Calculate your monthly EMI instantly. Adjust loan amount, interest rate, and tenure to plan your finances smartly.
| Year | Principal (₹) | Interest (₹) | Balance (₹) |
|---|
EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan over its tenure. Each EMI includes both principal repayment and interest charges.
You can lower your EMI by negotiating a lower interest rate, increasing your loan tenure, or making a larger down payment to reduce the principal amount.
Three key factors determine your EMI: the loan amount (principal), the interest rate offered by the lender, and the repayment tenure you choose.
Secured loans (home, car, mortgage) generally carry lower interest rates since an asset backs them. Unsecured loans (personal, business) carry higher rates due to higher risk.
Prepaying your loan reduces the outstanding principal, which significantly reduces total interest paid. Even partial prepayments made early in the tenure have a major impact.
Fixed rate EMIs stay constant throughout. Floating rates change with market benchmarks (like RBI repo rate), which can make your EMI go up or down over time.
P = Principal loan amount | r = Monthly interest rate (Annual rate ÷ 12 ÷ 100) | n = Number of monthly instalments (tenure in months)
| Loan Type | Typical Rate | Tenure | Max Amount | Type |
|---|---|---|---|---|
| Personal Loan | 10.5% – 24% | 1–5 years | ₹40 Lakhs | Unsecured |
| Home Loan | 8.5% – 11% | 5–30 years | ₹5 Crore+ | Secured |
| Business Loan | 12% – 28% | 1–7 years | ₹2 Crore | Unsecured |
| Car Loan | 7.5% – 14% | 1–7 years | ₹1 Crore | Secured |
| Mortgage Loan | 9% – 14% | 5–20 years | ₹10 Crore | Secured |
| Credit Card Loan | 24% – 42% | 3–48 months | ₹10 Lakhs | Revolving |
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