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Most Used Calculator in India

Free EMI Calculator
India 2026

Enter your loan details and get your EMI instantly — plus smart insights on interest cost, prepayment savings, and whether the loan fits your salary.

Loan Amount
₹
₹10K₹1 Cr
Rate of Interest (p.a.)
%
5%24%
Loan Tenure
Yr
1 Yr30 Yr
Does this EMI fit your salary?
MONTHLY EMI
₹21,696
Loan Amount
₹25,00,000
Total Interest
₹27,06,720
Total Payable
₹52,06,720
Tenure
240 months
48%
48% Principal
52% Interest
Prepayment Savings — Pay Extra, Save Big
🏢
Get the Lowest Home Loan Rate for Your Profile
A 0.5% rate difference on ₹25L over 20 years saves ₹1.7L. Compare rates from SBI, HDFC, ICICI, and Axis in one place before you apply.
Compare Rates → See Rate Table
🏠 Live Bank EMI Comparison
See your EMI across India's top lenders — updates instantly as you move the sliders above
⚡ Live
Bank Rate (p.a.) Monthly EMI Total Interest Total Payable vs Cheapest
*Indicative rates as of April 2026. Actual rates depend on your CIBIL score and bank's current offer. Verify before applying.

⚖️ Compare Two Loan Offers

Enter details of two different loan offers to find which one costs less overall.

🅐 Loan Offer A

Monthly EMI—
Total Interest—
Total Payable—

🅑 Loan Offer B

Monthly EMI—
Total Interest—
Total Payable—
What to do with your EMI result
📉
Reduce Your EMI7 proven strategies
→
🏢
Best Bank Rates 2026SBI vs HDFC vs ICICI
→
📐
How EMI is CalculatedFormula explained
→
💸
Tax Benefits on EMISection 80C + 24(b)
→
💼
Check Your Take-HomeCTC to in-hand salary
→
⭐
Improve CIBIL ScoreGet better loan rates
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Loan Amortization Schedule
See exactly how your loan balance reduces each year — and each month
Year Principal Paid Interest Paid Balance

🔄 Prepayment Planner

See how a lump sum prepayment reduces your interest and tenure.

Interest Saved
₹0
Months Saved
0 mo
New Tenure
—
New Total Interest
—

Understanding Your EMI Result

Your EMI has two components that change every month. In the early years, most of each payment goes toward interest. As the balance reduces, more goes toward principal. This is called amortization — and it is why prepaying in the first 5 years saves far more than prepaying later.

EMI Calculation Formula

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)

P = Loan amount  |  r = Monthly interest rate (Annual % ÷ 12 ÷ 100)  |  n = Tenure in months

Example: ₹25L at 8.5% for 20 years gives r = 0.00708, n = 240, EMI ≈ ₹21,725/month. Total repayment ≈ ₹52.1L of which ₹27.1L is pure interest.

Current Home Loan Interest Rates (2026)

BankRate (p.a.)EMI per ₹1 Lakh (20 yrs)
SBI Home Loan8.50% – 9.85%₹868 – ₹940
HDFC Bank8.75% – 9.65%₹882 – ₹929
ICICI Bank8.75% – 9.80%₹882 – ₹938
Axis Bank8.75% – 9.10%₹882 – ₹902
LIC HFL8.50% – 10.00%₹868 – ₹950

*Rates are indicative. Verify with your bank before applying.

EMI for Common Loan Amounts (8.5%, 20 Years)

Loan AmountMonthly EMITotal InterestTotal Paid
₹10 Lakh₹8,678₹10.8L₹20.8L
₹20 Lakh₹17,356₹21.7L₹41.7L
₹30 Lakh₹26,035₹32.5L₹62.5L
₹50 Lakh₹43,391₹54.1L₹1.04 Cr
₹1 Crore₹86,782₹1.08 Cr₹2.08 Cr

Tax Benefits on Home Loan EMI

Use our Income Tax Calculator to see exactly how these deductions reduce your tax liability.

Frequently Asked Questions

How is EMI calculated in India? +
EMI = P × r × (1+r)^n / ((1+r)^n - 1). P is loan amount, r is monthly interest rate (annual ÷ 12 ÷ 100), n is tenure in months. The calculator above does this instantly.
What is the EMI for a ₹30 lakh home loan for 20 years? +
At 8.5% interest, EMI ≈ ₹26,035/month. Total repayment over 20 years ≈ ₹62.5L (₹32.5L in interest). Set the sliders above to see your exact numbers.
What percentage of salary should go toward EMI? +
Financial advisors recommend keeping all EMIs under 40% of net take-home. Banks approve up to 50–55% FOIR. Use the Smart Check field in the calculator above to test your salary.
Which bank has the lowest home loan rate in 2026? +
SBI, LIC HFL, and Bank of Baroda start from 8.50% p.a. as of 2026. Actual rate depends on your CIBIL score and income. See the full bank rate comparison.
Does prepayment reduce EMI or tenure? +
Most banks let you choose. Reducing tenure saves more interest. Reducing EMI gives monthly cash relief. For floating-rate home loans, RBI mandates no prepayment penalty. See the prepayment savings panel in the calculator above.
Is shorter tenure better for a home loan? +
Usually yes. ₹50L at 8.5%: 10-year tenure = EMI ₹61,993, interest ₹24.4L. 20-year tenure = EMI ₹43,391, interest ₹54.1L. Shorter saves ₹29.7L in interest if your salary supports the higher EMI.
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CalcBharat Finance Team
Reviewed by Finance Professionals
All formulas and interest rate data on this page have been verified for accuracy. Last updated: April 2026. Bank rates are indicative — actual rates depend on your credit profile and the bank's current offerings. Always confirm with your lender before applying.