🏦 Updated April 7, 2026

EMI Calculator India 2026

Calculate monthly EMI for home, car, or personal loans. Full amortisation schedule. RBI-standard reducing balance formula. Shareable results.

RBI-standard formulaFull amortisation scheduleWhatsApp shareShareable URL
Updated April 7, 2026 · Source: Official Indian government data
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EMI Calculator India 2026
Updated April 7, 2026 — verified against official government sources
₹
📊 Live rates April 2026 — tap to fill
SBI Home 8.5% HDFC Home 8.75% ICICI Home 8.75% Car Loan 9% Personal 10.5% Personal 12%
Monthly EMI
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Every month
Total Interest
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—
Total Payable
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Principal + Interest
Calculation Breakdown
Principal loan amount—
Total interest payable—
Interest as % of principal—
Total amount payable—
Monthly interest rate—
Tenure—
Principal: —Interest: —
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Yearly Amortisation Schedule
YearPrincipalInterestTotal PaidBalance
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How to Use This EMI Calculator

  1. Loan Amount: Enter the total amount to borrow after your down payment. For a ₹60L property with ₹12L down payment, enter ₹48,00,000.
  2. Interest Rate: Enter the annual rate from your bank, or tap one of the rate chips. Home loans start at 8.50% at SBI in April 2026.
  3. Tenure: Enter duration in years or months. Longer tenure = lower EMI but significantly more total interest paid.
  4. Share: After calculating, tap WhatsApp to share your exact result, or Copy Link — the URL contains your inputs so anyone opening it sees the same calculation.

EMI Formula — RBI Standard Reducing Balance Method

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)

P = Principal  |  r = Annual rate ÷ 1200  |  n = Tenure in months

Verified: ₹30L at 8.5% for 20 years → r = 0.007083 → EMI = ₹26,035/month · Total interest = ₹32,48,400 · Total payable = ₹62,48,400

Home Loan Interest Rates India — April 2026

LenderInterest RateRisk Level
SBI Home Loan8.50%–9.65% p.a.LOW
HDFC Bank Home Loan8.75%–9.65% p.a.LOW
ICICI Bank Home Loan8.75%–9.80% p.a.LOW
Axis Bank Home Loan8.75%–10.30% p.a.LOW
Car Loan (general)7.50%–12.00% p.a.MEDIUM
Personal Loan (banks)10.50%–18.00% p.a.HIGH
RBI Repo Rate (Apr 2026)6.25% p.a.—

Rates as of April 2026. Always verify directly with your bank as rates change frequently. Source: RBI · respective bank websites.

Frequently Asked Questions

EMI = ₹26,035/month. Total interest = ₹32,48,400. Total payable = ₹62,48,400. Calculated using RBI-standard reducing balance formula.
EMI = ₹20,758/month. Total interest = ₹2,45,480. Total payable = ₹12,45,480. Verify using the calculator above.
EMI = ₹44,986/month. Total interest = ₹57,96,720 — more than the loan principal itself. Total payable = ₹1,07,96,720. This illustrates why prepayments early in the tenure save lakhs.
(1) Increase tenure — a 25-year loan has lower EMI than a 15-year loan, though total interest is higher. (2) Make prepayments — even one extra EMI per year cuts tenure significantly. (3) Negotiate lower rate — 0.5% lower on ₹50L saves ₹2–3 lakhs over 20 years. (4) Balance transfer — switch to a cheaper lender.
FOIR (Fixed Obligation to Income Ratio) is all your EMIs as a % of take-home pay. Banks approve below 40–50% FOIR. On ₹1 lakh take-home, total EMIs should not exceed ₹40,000–₹50,000. Higher FOIR reduces your loan eligibility.
Yes. This uses the RBI-mandated reducing balance formula that all Indian banks must use for retail loans. Actual EMI may differ by a few rupees due to rounding conventions or processing fees. The core formula is identical to SBI, HDFC, ICICI, and all other banks.
SBI: 8.50–9.65%, HDFC: 8.75–9.65%, ICICI: 8.75–9.80%, Axis: 8.75–10.30%. Car loans: 7.50–12%. Personal loans: 10.50–18%. RBI repo rate: 6.25% as of April 2026. Always verify directly with your bank.

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