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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
Is your Credit Score good enough for getting a loan or card?

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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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.

How EMI Calculators Work?

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.

Information an EMI Calculator Provides

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.

How to Use Bank Bazaar's EMI Calculator

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.

EMI Calculator To Suit Your Loan

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.

Throw in Prepayment Details

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)

Changing Tenures , Changing EMIs

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.

Changing Interest Rates, Changing EMIs

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.

Types of EMI calculator

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.

Features and Benefits of EMI Calculator

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.

EMI Calculator in Excel

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.

EMI Calculator for Floating Interest Rates

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.

How Are EMIs Calculated?

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.

Loan Amortization Table

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

  • Rising corporate bond yields to break the trend of disintermediation

    When the banks refused to reduce their lending rates about 2 years back, companies started to look to the bond market for funds as it incorporated the rate cuts (8% in 2015 to 6% in 2018) made by the central bank while the banks seesawed about the same. In December 2017, the Reserve Bank of India (RBI) published the Financial Stability Report, stating that companies above A+ rating must approach the banks for loans as the bond yields have risen in January 2018 to 9.59% and 9.90% while the SBI MCLR is 8.10%.

    SBI cut its base rate by 30 bps which will prove beneficial to corporates with older loans that are not based on the Marginal Cost of Lending Rate (MCLR). This cut in base rate may be attributed to the corporate clients who are threatening to diversify to the bond market to refinance their loans. SBI’s rate cut has made it impossible for other banks to raise their lending rates. This has led the bank credit numbers to grow by 11% by the end of December. Experts believe that with the rise in corporate bond yields, bank credit number will continue to grow.

    15th January 2018

  • Bain, Baring & TPG in discussion to buy Canara Bank’s 30% stake

    Big-scale private equity funds namely Bain Capital, Baring Private, and TPG Capital Management is in discussion to purchase 30% stake in Can Fin Homes, the listed housing subsidiary of Canara Bank. Reportedly, this Bengaluru based lender has decided to sell its stakes in order to improve its existing capital base.

    It has hired Jefferies LLC (an investment bank based in New York) to formally approach big-bracket buyers to conduct the stake sale which might happen with a single buyer or multiple buyers in tranches. The sale is going to take place at a time when the government has announced a capital-infusion plan of Rs.2.11 lakh crore for state-owned banks to boost their finance.

    12th January 2018

  • Syndicate Bank underperformed in Sensex after it kept MCLR unchanged

    Syndicate Bank drops 1.19% to Rs.78.85 at 12.21 IST on BSE in Stock Market after keeping its MCLR unchanged for various tenors which will be effective from 10 January 2018. The bank announced the decision of keeping the MCLR unchanged after its latest review on 9 January 2018 at the end of the business hours.

    The Marginal Cost of Funds or MCLR of Syndicate Bank has been kept unchanged to 7.95% for overnight, 8% for 1 month, and 8.05% for 3 months tenure. For 6 months and 1-year tenor, it is fixed at 8.25% to 8.45% respectively.

    11th January 2018

  • Bank interest rates take time to come down after Repo rate cut

    Ramesh Kshirsagar, the General Manager of Bank of Maharashtra, said that bank has a strong customer base in Maharashtra and Madhya Pradesh. The bank is focussed on offering customer centric services in both the states. It also boasts secure internet banking amongst the public sector banks. According to Ramesh Kshirsagar, the reason why bank interest rates do not come down soon after there has been a cut in Repo rate is because although the MCLR has decreased, the interest rate remains fixed for the same period. While the bank's liability remains fixed, advanced interest rate changes will be implemented across the bank at once. Since there is fixed rate and flexible rate on either side, the bank interest rate takes time to come down.

    10th January 2018

  • RBI to pay Rs.13,000 crore in dividend to the central government

    The Central Government will be recapitalizing state-run banks for about Rs.2.11 lakh crore for which the Reserve Bank of India (RBI) had transferred Rs.13,140 crore in the dividend to a contingency fund in June 2017. The contingency fund is used to combat unexpected situations like depreciation in the value of securities and systemic risks arising from monetary rate policy operations. Although the All-India Reserve Bank Employees Union is opposed to paying the Central Government, as per the FY2017-18 budget, the RBI and public sector banks will be paying an estimated dividend of Rs.75,000 crore, out of which RBI is expected to pay Rs.58,000 crore.

    9th January 2018

  • Karur Vysya Bank reduces one-month and overnight MCLR

    Karur Vysya Bank (KVB) recently reduced the overnight and one-month marginal cost of funds based lending rates (MCLR) by 35 bps. The MCLR is now 8.30%. The MCLR rates for KVB loans range from 8.3% to 9%. This reduction in the MCLR will primarily have a positive effect on NIMs for the short term. The Reserve Bank of India (RBI) has asked every bank to make changes to their lending rates according to the new and altered marginal cost of funds. The RBI has asked banks to do this every month. It is anticipated that the NIM of KVB will increase to 3.9% by 20 bps over the FY 2017-19.

    8th January 2018

  • RBI conducted overnight variable reverse repo auction under LAF on Monday

    The Reserve Bank of India conducted overnight variable Reverse Repo Auction under LAF on this Monday. The auction of Rs.30,000 crore that took place on 1 January 2018, was conducted following the revised Term Repo Auctions guidelines which came into effect on 13 February 2014.

    During the overnight reverse repo auction, offers at or above the RBI repo rate were rejected and the successful ones were offered at their specified rates. The reversal date of the auctioned amount was specified to be on 2 January 2018.

    5th January 2018

  • State Bank of India cuts lending rate by 30 basis points

    SBI has cut its base rate by 30 bps for existing customers. About 80% of the home loan borrowers of State Bank of India who has linked their loans to base rate can benefit from the sharp cut in base rate to 8.65%. Current, SBI's base rate is the lowest among its competitors. Last year, SBI cut its base rate by 5 bps on 28 September. This led Bank of Baroda and Andhra Bank to cut their base rates as well. The cut in base rate helps SBI retain its customers.

    4th January 2018

  • RBI likely to cut policy rate by 25 bps in April 2018

    In the 5th bi-monthly review of FY2018, the Reserve Bank of India (RBI) kept the repo rate and reverse repo rate unchanged at 6% and 5.75%, respectively. However, the inflation rate for rest of the fiscal year was raised to 4.3% to 4.7%. In the first half of 2018, the CPI inflation is expected to go down to 4.5% according to BofAML. The global financial services major expects the RBI Monetary Policy Committee (MPC) to cut the policy rates in April 2018 by 25 basis points to indicate a cut in lending rate during the slow industrial season.

    3rd January 2018

  • Canara Bank aims to improve capital adequacy ratio by 80-85 bps

    Canara Bank had announced 26 December 2017 that it will raise capital up to Rs.3,500 crore through Qualified Institutions Placement (QIP). At the board meeting, it was decided that an additional equity share capital of Rs.90 crore will be raised through the QIO route by issuing 9 crore equity shares at a face value of Rs.10 each. Once the shares have been issued, the capital adequacy ratio is expected to improve by 80 to 85 basis points. Rakesh Sharma from Canara Bank said that the yield on investments was good at 7.62%. According to him, there may not be a reduction in margins and maintain the NIM around 2.34% to 2.40%. The MCLR will be adjusted accordingly. The bank is focused on managing their funds more efficiently to retain their margin.

    2nd January 2018

  • Mobile banking channel has become stronger than desktop

    UPI, NEFT, and IMPS fund transfers are carried out majorly through mobile transactions. This is attributed to demonetization in 2016 and the government's push for a Digital India. Financial institutions are now designing products around the mobile phone POV. By November 2017, there were 61 banks on UPI with a transaction value of Rs.9,679 crore. Customers have easy access to mobile-based digital payments through e-wallet companies. The savings bank account interest rate was reduced to 3.5% p.a. In 2017 while the fixed deposit rates were low at 6% due to high liquidity. The home loan interest rates were low at 8.35% p.a.

    Due to the changing needs of the customers, banks are focused on the small credit segment such as personal loans and credit cards. For cross-border remittances, banks have chosen the online model in an effort to improve the turnaround time. Consumers compare online transactions made via bank apps. Therefore, banks are also forced to compare their mobile apps with their competitors. The biggest change in 2017 was in remittance and payments with the introduction of mobile banking apps and UPI transactions.

    1st January 2018

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