Loan EMI Calculator
Calculate monthly EMI, total interest, and full amortisation schedule
| Year | Principal | Interest | Balance |
|---|
📘 Worked example
Scenario: Ravi takes a home loan of ₹30,00,000 at 9% per year for 20 years.
Total paid = ₹64.78 lakh · Total interest = ₹34.78 lakh · Interest is 53.7% of total outflow.
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Calculate EMI in Excel
Use Excel's built-in PMT function:
=PMT(rate/12, years*12, -principal)
Example: =PMT(9%/12, 20*12, -3000000) → ₹26,992
About EMI
What is EMI and how is it calculated?
Equated Monthly Instalment (EMI) is the fixed amount you pay each month to repay a loan. Formula: EMI = P × r × (1+r)^n ÷ [(1+r)^n − 1]. Early in the tenure, most of the EMI goes toward interest; later, more goes toward principal.
How can I reduce my loan EMI?
Choose a longer tenure, make a larger down payment, improve your CIBIL score to negotiate a lower rate, or prepay a lump sum to reduce the outstanding principal and request lower EMIs.
Is it better to reduce EMI or tenure when prepaying?
Reducing tenure saves more interest overall. Reducing EMI improves monthly cash flow. If you can afford the current EMI comfortably, always ask the bank to reduce tenure when you prepay.
What happens if I miss an EMI?
Late payment fee (1–2%) plus a negative CIBIL entry if not cleared within 30 days. Three missed payments can classify the loan as NPA. Always contact your bank before missing a payment.