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Calculate EMI on loans — home loan, car loan, personal loan.
Indicative result. Final figures may differ based on specific facts.
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The exact formula, statutory references and edge-cases used to compute your result. Reviewed by CA Ankita Jainik Soni.
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P = principal, r = monthly interest rate (annual / 12 / 100), n = total months. Interest component in each EMI is the outstanding principal × r; balance reduces principal.
Total payment over tenure = EMI × months. Total interest = total payment − principal. For a ₹50L loan at 8.5% for 20 years: total interest ≈ ₹55L — almost equal to the principal borrowed.
Lump-sum prepayment reduces principal, lowering future interest. Two options: (a) keep EMI same, reduce tenure — better total interest; (b) keep tenure same, reduce EMI — better cash flow. Most lenders charge no prepayment penalty for floating-rate home loans.
Floating rates reset quarterly / annually based on the lender's benchmark (repo-linked, MCLR). EMI changes after each reset. Fixed-rate loans keep EMI constant for an initial period, then convert to floating.
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Last updated: 21 June 2026 · Last reviewed by CA Ankita Jainik Soni · Indicative results only