Calculate the EMI (equated monthly instalment) for home, car and personal loans on a reducing or flat rate, with total interest and a yearly breakup.
About this tool
Calculate the equated monthly instalment (EMI) for home, car and personal loans.
How to use EMI Calculator
- Enter the loan amount and yearly interest rate.
- Enter the tenure and choose reducing balance or flat rate.
- Read the EMI, total interest and year-wise breakup.
Worked example
A loan of 1,000,000 at 9.5% for 5 years has an EMI of about 21,002 and total interest of about 260,112 on a reducing balance.
What is the difference between flat and reducing rates?
A flat rate charges interest on the full loan for the whole term, while a reducing rate charges it only on what you still owe, which is much cheaper.
Does prepaying reduce EMI?
It can reduce the EMI or the tenure, depending on your lender; both save interest.
- EMI Calculator — Calculate the equated monthly instalment (EMI) for home, car and personal loans.
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