EMI Calculator

The calculator opens with a ₹10,00,000 loan at 9% for 20 years. It shows a monthly EMI of about ₹8,997, total interest of about ₹11.59 lakh and a total payment of about ₹21.59 lakh. Over 20 years you pay back more than twice what you borrowed.

Enter the amount you will actually receive as the loan, not the price of the house or car. Take the annual rate from your sanction letter or Key Fact Statement (KFS), and enter the tenure in years. Half-year steps work, so 12.5 years is a valid input.

Run each offer separately and note the EMI and the total interest. On the same ₹10 lakh, 20-year loan, a quote of 8.75% gives an EMI of about ₹8,837 and a quote of 9.25% gives about ₹9,159. The monthly gap is only ₹322, but over the full tenure it adds up to about ₹77,000 of extra interest.

Then add the costs the calculator leaves out. Suppose Lender A offers 8.9% with a ₹10,000 processing fee and Lender B offers 9.1% with no fee. Over 20 years, A charges about ₹30,870 less interest, so it still comes out about ₹20,870 cheaper after the fee. If you expect to close the loan within a few years, most of that interest saving never happens, and the upfront fee carries more weight.

Stretching from 20 to 25 years cuts the EMI by about ₹605 a month but adds about ₹3.58 lakh of interest. Shortening to 15 years raises the EMI by about ₹1,145 and saves about ₹3.34 lakh. A practical test: choose the shortest tenure whose EMI you could still pay in a bad month, not one that only works when everything goes right.

There is no prepayment field, but you can model one with two runs. After 5 years (60 EMIs) on the default loan, about ₹8,87,070 is still outstanding. Say you prepay ₹1,00,000, leaving ₹7,87,070.

• Reduce the EMI: enter ₹7,87,070 at 9% for 15 years. The EMI drops to about ₹7,983, and you save about ₹82,600 of interest.
• Keep the EMI, cut the tenure: keep paying ₹8,997 and the loan ends about 37 months early, saving about ₹2.34 lakh of interest. To check, enter ₹7,87,070 at 9% for 12 years: the EMI comes to about ₹8,957, close to what you already pay.

Keeping the EMI saves almost three times as much. Take the lower EMI only if you need the monthly cash.

On a floating-rate loan, the rate you enter is only today's rate. If it rises from 9% to 9.5% after five years, enter the outstanding ₹8,87,070 at 9.5% for 15 years: the EMI goes up by about ₹266 to ₹9,263. If your lender keeps the EMI fixed and extends the tenure instead, the same change adds roughly a year of payments.

Lenders cannot levy foreclosure or prepayment charges on floating-rate term loans taken by individuals for non-business purposes. Under the RBI (Pre-payment Charges on Loans) Directions, 2025, loans sanctioned or renewed on or after 1 January 2026 also cannot have a minimum lock-in before prepayment, and any charges must be disclosed in the KFS. Fixed-rate loans may still carry a prepayment charge under the loan agreement, so read yours before planning a lump sum.

The EMI also excludes processing fees, insurance premiums bundled into the loan, legal and documentation charges, and late-payment charges. Add them to the total payment when you compare offers.