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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

  • RBI should cut Repo Rate by 25 bps to support growth in manufacturing sector

    Posted on 19th July 2017

    On July 15th, Gopal Jiwarajka, the President of PHD Chamber of Commerce and Industry said that now is the opportune time to cut repo rate by minimum 25 bps in order to support industrial growth and increase competition in the manufacturing sector. Wholesale Price Index (WPI) inflation has decelerated from 3.3% in January 2017 to 0.9% in June 2017. Despite the deceleration of the inflation rate from 6.1% in July 2016 to 1.5% in June 2017, the growth of the manufacturing sector is only at 1.2% for the month of May. Reducing the repo rate from 6.25% to 6% will be favourable to the industry growth considering the good monsoon behaviour and reforms in the supply front. The inflation rate in the US, China, Germany, and Singapore is also as low as India but so is their interest rates. Therefore, it is expected that RBI should cut the repo rate to 4% for FY2017-18.

  • Kerala Financial Corporation Lowers Interest Rates

    Posted on 18th July 2017

    With effect from August 1, 2017, Kerala Financial Corporation has announced a cut of 0.5% in interest rates for schemes under all sectors. Mr. M.G. Rajamanickam, managing director for the Corporation mentioned that the drop in interest rates will aid the various sectors like manufacturing, services and the industrial sector. The interest reduction is based on factors like credit rating along with rebates which will be provided on quick repayment. This could come in especially helpful for units in the manufacturing sector which can avail loans at a low rate of 10.5%. Service sector units can avail loans at 11%. The Corporation also announced that it plans to continue to offer 0.5% reduction in interest for businesses that are fully owned by women. A rate of 6% will be offered to small and medium businesses which engage in energy saving projects. In addition to all this, KFC has also planned to introduce a special scheme for start-ups where up to 90% of the project cost (up to a maximum of ? 10 lakh), will be provided for 5 years.

  • NABARD raises Rs.61,000 crore for poor women

    Posted on 14th July 2017

    To help poor women around the country clear their loan dues, NABARD has raised Rs.61,000 crore. According to the Finance Ministry, since its pilot stage in 1992, the SHG Programme has come a long way in covering more than 10 crore rural families. It had a catalytic effect in sourcing collateral-free loans to the tune of Rs 61,000 crore to these poor women from the mainstream banking system at the normal rates of interest. According to them, more than 8.5 crore rural women as the direct participants in this mass movement, NABARD will be celebrating the silver jubilee of the SHG Bank Linkage Programme in the national capital on Tuesday, July 11, 2017.

  • Syndicate Bank reduces MCLR by 15 to 25 basis points

    Posted on 11th July 2017

    The Regional Manager of Syndicate Bank in Dehradun has informed that the bank has cut its MCLR by 15 to 25 basis points. This is effective across all tenures from 10 July 2017.

    The MCLR has reduced from:

    • 8.30% to 8.05% (Overnight)
    • 8.35% to 8.10% (1 month)
    • 8.40% to 8.15% (3 months)
    • 8.60% to 8.35% (6 months)
    • 8.75% to 8.60% (1 year)

    The BPLR and Base Rate remain unchanged.

  • Impact of GST on home loan EMIs

    Posted on 7th July 2017

    As service tax of 15% has been replaced by GST of 18% on home loans, there is widespread speculation of its impact on EMIs. Service tax was a component that was never levied on EMIs before GST implementation. This will remain as is, post GST announcement as well. So, home loan EMIs will not increase under GST in this aspect. However, the prices of projects nearing completion may go up after GST. This could, in turn, result in an increase in EMIs when compared to pre-GST times. Projects that are under construction currently will be taxed at the new GST rate. But builders may not be able to claim input tax credit on these properties. So builders may be forced to pass on the tax burden to customers, resulting in higher prices.

    So it is advisable for prospective buyers to steer clear of such projects until there is further clarity on the taxation.

  • Maharashtra to give Rs.34,000 crore to its farmers

    Posted on 30th June 2017

    To bring relief to more than 89 lakh farmers in Maharashtra, the government has handed Rs.34,000 crore to banks and credit lenders to help farmers. In addition, debts amounting to Rs.1.5 lakh have been written off. Maharashtra Chief Minister Devendra Fadnavis said that Farmers could not repay loans due to losses they incurred following low rains and hailstorm. So we have taken this historic decision to help farmers. No other state has given such a large waive.

  • United Bank of India Cuts Housing Loan Interest Rate

    Posted on 9th June 2017

    United Bank of India recently announced a cut in its housing loan interest rate. The new rate applicable on home loans is 8.55%/annum as opposed to the old rate of 8.75% per annum. The new rate of interest will be offered on housing loans regardless with the quantum of the loan. The drop in the interest rate is going to have a positive impact on the loan EMI, reducing it significantly. The bank is providing housing loans under the Credit Linked Subsidy Scheme (CLSS) which if offered by the Govt. of India. CLSS is a part of the Prime Minister Awas Yojana (PMAY) eligible families can get up to 6.5% subsidy on housing loan interest rates per annum. The applicable interest rate under CLSS will be 2.05% per annum for Economically Weaker Section and for those belonging to the Low Income Group (where family income is up to Rs.6 Lakh per annum). The applicable rate of interest under CLSS for MIG-I (annual income of up to Rs.12 Lakh) will be 4.55% per annum and 5.55% for MIG-II (annual income up to Rs18 Lakh). The bank also announced that it will be waiving processing fee for home loan borrowers.

  • Home Loan Interest rates slashed by SBI

    Posted on 13th June 2017

    State Bank of India (SBI) has reduced the interest rates that are levied on home loans by 10 basis points. This reduction is valid for home loans that are above Rs.75 lakhs and will come into effect on June 15th. The new revised interest rates now stands at 8.55% for salaried women who are seeking a home loan and 8.60% for other borrowers. This is the second reduction that has been made by SBI in recent times. The bank aims at helping potential homeowners purchase their dream home. Managing Director of National Banking, SBI, Rajesh Kumar, has said that customers can now avail the benefit of a lower interest rate on home loans that are sanctioned for amounts above Rs.75 lakhs. Home loans ranging between Rs.30 lakhs and Rs.75 lakhs along with a loan-to-value of 80% or less shall have a uniform risk-weight factor of 35%. The risk-weight for home loans above Rs.75 lakhs has been cut to 50%. Home loans have accounted for 16.6% of SBI's total domestic advances.

  • RBI holds Interest rate at 6.25% to keep Inflation close to 4%

    Posted on 9th June 2017

    In the second bi-monthly monetary policy review held on 7th June, the Reserve Bank of India (RBI) has decided to hold the interest rate at 6.25%. The Monetary policy Committee (MPC), consisting of 6 members is for the first time not unanimously in agreement with the decision. Dr. Ravindra H. Dholakia is not in favour of the decision. The meeting minutes will be published within the 21st of this month. The decision to hold the interest rate at 6.25% is to keep inflation close to 4% consistently. Effective from 24th June, banks’ statutory liquidity ratio requirement will be cut from 20.5% to 20%. This cut is expected to free up banks' resources for lending. The standard asset provisioning requirement for home loans has been reduced from 0.4% to 0.25%. Thus, prompting the banks to reduce interest rates for home loans.

  • Karnataka Bank makes home loan rate cuts by 40 bps

    Posted on 8th June 2017

    Karnataka Bank has reduced the rate of interest on home loans by 40 basis points from 1st June, 2017. According to the MD and CEO of the bank, Mahabaleshwara M S, both the reduction in house prices due to GST implementation and the rate cut will boost the demand for houses and home loans among potential customers. The rate of interest will be 8.6% p.a. for home loans up to Rs.75 lakhs and 8.9% p.a. for home loans above Rs.75 lakhs and up to Rs.5 crores at Karnataka Bank.

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