EMI Calculator
This calculator works for any loan that repays in equal monthly instalments on a reducing balance - home, personal, business, vehicle, education or loan against property. Enter the three inputs and it returns the EMI, the total interest, and the month-by-month schedule.
Monthly EMI
₹21,494
₹10 Lakh at 10.50% for 5 years
Interest is 29% of the amount borrowed over this tenure.
Year-by-year repayment schedule
How each year splits between interest and principal. Early years are mostly interest, which is why prepaying early saves so much more than prepaying late.
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | ₹1,60,505 | ₹97,421 | ₹8,39,495 |
| 2 | ₹1,78,194 | ₹79,733 | ₹6,61,301 |
| 3 | ₹1,97,831 | ₹60,096 | ₹4,63,470 |
| 4 | ₹2,19,633 | ₹38,294 | ₹2,43,837 |
| 5 | ₹2,43,837 | ₹14,090 | ₹0 |
This calculator returns arithmetic on the figures you enter. It is not an offer, does not check your eligibility, and cannot predict the rate a lender will sanction. Loans Got Easy is an authorised Direct Selling Agent - we do not sanction, approve or disburse loans.
Reducing balance is what Indian lenders use
On a reducing balance loan, interest each month is charged only on the principal still outstanding. Early instalments are therefore mostly interest and later ones mostly principal, even though the EMI itself never changes. A flat-rate loan, by contrast, charges interest on the original amount for the whole tenure, which makes a quoted flat rate roughly equivalent to nearly double that figure on a reducing balance basis. If a lender quotes a flat rate, convert before comparing.
Reading the amortisation schedule
The schedule shows exactly how each instalment splits between interest and principal, and what the outstanding balance is at any month. It is the fastest way to see why prepaying early saves so much more than prepaying late, and it is worth checking against the statement your lender issues - discrepancies in the opening balance or the interest applied are worth querying immediately rather than at the end of the loan.
The EMI is not the whole cost
Processing fees, documentation charges, legal and valuation costs on secured loans, and insurance where the lender requires it all sit outside the EMI. Compare offers on the total of interest plus charges rather than on the headline rate. At small ticket sizes and short tenures, fees can outweigh a rate difference entirely.
Rates sourced from partner lender published rate schedules, last verified August 2026. Figures produced by this calculator are indicative and depend entirely on the inputs you provide. The rate you are offered is set by the lender based on your credit profile, income, employer, loan amount and tenure.
Frequently Asked Questions
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate and n is the number of months. This is the reducing balance method used by all Indian banks and finance companies for term loans.
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Rates last verified August 2026. Loans Got Easy is a loan advisory and Direct Selling Agent. We do not sanction, approve or disburse loans - the lender does, based on its own credit assessment.