What is an EMI Calculator?
An EMI (Equated Monthly Instalment) Calculator helps you estimate the fixed monthly amount you need to pay to repay a loan over a specified tenure. It factors in the loan amount (principal), the rate of interest, and the loan duration to give you the exact monthly outflow, total interest paid, and total repayment amount.
Benefits of Using Rupee Logic EMI Calculator
Instant Calculation
Get your monthly EMI, total interest, and total payment amount in real-time as you adjust the sliders.
Amortization Schedule
View a year-by-year breakdown of principal vs. interest payments, so you know exactly where your money goes.
Compare Loan Scenarios
Quickly compare different loan amounts, interest rates, and tenures to find the most affordable option.
Tax Savings Insight
Understand your home loan tax deduction potential under Section 24b (₹2L) and Section 80C (₹1.5L).
How to Calculate EMI?
The EMI formula is: EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ – 1], where P is principal, r is monthly interest rate, and n is number of months.
Enter Loan Amount
Input your home loan, car loan, or personal loan principal amount.
Set Interest Rate
Enter the annual interest rate offered by your bank or NBFC.
Choose Tenure
Select your preferred loan tenure in years (1–30 years).
View Results
Instantly see your EMI, total interest, and full amortization schedule.
Frequently Asked Questions — EMI Calculator
As of 2024, home loan interest rates in India range from 8.35% to 9.5% per annum depending on the lender. SBI offers home loans starting at 8.50% p.a., HDFC at 8.70%, and Axis Bank at 8.75%. Rates vary based on CIBIL score, loan amount, and type of property. Use our EMI calculator with the current rate offered to you to get accurate results.
Most banks in India offer home loans for up to 30 years. SBI offers up to 30 years, HDFC up to 30 years, and Axis Bank up to 30 years. However, the tenure is also constrained by your retirement age — banks typically want the loan to be repaid before you turn 65-70 years old.
There are three ways to reduce your EMI: (1) Increase loan tenure — a longer tenure lowers the monthly EMI but increases total interest paid; (2) Make partial prepayments — reduces the outstanding principal and thus future EMIs; (3) Negotiate a lower interest rate, especially if your CIBIL score has improved since taking the loan.
Yes, under the Old Tax Regime: Section 80C allows deduction of up to ₹1.5 lakh per year on principal repayment; Section 24(b) allows deduction of up to ₹2 lakh per year on interest paid (for self-occupied property). Under the New Tax Regime, these deductions are not available.
Flat rate interest is calculated on the original principal throughout the tenure, making the effective rate much higher than stated. Reducing balance (diminishing balance) calculates interest only on the outstanding principal — this is what banks use and what our calculator implements. Always compare loans on reducing balance basis.