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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

  • Urjit Patel Aims To Reduce Lending Rates before His Term Ends

    Posted on 23rd August 2016

    RBI, under the leadership of Raghuram Rajan, has successfully cut interest rates on lending by 150 basis points (bps) since 2015. On the other hand, banks have stated that they can manage only half the interest rate cut and can accommodate around 10-15s in the upcoming months. More rate cuts are expected to be implemented by Rajan's lieutenant, Urjit Patel, as the inflation rate touched 6% in the month of July which is more than the 5% target set by RBI for March 2017. Rajan stated that he will continue to persuade the banks to reduce lending rates before his term ends on 04th of September, 2016. Whereas, bankers responded that any further rate cuts will not have much impact and that RBI cannot force banks to reduce interest rates.

  • Axis Bank Reduces Interest Rate By 0.05% Across All Deposit Periods.

    Posted on 19th August 2016

    One of the leading private banks in India, Axis Bank recently reduced their lending rate by 0.05% p.a. This is a good news for people planning to apply for a loan in Axis bank as this interest rate reduction will reduce the EMIs for new borrowers. For one year tenure, the interest rate is changed from 9.30% p.a to 9.25% p.a. For a 3 year deposit period, the lending rate currently stands at 9.40% p.a which was 9.45% p.a previously. MCLR (marginal cost of funds based lending rate) currently stands at 9.35% p.a which used to be 9.40% p.a. New loans will be issued as per revised lending rates from 15th August, 2016.

  • RBI to slash 25 basis points off key rates

    Posted on 18th August 2016

    In the next RBI policy review which will take place in October, the Reserve Bank of India is set to cut 25 basis points. In its August review, the RBI held rates and did not introduce any cuts. The inflation rate was 6.1% in July. The RBI has targeted to pull down inflation this monsoon by 5%. The predictions for the reduction in inflation is set to be5.1% by March. Banks need to pass on this rate cut as soon as September before the industrial busy season begins. In the period of October to March, banks may not be able to pass on the RBI rate cuts. With lending rates being high, this impacts the demand for loans. Currently, the industrial growth rates have been slow. This rate cut could help the economy if the banks are able to forward the rates to customers.

  • Transmission of Repo Rates to Happen Over Time

    Posted on 16th August 2016

    Arundhati Bhattacharya, Chairman of SBI (State Bank of India) has clarified that transmission of repo rate cuts into lending rates is not one-to-one. Banks have also gone under an asset quality review (AQR) which has revealed a lot of bad loans that need provisioning. The SBI Chief added that the transmission will have to happen, while keeping the banks profitable. She further explained that the marginal cost of funds based lending rate or MCLR uses a formula that is based on the deposit rates. 40% of the deposits is CASA (Current Account, Savings Account) deposits, where there will be no changes in the rate. While, the rate changes will occur only on the remaining 60% of bank deposits. So far, there has been a rate cut of 150 bps (Basis points), which multiplied by 60% gives 90 basis points that have been passed on. The SBI Chief made it clear that the transmission will happen over time and there are no excuses being made.

  • Trade inflation at 5.7 percent might make RBI to hold rates

    Posted on 8th August 2016

    With retail inflation ruling above the RBI’s estimate of about five percent for the financial year 2017, Raghuram Rajan is not likely to provide a farewell gift in the form of another dip in the rates at the third fortnightly financial policy appraisal on 9th August 2016. As per the most recent government statistics, the rate was 5.40 percent in the previous June compared to the 5.77 percent in June 2016. RBI have achieved a rate slash of 150 bps (basis points) from the Jan 2015, which can be verified using the EMI calculator on their online portal.

  • IDBI Bank Slashes Base Rate By 10 bps, Revised Rate Now 9.65%

    Posted on 2nd August 2016

    IDBI Bank recently announced a drop in its base rate by 10 bps (basis points), and now offers a revised rate of 9.65%. the revised rate will come into effect from August 1. The bank also announced a drop in its BPLR (benchmark prime lending rate) from 14.25% down to 14.15%. in addition to this, the bank also revised its retail deposit rates by 10-25 bps for different tenure categories of ’15-30 days’, ’31-45 days’ and ‘3 years to less than 5 years’. Following this rate cut, IDBI becomes the second bank, after Axis Bank, to cut its lending rates this month. Axis Bank too dropped its Base Rate by 10 bps, bringing the Base Rate down to 9.35%.

  • Axis Bank reduces its base rate to 9.35%

    Posted on 29th July 2016

    Axis Bank has lowered its base rate from 9.45% to 9.35% by 10 basis points. This new interest rate will come into effect from July 27th. Axis Bank will now offer one of the lowest interest rates in the market along with the likes of ICICI Bank. HDFC Bank and State Bank of India currently offer the lowest interest rate at around 9.3%. This reduction in interest rates will lower the EMI burden for customers whose rates are still linked to the base rate.

  • RBI Policy Meet Could Result In Rate Cut

    Posted on 28th July 2016

    A report released by BoA-ML indicates that the Reserve Bank of India could cut interest rates by 25 basis points in its next policy review meeting. The meeting, which is scheduled to be held on August 9 could see a rate cut primarily on account of a good monsoon, with the cost of pulses and food grains playing an important role in this decision. While the retail inflation is higher than the target set by RBI, a good monsoon could help cut the agflation. The last review meeting in June saw no changes in the interest rate, with inflationary pressures playing a role in maintaining the rates.

  • Morgan Stanley Reports Predicts 50 Bps Rate Cut By March 2017

    Posted on 22nd July 2016

    According to a report published by Morgan Stanley, inflation rates in the country are likely to drop to 4.5 % by March 2017 which will ease the path for RBI to drop key policy rates by 50 basis points in the on-going financial year.

    The primary reason cited for the drop in the inflation rate would be the absence of any threatening levels in wage costs, commodity prices, property prices, fiscal consolidation, which would allow RBI the space to decrease policy rates by a further 50 basis points. The banking and finance industry continues to hope for a further reduction in rates coming from the RBI, which will help boost investment.

  • Micro Loan interest rates lowered by Bandhan Bank

    Posted on 19th July 2016

    Interest rates for micro loans have been reduced by 0.6% or 60 basis points by Bandhan Bank, effective from July 18th, 2016. As per a release from the bank, the micro loan rate will get lowered from 20.5% to 19.9%. Bandhan Bank has operations across 29 states with a network of 237 ATMs, 688 branches and 2022 Doorstep Service Centres (DSCs). The bank caters to 87.8 lakh customers. The deposit base of the bank is at Rs. 15,000 crores with 21,000 employees. Headquartered in Kolkata, the bank has two major divisions, namely, general banking and micro banking. Bandhan Bank also offers term deposits, loans and other investment products to its customers.

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