How is EMI calculated?

EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the loan tenure in months. This is the standard reducing balance method used by all Indian banks.

What is the current RBI repo rate?

The RBI repo rate as of 2025 is 6.50%. Home loan and other floating rate loans are linked to the repo rate via the External Benchmark Lending Rate (EBLR). When the repo rate changes, your floating rate loan EMI adjusts accordingly.

How much EMI can I afford?

The standard guideline is that your total EMI should not exceed 40-50% of your net monthly income (take-home pay). For a home loan, banks typically approve EMIs up to 40% of net income. Use the Affordability Advisor feature in this calculator to get a personalised recommendation based on your income, expenses, and city.

Does prepayment reduce EMI or tenure?

You can choose either option. Reducing tenure saves more interest overall but keeps the same EMI. Reducing EMI improves monthly cash flow but saves less interest. The Prepayment Optimizer in this tool compares both strategies and recommends the optimal approach based on your financial goals.

EMI Calculator — Home Loan, Car Loan & Personal Loan EMI

India's most comprehensive EMI calculator with RBI rate simulator, live bank comparison, prepayment optimizer, tax benefits, CIBIL impact analysis, rent vs buy, debt dashboard, and risk scenarios.

🏦 10 Features

📊 Amortization Schedule

🏛️ RBI Rate Linked

🧾 Tax Benefits

✓ Free · No Signup

Disclaimer: This calculator is for informational purposes only. Calculations are based on reducing balance method. Actual EMI may vary based on bank policies, processing fees, insurance, and specific loan terms. Not financial advice — consult a financial advisor for personalized guidance.

ToolLive's free EMI Calculator is India's most comprehensive loan EMI tool — covering home loan EMI, car loan EMI, and personal loan EMI calculator with a full amortization schedule. Go beyond basic calculations with the RBI Repo Rate simulator, live bank offer comparison (SBI, HDFC, ICICI, Axis, Kotak), prepayment optimizer, Section 80C and 24b tax benefit calculator, CIBIL score impact simulator, and rent vs buy analyzer. All calculations use real Indian banking formulas with reducing balance method. No signup, no ads, 100% free.

Loan EMI Calculator

Standard reducing balance method · Amortization schedule included

Loan Amount (₹)

₹

₹30L

Interest Rate (% p.a.)

8.50%

Loan Tenure

Yrs

20 Yrs

Tenure Unit

₹26,035

Monthly EMI

₹62.5L

Total Payment

₹32.5L

Total Interest

108%

Interest Ratio

Principal vs Interest Split

Yearly Amortization

Monthly Amortization Schedule

Month/Year	EMI	Principal	Interest	Balance

RBI Repo Rate–Linked EMI Simulator

See how EMI changes when RBI hikes or cuts rates · Current repo rate: 6.50%

Loan Amount (₹)

₹

Current Rate (% p.a.)

Tenure (Years)

Yrs

Loan Type

Projected RBI Rate Change Scenarios

Scenario	Rate Change	New Rate	New EMI	EMI Change	Extra/Year

Rate Impact Over Time

Live Bank Offer Comparison Engine

Compare EMI across top Indian banks for your loan profile

Loan Amount (₹)

₹

Tenure (Years)

Yrs

Loan Type

Your CIBIL Score

Bank	Rate (p.a.)	Monthly EMI	Total Interest	Processing Fee	Approval

📌 Rates are indicative and based on publicly available information as of 2025. Actual rates depend on credit profile, income, property type, and bank policies. Always verify with the bank before applying.

EMI Affordability Advisor

Get recommended safe loan amount based on your income and expenses

Net Monthly Income (₹)

₹

Monthly Expenses (₹)

₹

Existing EMIs (₹/month)

₹

City / Cost of Living

Interest Rate (% p.a.)

Desired Tenure (Yrs)

Yrs

Prepayment Optimization Tool

Find the optimal prepayment strategy to minimise interest and tenure

Loan Amount (₹)

₹

Interest Rate (%)

Original Tenure (Yrs)

Yrs

Prepayment Amount (₹)

₹

Prepayment After Month

Prepayment Charge (%)

CIBIL Score Impact Simulator

Predict how taking a loan or missing EMIs affects your credit score

Current CIBIL Score

Loan Amount (₹)

₹

Annual Income (₹)

₹

Existing Loans

YOUR CURRENT CIBIL SCORE

750

300
Poor550
Fair700
Good800
Very Good900
Excellent

Income Tax Benefit Calculator

Section 24(b) interest deduction + Section 80C principal · New vs Old regime

Loan Amount (₹)

₹

Interest Rate (%)

Tenure (Years)

Yrs

Annual Income (₹)

₹

Tax Regime

Property Type

Rent vs Buy Analyzer (City-Specific)

Compare 10-year cost of renting vs buying considering EMI, appreciation and inflation

Property Value (₹)

₹

Down Payment (%)

Loan Rate (%)

Tenure (Years)

Yrs

Current Rent (₹/mo)

₹

City

Multi-Loan Debt Dashboard

Track total EMI burden across all active loans

Your Active Loans

Net Monthly Income (₹)

₹

Life Scenario Risk Simulator

Evaluate EMI sustainability under job loss, rate hike, income cut and more

Monthly EMI (₹)

₹

Net Monthly Income (₹)

₹

Monthly Savings (₹)

₹

Emergency Fund (₹)

₹

Voice & Regional Language EMI Interface

Speak your loan details in English or Indian regional languages

Select Language

🇮🇳 English 🔵 हिंदी 🟡 বাংলা 🟠 தமிழ் 🟢 తెలుగు 🔴 मराठी 🟣 ગુજરાતી ⚫ ಕನ್ನಡ

Click the microphone and say your loan details. For example: "Loan amount 30 lakhs, interest rate 8.5 percent, tenure 20 years"

Sample Voice Commands

🗣️ "Calculate EMI for 50 lakhs at 8.5 percent for 20 years"

🗣️ "Home loan 1 crore, interest 9 percent, tenure 15 years"

🗣️ "Car loan 8 lakhs at 10 percent for 5 years"

🗣️ "Personal loan 3 lakhs 14 percent 3 years"