMI amount payable on the loan!

It will also provide a clear, graphic and tabular break-up of your loan repayments, using the EMI so calculated. In addition an amortization table is created which gives you a detailed overview of your repayment schedule. A cut above the rest, BankBazaar’s EMI Calculator delivers more than you expect.

BankBazaar has customised its EMI Calculator to suit different loan schemes. To calculate your EMIs on your personal loan, navigate to the Personal Loan EMI Calculator provided under the sites ‘Financial Tools’ section. Similarly, you can calculate EMIs on your auto and home loans using BankBazaar’s Car Loan EMI Calculator and BankBazaar’s Home Loan EMI Calculator, respectively.

Should you find yourself flush with cash, you may decide to prepay your loan (i.e. pay an extra amount towards principal). If so, you can calculate your new EMIs by adjusting for the amount you wish to prepay. This will let you know how much interest you save by reducing the principal outstanding. (interest is calculated on the principal outstanding)

Pick the most affordable loan by comparing EMIs for different loan tenures. This can be done by altering the loan period in the calculator; keeping the loan amount and interest rate the same. By lengthening the loan period for a chosen loan scheme, the EMI amount can be reduced. Using the calculator, you can quickly compare EMIs for different tenures and choose the one that most suits your budget.

Understand loan repayment schedules by altering the interest rate, keeping loan amount and tenure the same. In case of fixed rate loans, interest rates remain constant over the loan tenure. In this case, EMIs also remain constant. This is usually the case with car loans and personal loans.However, in case of floating rate loans, interest rates can vary with movements in market rates. In this case, EMIs will change. This is particularly beneficial for home loans.Input the new interest rate in BankBazaar’s EMI Loan Calculator to compare EMIs before interest rate changes and after. A new amortization schedule is also generated to reflect changes in EMIs.

Home loan EMI calculator

The home loan EMI calculator comes packed with features that can range from the obvious to the not so obvious. It, obviously, shows the exact EMI that will be payable every month for a specific amount borrowed and a specific tenure. The feature that are not so obvious is the fact that this calculator can also provide the facility to include planned pre-payments towards the home loan. This means that when the calculator shows you the instalments payable, it has already accounted for prepayments and has also included them when showing the breakup of the expenses. The detailed break up will include the amount borrowed, the interest payable, the amount you will pay through prepayment, the processing fee and the fee for prepayment.

Car loan EMI Calculator

The car loan calculator is a tool that can be used to calculate the exact amount that you will have to pay on a monthly basis when you decide to take a car loan. This calculator too will collect information related to the amount you wish to borrow, the interest rates, the processing fee and the tenure of the loan and provide you with the amount that you will pay every month. Down payments for the vehicle don’t have to be considered when using this calculator and it too comes with the breakup of the expenses and the amortisation table.

Personal loan EMI calculator

The personal loan EMI calculator is the ideal tool for deciding how much you can afford to pay back since it is specific to personal loans. It too collects details of how much you wish to borrow, the duration, interest rates and the processing fee for the loan. It can also be customised to take into account any prepayments that you intend to make before telling you the EMI that you will have to pay.

Now that we know its types and how the EMI calculator works, let’s take a look at some of the features and benefits that EMI calculators have to offer.


There can be no denying the ease with which the calculations can be made with this tool. It offers that convenience of calculations that can be done in mere seconds that help you compare the offerings of various banks and reach decisions without wasting much time.


If you were to sit down with a pen and a paper, every time you vary the interest rates, tenures, amounts to borrow, you run the risk of making mistakes. When you add multiple banks to the mix the chances for errors can be disastrously high and that is where the accuracy of the calculator comes into play.

Speedy calculation:

With a pen and paper you could spend hours on end doing calculations and then checking and re-checking them. With this tool you could do all sorts of calculations within seconds. Which means that you can explore all the options of tenures, amounts that can be borrowed and interest rates without having to worry about how long it will take.

Specific to each loan:

There is no denying that while at the base of it, most loans follow the same principles but there are certain nuances that separate one loan from another and these EMI calculators come adjusted for such nuances. This means that a home loan EMI calculator will give you precisely the kind of information need to decide on a home loan and so will a personal loan EMI calculator.

Graphic representation of amounts paid:

These calculators don’t just give you an idea of how much you will have to pay on a monthly basis, many of them also provide graphic representations in the form of pie diagrams. These diagrams will show you the total amount that you will pay by the time the loan is fully paid up. It will also show you that of the amount you pay, how much will be the principal, how much the interest and how much will be spent of the processing fee.

Amortisation tables:

Amortisation tables form an important part of any EMI calculator since it is the one table that will show you the future. What is does is to show you how the loan will progress over time and will also show you how much you will have paid back each year of the loan, in terms of the principal and the interest.

Apart from the online calculators, EMI calculators can also be configured in an Excel sheet. To do this you will need to know the formula that makes an EMI calculator works and also how to use formulae in excel sheets. The one disadvantage of the excel sheet calculator is that you need to know how to configure it and also need to input the interest rate after calculating the monthly rates. It also does not take into account the processing fee. By contrast, the online EMI calculator can take the interest rates as annual rates and convert them to monthly rates on its own. It can also include the processing fee and other smaller features like prepayments.

Loans generally come with tree different types of interest rates; the fixed interest rate, the floating interest rates and a combination of the two. With the fixed interest rates, the EMI will always remain the same since nothing changes with such a loan in relation to the interest rate which means that the EMI calculators also is pretty simple and straightforward. With the floating interest rate, or interest rates where a one part is fixed and the other floating, the EMI calculators are not so simple to build. This is so because future interest rates cannot be predicted and hence a definite EMI cannot be determined for such loans. In such cases, the EMI will actually change every month.

The mathematical formula for calculating EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]. (P is the principal loan amount, R rate of interest per month and N is the the number of monthly instalments). Manual calculations are too complicated to perform accurately, which is why many borrowers are left confused after availing a loan. Understanding this pain-point led BankBazaar to develop one of the easiest and most user-friendly online Loan EMI Calculators.

You can view your loan amortization schedule at BankBazaar by using its EMI Calculator. A loan amortization table is a systematic and tabular display of your loan payment process. The table shows the break-up between the interest component and principal component of a particular EMI payment, enabling you to have a clear idea about the period of payment, interest and principal payments, and the outstanding loan amount over the entire loan tenure. This table can be very helpful for you, in case you want pre-close the loan.

Q. Are the calculators for home, car and personal loans the same?

A. In most cases they can be the same since all three loans work off the same basic set of information like amount borrowed, prepayments, tenure, interest rates and processing fee however with some calculators there could be a restriction placed on the amount to borrow based on the type of loan.

Q. Are calculators more accurate than excel sheets?

A. The only difference between the two is that with a calculator, it is a ready to use tool whereas with an excel sheet, you may have to program the calculator before you start using it. Such programing can be a little tedious and complicated, especially if you are not very comfortable with the software which makes the calculator the preferred choice.

Q. Will banks provide the calculator?

A. Yes. These days most, if not all, banks have calculators, specific to various loans, available on their websites.

Q. Why should I use an EMI calculator?

A. The simplest answer is that it’s fast and it’s convenient. This means that you can do multiple calculations in minutes where such calculations many take longer were you to sit down with a pen and paper. These calculators are also super accurate so it eliminates the possibility of errors in calculations, provided you provide accurate data.

Q. Is the EMI shown by the calculator the same as that which the bank will ask me to pay?

A. When it comes to the EMI, assuming that the bank will approve the amount and tenure, the exact EMI that you will have to pay may differ slightly since there is a chance that things like the interest rates and the processing fee may be a bit different from what you used while calculating the EMI.

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Further Reading about EMI Calculator

Top picks from our Financial Expert

News About EMI Calculator

  • Citibank to slash lending rates by 0.7%

    Posted on 10th January 2017

    Joining other major banks in India like HDFC, Syndicate Bank, and SBI in reducing the marginal cost of funds-based lending rates (MCLR) by 0.7%. Citi India stated that loan rates have been reduced to 8.80% from 9.50% which will come into effect from the 9th of January. This move has been prompted due to demonetisation which has seen a flood of demonetised notes into bank vaults. The main aim of this reduction is to target Citi India’s customers to show the bank’s commitment to its customers who are valuable assets to their home loan market. Rohit Ranjan, Head of Secured Lending, also mentioned that potential buyers of ready-to-move-in property or under-construction property have been given a reduction in the home loan rate in reflection of Citi India’s goal towards customer satisfaction. Final pricing will take factors like product or facility type offered, loan amount, and Citi loan risk assessment parameters into consideration.

  • IDBI Announces Major Cuts in Lending Rates

    Posted on 5th January 2017

    The IDBI became the pioneer in announcing major cuts in lending rate on Friday. In an exceptional move, IDBI slashed the lending rates by 40 basis points, the steepest cut in 3 years. Depending on the tenor of loans the rates reduced in somewhere between 15% - 40%. A 3-year loan would now be charged at 9.30%, a 1-year loan at 9.15% and a 6-month loan would be lent at 8.90%. The reduced rates would be effective from the first day of the year 2017. Public sector banks like the SBI and the UBI are soon likely to follow suit in announcing lending rate cuts. The banks can announce steep rate cuts because of the huge influx of cash in the banks since November 8 because of demonetization. The banks have acquired Rs.12.44 lakh crore in cash deposits since then in comparison to the Rs.9 lakh crore average deposits the banks used to get as cumulative deposits in a financial year.

  • SBI all set to cut lending rates early next year

    Posted on 27th December 2016

    In an attempt to make amends for the poor number of loans taken out by people due to demonetisation, and to get more people in the loan book, SBI is all set to cut lending rates early next year. According to SBI, for the last three months, a lot people have refrained from taking out loans because of the demonetisation and its inevitable cash crunch. Now, the largest lender in the country is all set to set the record straight by reducing the lending rates, and inevitably luring people into availing loans. The move is also because of the high-liquidity rate caused by in the inflow of cash in banks due to the banning of high-value currencies.

  • Monetary Policy Committee Says Yes to No Rate Cut

    Posted on 26th December 2016

    Monetary Policy Committee which consisted of 6 members by the RBI, stated that no changes will be made to the repo rate. A repo rate is the rate at which the banks borrow from the RBI will stay at 6.25%. The meeting was held on 6th and 7th of December and the panel stated that the effects of demonetisation will fade away and their focus was on inflation. Meanwhile, the panel is waiting for the demonetisation effect to pass and for the US Federal Reserve to respond to the rate hike speculation. The members also wanted the bank to take advantage of the previous rate cut and borrow from the RBI. According to the RBI data, the average reduction in the bank lending rate has been 71 basis points till September.

  • Nationalised banks will offer loans to SC/ST and women entrepreneurs

    Posted on 21st December 2016

    Under the Stand-up India Scheme, all branches of nationalised banks will offer loans to SC/ST, and women entrepreneurs for setting up a green field enterprise in the manufacturing, services or trading sector. Collector T.G. Vinay said that the entrepreneurs will get a loan between Rs.10 lakhs to Rs.1 crore. About 75% of the project cost will be term loan and working capital. The rate of interest will be the lowest application rate of the bank for the category. Loans can be secured by collateral security or guarantee of credit under guarantee fund scheme as decided by the banks. The repayment period will be 7 years with a maximum moratorium period of 18 months. Working capital will be disbursed as an overdraft. He also added that, in the case of non-individual enterprise, at least 51% of shareholding and controlling stake should be held by an SC/ST or woman entrepreneur. General Manager of DIC, M. Ramalingam said that this scheme is available in all the branches of the scheduled commercial banks, in Madurai. DIC Manager (loan), V.K. Venkateswaran said that interested candidates can contact the office (0451-2470893/1609).

  • 91% collection rate recorded by Ujjivan Financial Services in November

    Posted on 19th December 2016

    In November, Ujjivan Financial Services has managed to make a large collection rate of 91%. The company disbursed loans worth Rs.553 crore in November. 65% of the loans disbursed were in cash and 35% were cashless. The cash-dominated microfinance sector was under pressure following the demonetisation of 500 and 1,000 rupee notes. After the announcement on demonetisation of high value notes, Ujjivan Financial Services had initially delayed its repayment from November 9 to 13. From November 14, collections and disbursals increased and Ujjivan Financial Services was successful in providing valuable support to its customers with continued loan disbursements.

  • Bank of Baroda cuts MCLR by 0.2%

    Posted on 13th October 2016

    Bank of Baroda cut the new marginal cost of funds based lending rate (MCLR) by 0.2% from 9.25% to 9.05% for a tenure of 1 year. This will be effective from 1st November. MCLR has been reduced to 8.95% and 9% for 3 months and 6 months, respectively. MCLR rates will be revised every month. In order to ensure fair interest rates to both the borrowers and the banks, RBI introduced MCLR as a new benchmark lending rate. From June onwards, banks will start implementing MCLR for the new borrowers. MCLR is calculated on the marginal cost of borrowing and return on net worth for banks. It can also help speed up monetary policy transmission while encouraging uniformity and transparency in calculating lending rates.

  • RBI’s 100% CRR shock diminishes any hopes of cut in lending rates

    Posted on 6th December 2016

    With the demonetisation by the Modi-led government causing a severe cash crunch in the economy, credit borrowers were given a 60-day leeway to repay their dues. Another expectation that borrowers held while perched on their seats is if the RBI would cut lending rates to ease the current situation. Unfortunately, with the RBI’s move to increase the CRR (Cash reserve ratio) to 100%, all hopes have diminished in a blink of an eye. Considering the soaring amount of deposits made in banks following the demonetisation, banks have parked a fraction of their deposits at roughly 6.22% interest rate through the reverse repo window. Now with the increased percentage of the CRR to 100%, banks have to borrow from the RBI’s repo window to pay the Central bank at a rate of 6.26%, ending borrower’s hopes of having an EMI interest rate cut.

  • NBFC-AFCs knocks on the Finance Ministry’s door - “Allow us to accept old notes for repayment”

    Posted on 28th November 2016

    With the Finance ministry having allowed banks to accept deposits of demonetized currencies till December 30, as long as the amount is credited to the account holder - to clear loan debts and so on, the Asset financing non-banking finance companies (NBFC-AFCs) have now requested the same kind of treatment. The NBFC-AFCs has requested the Finance ministry to allow them to accept demonetized currencies - Rs.500 and Rs.1,000 - for the repayment of borrowers till December 30. Raman Aggarwal, Finance Industry Development Council (FIDC) Chairman, stated in an interview that they have in fact decided to hold their case with the Finance ministry and hopes they revert positively in this regard.

  • Demonetisation effect: J&K Bank to restructure loans

    Posted on 25th November 2016

    With the entire country reeling after the government's surgical strike on black money, resulting in the demonetization of Rs.500 and Rs.1,000 currencies, the Chairman of J&K Bank Parvez Ahmad, assured the people of his state saying that the bank is doing everything in its part to restructure loans and make it flexible. At the delegation of the Kashmir Traders and Manufacturers Federation (KTMF), Ahmad proudly said that it is people, their trade and the economy that is in fact the integral part of the well-being of the state and that they must come to their aide in such times of trial. The president of the KTMF Mohammad Yasin Khan, in turn replied by saying that he understands the rough tide the bank is going through, but since all businesses due to precarious situations have been brought to a halt for the last five months, he expects the bank to restructure the loans while making interest waivers for the duration.

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