Calculate monthly EMI for home loan, car loan and personal loan instantly — with total interest and full repayment breakdown.
On a ₹30,00,000 home loan at 8.5% interest for 20 years, your EMI is approximately ₹26,035/month. Total interest over the loan is about ₹32,48,400, and total repayment is around ₹62,48,400. Keep your total EMIs under 40% of net monthly income for healthy finances.
| Loan Amount | 15 Years | 20 Years | 25 Years | 30 Years |
|---|---|---|---|---|
| ₹20,00,000 | ₹19,695 | ₹17,356 | ₹16,104 | ₹15,379 |
| ₹30,00,000 | ₹29,542 | ₹26,035 | ₹24,157 | ₹23,068 |
| ₹50,00,000 | ₹49,237 | ₹43,391 | ₹40,261 | ₹38,446 |
| ₹75,00,000 | ₹73,855 | ₹65,087 | ₹60,392 | ₹57,670 |
| ₹1,00,00,000 | ₹98,474 | ₹86,782 | ₹80,523 | ₹76,893 |
Longer tenure = lower EMI but much higher total interest. A 20-year loan is the common sweet spot.
| Loan Type | Typical Rate | Monthly EMI | Total Interest |
|---|---|---|---|
| Home Loan | 8.5% | ₹20,517 | ₹2,31,020 |
| Car Loan | 9.5% | ₹21,000 | ₹2,60,000 |
| Personal Loan | 14% | ₹23,268 | ₹3,96,080 |
Home loans are cheapest (secured + tax benefits). Personal loans cost most — use only when necessary.
EMI (Equated Monthly Instalment) is the fixed amount you pay to a lender each month until your loan is fully repaid. Each EMI has two components: the principal (the actual loan amount) and the interest. In the early years, a larger portion of your EMI goes toward interest; over time, more goes toward principal. Indian banks use the reducing balance method, where interest is charged only on the outstanding principal.
The EMI formula is: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. This calculator handles the maths instantly for home, car and personal loans. For prepayment scenarios, use our overpayment calculator.
For a ₹30,00,000 home loan at 8.5% over 20 years: the EMI is approximately ₹26,035/month. Over the full term you'd pay around ₹32,48,400 in interest — more than the original principal. Making a ₹2,00,000 prepayment in year 3 could save you over ₹6,00,000 in interest and cut nearly 2 years off the loan.
EMI uses the formula EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is principal, r is monthly interest rate (annual ÷ 12), and n is number of months. A ₹30,00,000 loan at 8.5% for 20 years gives an EMI of about ₹26,035.
On a ₹30,00,000 home loan at 8.5% for 20 years, the EMI is approximately ₹26,035/month. Total interest is about ₹32,48,400 and total repayment around ₹62,48,400.
A healthy EMI-to-income ratio is 30-40% of net monthly income for all loans combined. Banks allow up to 50-55% (FOIR), but staying under 40% leaves room for savings and emergencies.
Missing an EMI triggers a late penalty (typically 1-2% of the EMI), a negative CIBIL score mark, and accruing interest. Repeated defaults can lead to NPA classification and legal recovery. Contact your lender immediately if you expect to miss a payment.
On prepayment you can choose to reduce the EMI (same tenure) or reduce the tenure (same EMI). Reducing tenure saves far more interest. Most floating-rate home loans in India have no prepayment penalty.
Most Indian loans use reducing balance, where interest is charged only on the outstanding principal. This is cheaper than flat rate — a "flat" 10% can equal an effective ~18% reducing rate, so always confirm the method.
Home loans allow up to ₹2,00,000/year on interest (Section 24b) and ₹1,50,000 on principal (Section 80C). Education loan interest is fully deductible (Section 80E). Car and personal loans generally offer no tax benefit unless used for business.
Your total monthly EMIs across all loans should stay under 40% of net income. This keeps your CIBIL healthy and leaves room for savings and emergencies.
When prepaying, choose tenure reduction over EMI reduction — it saves far more interest. A ₹2 lakh prepayment early in a home loan can save ₹6 lakh+ in interest.
Always check your loan uses reducing balance, not flat rate. A flat 10% can equal ~18% effective — a huge difference over the loan term.
A longer tenure lowers your EMI but massively increases total interest. Always look at total repayment, not just the monthly figure.
Claim up to ₹2 lakh interest (Section 24b) and ₹1.5 lakh principal (Section 80C) every year on a home loan — this can save ₹1 lakh+ in tax annually.
A good CIBIL score (750+) gives you leverage to negotiate a lower rate. Even 0.5% off a ₹50 lakh home loan saves lakhs over 20 years.