EMI calculator: your monthly loan instalment
Enter the loan amount, interest rate and tenure. See your EMI, the total interest and how the balance falls each year.
- Year-by-year schedule
- Any loan
- Free, no sign-up
Some loans cut your tax
Home loan and education loan interest can lower your tax. Our experts check what you can claim, and under which regime.
Questions people often ask
Is personal loan interest tax-deductible?
Usually not. It can be if the money was used to buy, build or repair a house, or for a business.
Does education loan interest save tax?
Yes, under 80E in the old regime: all the interest, for up to 8 years from when you start repaying.
How your EMI is split
Every EMI is part interest, part principal.
- Interest is charged on what you still owe.
- The rest of the EMI repays the loan.
- Early on, interest is larger; later, principal is.
Last reviewed 8 October 2026. The rules in this calculator come from these official sources.
- Reserve Bank of India: loans and deposits Reserve Bank of India
Common questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the monthly rate (yearly rate ÷ 12) and n the number of months.
What is the EMI on a ₹10 lakh loan?
At 10.5% for 5 years, about ₹21,494 a month, with about ₹2.9 lakh of interest in total.
Why does most of my early EMI go to interest?
Interest is charged on the balance still owed, which is highest at the start. As you repay, more of each EMI goes to the principal.
Does a longer tenure lower my EMI?
Yes, but you pay more interest in total.
Can I lower my EMI after taking the loan?
Prepaying part of the loan lets you lower the EMI or shorten the tenure, depending on your lender.
Related calculators
Home loan EMI
EMI, interest and the tax you save on a home loan.
Personal loan EMI
EMI and total interest on a personal loan.
Car loan EMI
EMI and total interest on a car loan.
Education loan EMI
EMI, and the 80E deduction on the interest.
Loan prepayment
Interest saved by prepaying your loan.
Prepay or invest?
Prepaying your loan or investing the money.