Plan your loans with our accurate EMI Calculator. Get the latest 2026 interest rates for SBI, HDFC, ICICI, and Axis. Calculate total interest & tax savings online.
Taking a loan is one of the biggest financial decisions in life. Whether it's buying a home, a car, or managing personal expenses, understanding your monthly commitment is crucial. This is where an EMI Calculator becomes an essential tool.
It helps you calculate your monthly EMI, total interest payable, and overall repayment amount instantly, allowing you to plan your finances better.
EMI is a fixed monthly payment you make to repay your loan. It consists of two parts:
In the initial months, a larger portion of your EMI goes toward interest. Over time, the principal repayment increases.
An EMI Calculator is an online tool that helps you calculate your monthly loan installment using three key inputs:
It saves time, avoids manual errors, and helps you compare different loan options.
The EMI is calculated using the reducing balance method:
E = P × r × [(1 + r)n / ((1 + r)n - 1)]
If you take a loan of ₹5,00,000 at 11% interest for 3 years:
| Loan Type | Interest Rate |
|---|---|
| Home Loan | 8.5% – 9.5% |
| Car Loan | 7.9% – 9.0% |
| Personal Loan | 10.5% – 15% |
| Education Loan | 8.2% – 10% |
If you take a home loan, you can claim:
An amortization schedule shows how each EMI is divided between interest and principal over the loan tenure. It helps you understand how your loan balance reduces over time.