ganak.appEMI Calculator
Calculate EMI for home, car, personal, and education loans in India. View amortization schedule with principal and interest breakdown. Compare rates.
Loan Amortization Overview
Cumulative principal and interest payments over time
Yearly view – Payment breakdown
Amortization Schedule
See how your loan balance reduces over time with each payment
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹99,510 | ₹421,182 | ₹4,900,490 |
| 2 | ₹108,306 | ₹412,386 | ₹4,792,184 |
| 3 | ₹117,879 | ₹402,813 | ₹4,674,305 |
| 4 | ₹128,298 | ₹392,394 | ₹4,546,007 |
| 5 | ₹139,638 | ₹381,054 | ₹4,406,369 |
| 6 | ₹151,981 | ₹368,711 | ₹4,254,388 |
| 7 | ₹165,414 | ₹355,278 | ₹4,088,974 |
| 8 | ₹180,038 | ₹340,654 | ₹3,908,936 |
| 9 | ₹195,950 | ₹324,742 | ₹3,712,986 |
| 10 | ₹213,272 | ₹307,420 | ₹3,499,714 |
| 11 | ₹232,121 | ₹288,571 | ₹3,267,593 |
| 12 | ₹252,638 | ₹268,054 | ₹3,014,955 |
| 13 | ₹274,969 | ₹245,723 | ₹2,739,986 |
| 14 | ₹299,275 | ₹221,417 | ₹2,440,711 |
| 15 | ₹325,729 | ₹194,963 | ₹2,114,982 |
| 16 | ₹354,519 | ₹166,173 | ₹1,760,463 |
| 17 | ₹385,855 | ₹134,837 | ₹1,374,608 |
| 18 | ₹419,960 | ₹100,732 | ₹954,648 |
| 19 | ₹457,082 | ₹63,610 | ₹497,566 |
| 20 | ₹497,566 | ₹23,209 | ₹0 |
What is EMI?
How equated monthly installments work for loans
EMI stands for Equated Monthly Installment - a fixed payment you make to your lender every month until your loan is fully repaid. Each EMI consists of two parts: principal repayment and interest charges.
When you take a loan, the bank calculates your EMI based on three factors: loan amount (principal), interest rate (annual percentage), and loan tenure (repayment period in months/years).
EMI Calculation Formula
The standard EMI formula with a worked example
EMI = [P × R × (1+R)^N] / [(1+R)^N-1]P = Principal loan amount
R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
N = Loan tenure in months
Example:
Loan: ₹10,00,000 | Rate: 9% p.a. | Tenure: 10 years
EMI: ₹12,668 | Total Interest: ₹5,20,082
How to Reduce Your EMI
Down payment, rate negotiation, and prepayment tips
1. Increase Down Payment
Borrowing less means lower EMI. Aim for 20-30% down payment to reduce monthly burden.
2. Negotiate Lower Interest Rate
Even 0.5% reduction saves significantly. Compare offers from multiple lenders.
3. Make Regular Prepayments
Extra payments reduce principal faster, saving lakhs in interest over time.
Home Loan vs Car Loan vs Personal Loan
Interest rates, tenure, and tax benefits compared
| Feature | Home Loan | Car Loan | Personal Loan |
|---|---|---|---|
| Interest Rate | ~8-10% p.a. | ~9-12% p.a. | ~11-24% p.a. |
| Tenure | 5-30 years | 1-7 years | 1-5 years |
| Tax Benefits | Yes (80C, 24(b)) | Limited* | No |
*Indicative ranges; actual rates vary by lender and borrower profile. Car loan interest for eligible EVs may qualify under Section 80EEB.
Prepayment Impact
Reduce tenure vs reduce EMI -- which saves more
When you make a prepayment, you have two options:
Reduce Tenure (Recommended)
- ✓ Monthly payment stays same
- ✓ Loan closes earlier
- ✓ Saves more interest overall
Reduce EMI
- • Monthly payment decreases
- • Loan tenure remains same
- • Good for cash flow relief
Frequently Asked Questions
Common questions about EMI calculations, loan tenure, and interest
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Last updated Feb 16, 2026