EMI Calculator
Work out your monthly EMI, the total interest and a year-by-year repayment table for a home, car, personal or business loan.
Your EMI
| Year | Principal paid | Interest paid | Balance at year end |
|---|
The EMI is worked out with the standard reducing-balance method, assuming equal monthly payments. Your bank may add processing fees, insurance or a floating rate change, so the actual figures can differ.
How EMI is calculated
EMI = P x r x (1 + r)^n / ((1 + r)^n minus 1)
Here P is the loan amount, r is the monthly interest rate (yearly rate divided by 12 and 100) and n is the number of monthly instalments.
In the early years most of your EMI goes towards interest. Over time the share of principal grows. Paying even a little extra every year can cut the total interest by a large amount.
Tax benefits on a home loan
- Interest on a self-occupied home: up to 2,00,000 a year (old regime only)
- Principal repayment: part of the 1,50,000 limit under 80C (old regime only)
- These deductions are not available in the new regime on a self-occupied house
Use our old vs new regime calculator to see which saves you more once you add your home loan interest.
Applying for a business loan? Banks usually ask for a project report and your GST and income tax returns. We prepare these and help you get ready before you apply.
