How EMI works
An EMI (equated monthly instalment) stays the same every month, but what it pays for changes. Early EMIs are mostly interest, because the outstanding balance is large. As the balance falls, more of each EMI goes towards the principal. That is why prepaying in the first few years saves the most interest.
Typical interest rates in India (indicative)
| Loan type | Typical rate | Typical tenure |
|---|---|---|
| Home loan | 8–10% | 15–30 years |
| Car loan | 8.5–12% | 3–7 years |
| Personal loan | 10.5–24% | 1–5 years |
| Education loan | 8–14% | 5–15 years |
Rates vary by lender, credit score and RBI policy. Check your lender's sanction letter for exact terms.
EMI calculators by loan type
Home loan · Car loan · Personal loan · Education loan · Bike loan · Gold loan
More loan tools: prepayment planner · balance transfer · loan eligibility · compare loan offers
How to use the EMI Calculator tool
- Enter the loan amount, interest rate and tenure (or tap a loan type above).
- Read your monthly EMI, total interest and total payment instantly.
- Try a prepayment to see how much interest and time you save, or how much your EMI drops.
- Press Share to send the calculation.
Why SaralKit?
- Free forever: no "credits", no trial, no premium tier, no watermark and no daily limit.
- No account, ever: nothing to sign up for. Just open the page and use it.
- No data stored: your files and the numbers you type are processed by your own browser. We never upload, store or see them.
- Works offline: once the page has loaded, most tools keep working without internet.
- Open source: anyone can read the code on GitHub.
Frequently asked questions
What is the EMI formula?
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
What is the EMI for a ₹10 lakh loan at 8.5% for 20 years?
About ₹8,678 per month. You would pay about ₹10.83 lakh in interest over 20 years. Use the sliders above to try your own numbers.
How can I reduce my total interest?
Choose a shorter tenure, make part-prepayments early in the loan (when most of each EMI is interest), or refinance at a lower rate. A 5-year shorter tenure often saves lakhs.
Is processing fee included?
No. This shows principal and interest only. Add processing fees, insurance and GST on fees separately when comparing loans.
Can I share these results?
Yes. The page address updates as you type, so press Share (or copy the URL) to send the exact calculation on WhatsApp or email.