Calculate your Home Loan, Car Loan, or Personal Loan EMI instantly. Download amortization schedule in Excel.
Calculate EMI NowAdjust the values below
| Period | Opening | EMI | Principal | Interest | Closing |
|---|
When taking a car loan or personal loan in India, agents often quote a "Flat Interest Rate" because it looks lower. However, this is misleading.
Note: Always ask banks for the "Reducing Balance" rate. Our calculator uses this standard method to ensure accuracy.
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EMI stands for Equated Monthly Installment. It is the fixed amount you pay to the lender every month. We use the formula: E = P x r x (1+r)^n / ((1+r)^n-1).
Yes. All major Indian banks use the Reducing Balance Method. Our calculator follows this exact method, unlike some other tools that use Flat Rate.
No. This tool is 100% private. We do not ask for any personal data (like PAN or Phone), and no data is sent to any server. Checking your EMI here has zero impact on your credit score.
Yes! Click the green "Excel" button above the table to download your complete repayment schedule.
Fixed Rate: The interest rate remains the same throughout the tenure. Floating Rate: The rate changes based on market conditions (RBI Repo Rate). Home loans often use floating rates.
Yes. Most banks allow prepayment. For floating-rate home loans, there are usually zero charges for prepayment. This can save you a significant amount of interest.
Yes. Since all major Indian banks use the same mathematical formula (Reducing Balance), the EMI calculated here will match your bank's quote (excluding small insurance or processing fee differences).