EMI Calculator: Plan Your Loan Payments with Confidence
Use this free online EMI calculator to estimate monthly repayments for a home loan, personal loan, car loan or loan against property. See how loan amount, interest rate and tenure affect the overall cost of borrowing—and explore annual prepayments before making a decision.
Enter the terms offered to you by a lender for a relevant estimate. The sample rates in the loan-category buttons are illustrations, not live bank quotations. All amounts on this page are in Indian rupees (INR).
Find an EMI that fits your monthly budget
Your EMI (Equated Monthly Instalment) is the regular monthly payment used to repay a loan. It combines interest and principal. The calculator updates your estimated EMI immediately when you change the loan amount, annual rate or repayment period.
Use the sliders for quick exploration or type exact values into the fields above. The quick amount buttons are useful starting points; they do not restrict you to those amounts.
Understand the principal and total interest
A manageable monthly EMI does not automatically mean a cheaper loan. The Loan Breakdown chart separates the money borrowed (principal) from the interest expected over the original loan term. The year-wise chart shows how the outstanding balance reduces as you repay.
For a ₹50 lakh loan at 8.75% for 20 years, the estimated original-loan interest is about ₹56.05 lakh and total repayment about ₹1.06 crore. The interactive charts above always use your current inputs.
See how extra annual payments may shorten your loan
Switch on Smart Prepayment and enter an additional amount per year to explore a possible reduction in loan interest and tenure. The calculator applies the extra amount after every 12th EMI and keeps the regular EMI unchanged, subject to a smaller final payment.
The savings panel and revised schedule use the extra payments. The main EMI, interest and repayment cards intentionally continue to show the original loan so that you can compare the two scenarios. Savings depend on the entered terms and are not guaranteed lender offers.
How to use the EMI calculator online
Follow these steps in the calculator above. Each valid change updates the estimate without a page reload.
Choose a loan category
Select Home Loan, Personal Loan, Car Loan or Loan Against Property. Each preset loads an example amount, rate and tenure that you can freely edit.
Enter the amount you want to borrow
Type the principal amount after any down payment, use the amount slider or tap a quick-select button. Enter your actual financed amount for a meaningful estimate.
Set the annual rate and repayment period
Enter the lender's quoted annual reducing-balance rate, then choose years or months for the loan tenure. Switching the display unit preserves the same number of months.
Review EMI, total cost and year-wise balance
Read the monthly EMI and original-loan totals. Use the donut and bar chart to understand principal, interest, annual interest and outstanding principal.
Explore prepayment, compare and export
Try annual extra payments, compare a second loan without prepayments, and download the monthly schedule as PDF or Excel. Share Link copies a URL with the entered settings.
What you can calculate and compare
A clear view of costs makes it easier to evaluate trade-offs before discussing final terms with a lender.
Monthly EMI estimate
See a live monthly repayment estimate from your selected loan amount, interest rate and tenure.
Principal vs interest
Understand how much of the total repayment is borrowed money and how much is interest.
Loan balance over time
Explore outstanding principal, yearly interest or the balance after prepayments using the chart selector.
Annual extra payments
Estimate potential interest and time saved by making the same additional principal payment each year.
Side-by-side loan comparison
Compare EMI, repayment and total interest for a second loan scenario before extra payments.
Download or share results
Get the full monthly schedule as a printable A4 PDF or XLSX workbook, or copy your configured link.
How is loan EMI calculated?
The calculator uses a monthly reducing-balance amortisation formula rather than flat-rate interest.
E = P × r × (1 + r)n ÷ [(1 + r)n − 1]
- P
- Original loan principal
- r
- Monthly interest rate = annual percentage rate ÷ 1,200
- n
- Number of monthly instalments
- E
- Monthly EMI
At 0% interest, EMI is simply principal divided by the number of months. Interest is applied to each month's opening balance, and the remaining EMI reduces principal. Internal calculations retain precision; displayed whole-rupee values may differ slightly from sums of rounded instalments.
Example: EMI for a ₹50 lakh loan at 8.75% for 20 years
| Loan principal | ₹50,00,000 |
|---|---|
| Annual interest rate | 8.75% |
| Loan tenure | 20 years (240 months) |
| Approx. monthly EMI | ₹44,186 |
| Estimated total interest | ₹56,04,529 |
| Estimated total repayment | ₹1,06,04,529 |
Example figures assume an unchanged annual rate, regular monthly payments and no additional charges. A lender's actual schedule may vary with payment dates, rounding rules, fees, rate changes and other terms.
How prepayments, charts and downloads work
Annual prepayment method
The entered extra amount is applied after months 12, 24, 36 and so on, until the loan ends. The regular EMI stays the same; the final EMI or extra payment is capped at the remaining amount due. Interest saved is the difference between the original and revised schedules. This tool does not model lender prepayment penalties, ad hoc dates, monthly extra payments or EMI reductions after an extra payment.
Reading the charts
Principal Balance displays outstanding principal after each loan year; Yearly Interest shows that year's interest. When prepayment is enabled, selecting After Prepayment reveals the revised balance. The main cards and donut remain the original-loan baseline for a fair before-and-after comparison.
Comparing two loans
Compare 2 Loans lets you enter a second amount, annual rate and tenure. The table compares the original EMI, interest, total repayment and period, excluding any prepayment in both scenarios. A lower EMI can still mean higher overall interest if the repayment period is longer.
Exporting and sharing
The PDF contains an A4 monthly repayment schedule and assumptions; Excel downloads an XLSX file with Summary and Schedule sheets. With prepayment switched on, exports follow the revised schedule. Share Link puts your settings in the URL fragment; anyone receiving it can see the amounts. Downloads are generated when requested.
Frequently asked questions about EMI calculation
Quick answers about rates, repayment schedules and using the AllFast EMI Calculator.
What is EMI and how is it calculated?
EMI stands for Equated Monthly Instalment. It is the regular monthly payment for an amortising loan. This calculator uses your principal, annual interest rate and number of monthly instalments in the standard reducing-balance EMI formula.
Is this online EMI calculator free?
Yes. You can calculate estimates, explore annual prepayments, compare two loans and generate the available PDF or Excel schedules without a fee in this tool.
Can I calculate EMI for home, personal and car loans?
Yes. Choose Home Loan, Personal Loan, Car Loan or Loan Against Property to load an illustrative starting point, then enter your actual quoted rate, principal and tenure. The calculation method is the same for these loan categories.
Are the displayed interest rates current bank offers?
No. Loan category presets are examples, not live bank or lender offers. For a decision relevant to you, use your lender's quoted annual reducing-balance rate and applicable terms.
Does annual prepayment reduce EMI or tenure?
In this calculator, annual extra payments reduce outstanding principal while the usual EMI stays unchanged. The loan may finish earlier, and total interest may decrease. Some lenders offer different options and may apply charges; check the applicable loan agreement.
Why do the main EMI and interest cards stay the same when prepayment is enabled?
Those cards describe the original loan before extra payments. The separate savings card, After Prepayment chart and downloaded revised schedule show the effect of your extra annual payments.
Will the result match the bank's repayment schedule exactly?
Not always. Lenders may calculate daily interest, use different payment dates or rounding, charge fees or insurance, or revise floating rates. Use your lender's final repayment schedule and agreement for authoritative figures.
Does the calculator support 0% interest and monthly tenure?
Yes. At 0% annual interest, it divides the principal over the instalments. You can view or enter tenure in years or months; calculations use whole months and round newly entered fractional years to the nearest month.
What amounts, rates and tenures can I enter?
The calculator accepts principal from ₹1 to ₹2 crore, annual rates from 0% to 50%, tenures of 1 to 360 months and annual extra payments from ₹0 to ₹2 crore. Its usual sliders show narrower ranges, which can adapt when you type a valid value.
What is included in the PDF and Excel downloads?
The PDF is a numbered A4 loan repayment schedule with assumptions and totals. The Excel XLSX workbook has Summary and Schedule sheets. If annual prepayment is on, the exports use the revised repayment schedule.
Does sharing a link publish my loan information?
The Share Link option encodes your entered settings in the URL fragment so someone with that link can restore the scenario. It does not automatically send a message or make a public post. Share the URL only with people you intend to show your entered values.