The EMI calculator has sub-segments like home loan EMI calculator, car loan EMI calculator, personal loan EMI calculator, loan against property EMI calculator, etc. The concept of EMI is the same; just the tenure and interest rates differ.
What is EMI?
EMI refers to the fixed amount you pay monthly towards your loan, i.e., Principal amount as well as interest. By entering the desired loan amount, loan term, and applicable interest rate (available on our website or by contacting us directly), the calculator generates an accurate estimate of your EMI.
Today’s Loan EMI Calculator Interest Rate 2025
The current loan interest rates significantly impact your monthly EMI calculation. As of October 2025, leading lenders in India offer the following rate ranges:
| Lender | Interest Rate (p.a.) |
|---|---|
| State Bank of India | 7.50% – 8.95% |
| HDFC Bank | 7.90% onwards |
| Bajaj Housing Finance | 7.35% onwards |
| ICICI Bank | 7.70% onwards |
| Axis Bank | 8.35% – 11.90% |
| Punjab National Bank | 7.45% – 9.35% |
| Kotak Mahindra Bank | 7.99% onwards |
| Canara Bank | 7.40% – 10.25% |
| IDFC FIRST Bank | 8.85% onwards |
| Bajaj Finserv | 7.45% – 10.35%* |
How can an online EMI calculator help you?
The number of credit accounts is growing at an even higher CAGR of 28% and has reached 107 million accounts at the end of FY18.
Regardless of the type of loan you want to avail of, be it a secured or unsecured advance, it is paramount that you know how much monthly instalment you have to make before you avail of it. That is where an EMI calculator in India can be immensely helpful.
- It helps you get an accurate estimate of your EMI amount so that you can plan your finances accordingly. Make sure that your debt-to-income ratio is below 50% to maximize your chances of loan approval.
- A loan EMI calculator helps you save valuable time. You don’t have to do complex calculations manually, which can be quite time-consuming.
- It eliminates any chance of a miscalculation, providing you with an accurate estimate every time.
- It is highly specific for each type of loan. The EMI breakup of a home loan, for example, is different from that of a personal loan.
Latest Updates on Home Loan EMI Calculator
- Integration of Prepayment Impact: New calculators now model prepayment schedules, showing EMI reduction versus tenure shortening.
- Real-Time Rate Feeds: Updated daily with RBI repo-linked floats, ensuring EMIs adjust automatically when base rates change.
- Co-applicant Support: Ability to factor joint incomes and credit profiles for more accurate eligibility and EMI computations.
- Regulatory Compliance Alerts: Pop-up prompts if input parameters violate NHB guidelines on loan-to-value ratios.
How to Calculate the Loan EMI amount?
The formula for EMI Calculation is –
P x R x (1+R)^N / [(1+R)^N-1] where-
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
The rate of interest (R) on your loan is calculated per month.
R = Annual Rate of interest/12/100
If the rate of interest is 7.2% p.a., then r = 7.2/12/100 = 0.006
For example, if a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:
EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 – 1) = ₹11,714.
The total amount payable will be ₹11,714 * 120 = ₹14,05,703. Principal loan amount is ₹10,00,000, and the Interest amount will be ₹4,05,703
Calculating the EMI manually using the formula can be tedious.
Benefits of the Loan EMI Calculator
Here is a quick look at the benefits of the loan EMI calculator.
- Provides a single window payables picture of monthly loan servicing
- Due to the digital footprint, the loan EMI calculator is less prone to errors
- Permits the user to adjust different loans and even repay loans, if necessary
- Even persons not familiar with mathematics can use the loan EMI calculator
- It is the basis for long-term financial planning and goal seeking
- Allows comparison of competing products in the market to get the best deals.
EMI Calculator FAQs
What is a pre-EMI interest on a home loan?
Pre-EMI is the monthly payment of interest on your home loan. This amount is paid during the period till the full disbursement of the loan. Your actual loan tenure — and EMI (comprising of both principal and interest) payments — begins once the Pre-EMI phase is over, i.e., post the loan has been fully disbursed.
What inputs are required for an EMI calculation?
An EMI calculator needs the loan amount, annual interest rate, and tenure (in years or months) to compute monthly installments.
What happens if I fail to pay my EMIs?
Financial institutions levy heavy penalties on unpaid EMIs. If you miss an EMI, you may have to pay extra in the future.
What happens if I fail to pay my EMIs?
Financial institutions levy heavy penalties on unpaid EMIs. If you miss an EMI, you may have to pay extra in the future.
Can the bank charge more than what the EMI calculator shows?
There can be differences, since this is a generic calculator. To understand the difference, you must read the fine print of the loan.
