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EMI Calculator - Calculate your Loan EMI Online in Simple Steps
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aria-label="Co-branded Credit Cards">Co-branded Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/rbl-bank-bankbazaar-savemax-credit-card.html" title="RBL SaveMax Credit Card" aria-label="RBL SaveMax Credit Card">RBL SaveMax Credit Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/finbooster-yes-bank-bankbazaar-co-branded-credit-card.html " title="Yes Bank FinBooster Credit Card" aria-label="Yes Bank FinBooster Credit Card">Yes Bank FinBooster Credit Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-credit-card.html" title="HDFC Credit Cards" aria-label="HDFC Credit Cards">HDFC Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-credit-card.html" title="SBI Credit Cards" aria-label="SBI Credit Cards">SBI Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/indusind-credit-card.html" title="Indusind Bank Credit cards" aria-label="Indusind Bank Credit cards">Indusind Bank Credit cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/top-10-credit-cards-in-india.html" title="Top 10 Credit Cards" aria-label="Top 10 Credit Cards">Top 10 Credit Cards</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-school mr-2 h-full"><path d="M14 22v-4a2 2 0 1 0-4 0v4"></path><path d="m18 10 4 2v8a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2v-8l4-2"></path><path d="M18 5v17"></path><path d="m4 6 8-4 8 4"></path><path d="M6 5v17"></path><circle cx="12" cy="9" r="2"></circle></svg>Home Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan.html" title="Compare Home Loans" aria-label="Compare Home Loans">Compare Home Loans</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/emi-calculator.html" title="Home Loan Calculator" aria-label="Home Loan Calculator">Home Loan Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-interest-rate.html" title="Home Loan Interest Rates" aria-label="Home Loan Interest Rates">Home Loan Interest Rates</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-eligibility.html" title="Home Loan Eligibility" aria-label="Home Loan Eligibility">Home Loan Eligibility</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-balance-transfer.html" title="Home Loan Transfer" aria-label="Home Loan Transfer">Home Loan Transfer</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/pradhan-mantri-awas-yojana.html" title="PMAY" aria-label="PMAY">PMAY</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-home-loan.html" title="SBI Home Loan" aria-label="SBI Home Loan">SBI Home Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-home-loan.html" title="HDFC Home Loan" aria-label="HDFC Home Loan">HDFC Home Loan</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Personal Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan.html" title="Compare Personal Loans" aria-label="Compare Personal Loans">Compare Personal Loans</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan/emi-calculator.html" title="Personal Loan Calculator" aria-label="Personal Loan Calculator">Personal Loan Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan-interest-rate.html" title="Personal Loan Interest Rates" aria-label="Personal Loan Interest Rates">Personal Loan Interest Rates</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan-eligibility.html" title="Personal Loan Eligibility" aria-label="Personal Loan Eligibility">Personal Loan Eligibility</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-personal-loan.html" title="SBI Personal Loan" aria-label="SBI Personal Loan">SBI Personal Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-personal-loan.html" title="HDFC Personal Loan" aria-label="HDFC Personal Loan">HDFC Personal Loan</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Other Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/car-loan.html" title="Car Loan" aria-label="Car Loan">Car Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/two-wheeler-loan.html" title="Two Wheeler Loan" aria-label="Two Wheeler Loan">Two Wheeler Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/education-loan.html" title="Education Loan" aria-label="Education Loan">Education Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gold-loan.html" title="Gold Loan" aria-label="Gold Loan">Gold Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/loan-against-property.html" title="Loan Against Property" aria-label="Loan Against Property">Loan Against Property</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-calculator mr-2 h-full"><rect width="16" height="20" x="4" y="2" rx="2"></rect><line x1="8" x2="16" y1="6" y2="6"></line><line x1="16" x2="16" y1="14" y2="18"></line><path d="M16 10h.01"></path><path d="M12 10h.01"></path><path d="M8 10h.01"></path><path d="M12 14h.01"></path><path d="M8 14h.01"></path><path d="M12 18h.01"></path><path d="M8 18h.01"></path></svg>Calculators<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/finance-tools/emi-calculator.html" title="EMI Calculator" aria-label="EMI Calculator">EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/emi-calculator.html" title="Home Loan EMI Calculator" aria-label="Home Loan EMI Calculator">Home Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan/emi-calculator.html" title="Personal Loan EMI Calculator" aria-label="Personal Loan EMI Calculator">Personal Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/car-loan/emi-calculator.html" title="Car Loan EMI Calculator" aria-label="Car Loan EMI Calculator">Car Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/tax/income-tax-calculator.html" title="Income Tax Calculator" aria-label="Income Tax Calculator">Income Tax Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/fixed-deposit/fd-calculator.html" title="FD Calculator" aria-label="FD Calculator">FD Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/recurring-deposit/rd-interest-calculator.html" title="RD Calculator" aria-label="RD Calculator">RD Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/calculators.html" title="All Financial Calculators" aria-label="All Financial Calculators">All Financial Calculators</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Investments<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/fixed-deposit-rate.html" title="Fixed Deposit" aria-label="Fixed Deposit">Fixed Deposit</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/recurring-deposit-rates.html" title="Recurring Deposit" aria-label="Recurring Deposit">Recurring Deposit</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account.html" title="Savings Account" aria-label="Savings Account">Savings Account</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/saving-schemes.html" title="Saving Schemes" aria-label="Saving Schemes">Saving Schemes</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gold-rate-india.html" title="Gold Rate" aria-label="Gold Rate">Gold Rate</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/silver-rate-india.html" title="Silver Rate" aria-label="Silver Rate">Silver Rate</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/mutual-fund.html" title="Mutual Funds" aria-label="Mutual Funds">Mutual Funds</a></li></ul></div></details></div><span><a href="/credit-score.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 minW-auto bg-inherit text-inherit hover:bg-inherit no-underline h-auto text-wrap font-medium focus-visible:ring-0 w-full py-4"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-wallet-cards mr-2 h-full"><rect width="18" height="18" x="3" y="3" rx="2"></rect><path d="M3 9a2 2 0 0 1 2-2h14a2 2 0 0 1 2 2"></path><path d="M3 11h3c.8 0 1.6.3 2.1.9l1.1.9c1.6 1.6 4.1 1.6 5.7 0l1.1-.9c.5-.5 1.3-.9 2.1-.9H21"></path></svg><span class="flex-auto "><strong><p class="text-sm ">Credit Score</p></strong></span><img src="https://www.bankbazaar.com/images/common/bbicons-menu-free-badge.webp" alt="FREE" title="FREE" width="40" height="20" style="max-width:100%;display:inline"/></a></span><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-file-text mr-2 h-full"><path d="M15 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7Z"></path><path d="M14 2v4a2 2 0 0 0 2 2h4"></path><path d="M10 9H8"></path><path d="M16 13H8"></path><path d="M16 17H8"></path></svg>Govt. Utility Documents<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/pan-card.html" title="Pan Card" aria-label="Pan Card">Pan Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/aadhar-card.html" title="Aadhaar Card" aria-label="Aadhaar Card">Aadhaar Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/voter-id.html" title="Voter ID" aria-label="Voter ID">Voter ID</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/electricity-bill.html" title="Electricity Bill" aria-label="Electricity Bill">Electricity Bill</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/driving-licence.html" title="Driving Licence" aria-label="Driving Licence">Driving Licence</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/passport.html" title="Passport" aria-label="Passport">Passport</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/visa.html" title="Visa" aria-label="Visa">Visa</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gas-connection.html" title="Gas Connection" aria-label="Gas Connection">Gas Connection</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/ration-card.html" title="Ration Card" aria-label="Ration Card">Ration Card</a></li></ul></div></details></div><span><a href="/getapp.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 minW-auto bg-inherit text-inherit hover:bg-inherit no-underline h-auto text-wrap font-medium focus-visible:ring-0 w-full py-4"><span class="mr-2"><img src="https://www.bankbazaar.com/images/common/bbicons-menu-download-app.webp" alt="Download App" title="Download App" width="25" height="28" style="max-width:100%;display:inline"/></span><span class="flex-auto "><strong><p class="text-sm ">Download Mobile App</p></strong></span><img src="https://www.bankbazaar.com/images/common/bbicons-menu-android-star-badge.webp" alt="Badge" title="Badge" width="12" height="20" style="max-width:100%;display:inline"/></a></span><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-umbrella mr-2 h-full"><path d="M22 12a10.06 10.06 1 0 0-20 0Z"></path><path d="M12 12v8a2 2 0 0 0 4 0"></path><path d="M12 2v1"></path></svg>Insurance<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 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style="background-color:#ffff009c" class="mb-xl"></span></div><div class="flex flex-col gap-1"><div class="rounded-lg border border-slate-200 text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative bg-destructive-light"><div class="p-2.5"><h3 class="text-md font-bold pt-1">Other Calculators</h3> <ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/personal-loan/emi-calculator.html" target="_blank"><strong>Personal Loan Calculator</strong></a></li><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/home-loan/emi-calculator.html" target="_blank"><strong>Home Loan Calculator</strong></a></li><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/car-loan/emi-calculator.html" target="_blank"><strong>Car Loan Calculator</strong></a></li></ol></div></div><!--$--><div class="pb-2.5"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative shadow-lg"><div class="p-2.5"><div class="flex flex-col gap-4 px-4 py-6"><div class="grid grid-cols-12 gap-5"><div class=" lg:col-span-6 md:col-span-6 col-span-12"><div class="flex flex-col gap-5"></div></div><div class=" lg:col-span-6 md:col-span-6 col-span-12"></div></div><div class="grid grid-cols-12"><div class=" lg:col-span-12 md:col-span-12 col-span-12"></div></div></div></div></div></div><!--/$--><h2 class="text-lg font-bold pt-5">Formula to calculate EMI</h2><p class="text-base ">The formula which is used to calculate the equated monthly installments which you are required to pay the lender for availing the loan is</p><p class="text-base ">P x R x (1+R)^N/[(1+R) ^ (N-1)]</p></div><div><div class="flex flex-col gap-1"><p class="text-base ">where P stands for principal amount, R is rate of interest and N is loan tenure.</p><h2 class="text-lg font-bold pt-5">Personal Loan EMI</h2><p class="text-base ">Let us assume that these are the details of your <a href="https://www.bankbazaar.com/personal-loan.html" target="_blank">personal loan</a> by using <a href="https://www.bankbazaar.com/personal-loan/emi-calculator.html" target="_blank">personal loan EMI calculator</a> :</p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan amount</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan tenure</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Interest rate</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Processing fee</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan EMI</strong></p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.10 lakh</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5 years</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">10.99%</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2%</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.21,737</p></td></tr></tbody></table></div><p class="text-base "><strong>Total amount payable</strong></p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Total interest due</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.3,04,246</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Processing fee</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.20,000</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Loan quantum</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.10 lakh</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Total amount to be paid</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.13,24,246</p></td></tr></tbody></table></div><p class="text-base "><strong>EMI breakup for a personal loan of Rs.10 lakh</strong></p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Year</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Principal (in Rs.)</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Interest (in Rs.)</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Total of Principal and Interest (in Rs.)</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Outstanding Loan Balance (in Rs.)</strong></p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2020</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">90,510</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">61,652</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,52,162</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">9,09,490</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2021</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,69,254</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">91,597</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,60,851</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">7,40,236</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2022</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,88,821</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">72,029</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,60,850</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5,51,416</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2023</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,10,649</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">50,199</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,60,848</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3,40,766</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2024</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,35,002</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">25,846</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,60,848</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,05,764</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2025</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,05,764</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,923</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,08,687</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">0</p></td></tr></tbody></table></div><p class="text-base ">The above calculation has been done assuming that you are not making any prepayments and the loan has been availed in the month of June 2020.</p><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">Home Loan EMI</h2><p class="text-base ">Let us assume that these are the details of your <a href="https://www.bankbazaar.com/home-loan.html" target="_blank">home loan</a> by using <a href="https://www.bankbazaar.com/home-loan/emi-calculator.html" target="_blank">home loan EMI calculator</a> :</p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan amount</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan tenure</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Interest rate</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Processing fee</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan EMI</strong></p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.40 lakh</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">10 years</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">9.75%</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">0.5%</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.52,308</p></td></tr></tbody></table></div><p class="text-base "><strong>Total amount payable</strong></p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Total interest due</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.22,76,972</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Processing fee</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.20,000</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Loan quantum</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.40 lakh</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Total amount to be paid</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.62,96,972</p></td></tr></tbody></table></div><p class="text-base "><strong>EMI breakup for a home loan of Rs.40 lakh</strong></p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Year</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Principal (in Rs.)</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Interest (in Rs.)</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Total of Principal and Interest (in Rs.)</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Outstanding Loan Balance (in Rs.)</strong></p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2020</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,42,083</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,24,074</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3,66,157</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">38,57,917</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2021</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,63,101</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3,64,597</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,698</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">35,94,816</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2022</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,89,931</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3,37,766</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,697</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">33,04,884</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2023</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3,19,496</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3,08,200</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,696</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">29,85,386</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2024</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3,52,080</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,75,617</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,697</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">26,33,306</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2025</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3,87,983</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,39,713</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,696</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">22,45,322</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2026</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">4,27,550</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,00,147</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,697</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">18,17,773</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2027</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">4,71,150</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,56,546</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,696</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">13,46,623</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2028</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5,19,197</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,08,499</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,696</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">8,27,427</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2029</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5,72,141</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">55,555</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,27,696</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,55,284</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2030</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,55,284</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">6,257</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,61,541</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">0</p></td></tr></tbody></table></div><p class="text-base ">The above calculation has been done assuming that you are not making any prepayments and the loan has been availed in the month of June 2020.</p><h2 class="text-lg font-bold pt-5">Car Loan EMI</h2><p class="text-base ">Let us assume that these are the details of your <a href="https://www.bankbazaar.com/car-loan.html" target="_blank">car loan</a> by using <a href="https://www.bankbazaar.com/car-loan/emi-calculator.html" target="_blank">car loan EMI calculator</a> :</p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan amount</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan tenure</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Interest rate</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Processing fee</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Loan EMI</strong></p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.8 lakh</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5 years</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">9.12%</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2.5%</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.16,653</p></td></tr></tbody></table></div><p class="text-base "><strong>Total amount payable</strong></p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Total interest due</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.1,99,199</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Processing fee</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.20,000</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Loan quantum</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.8 lakh</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Total amount to be paid</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Rs.10,19,199</p></td></tr></tbody></table></div><p class="text-base "><strong>EMI breakup for a car loan of Rs.18 lakh</strong></p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Year</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Principal</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Interest</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Total of Principal and Interest</strong></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base "><strong>Outstanding Loan Balance</strong></p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2020</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">75,722</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">40,852</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,16,574</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">7,24,278</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2021</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,39,524</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">60,317</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,99,841</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5,84,756</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2022</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,52,793</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">47,049</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,99,842</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">4,31,964</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2023</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,67,324</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">32,516</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,99,840</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2,64,640</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2024</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,83,238</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">16,602</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,99,840</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">81,401</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2025</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">81,402</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">1,866</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">83,268</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">0</p></td></tr></tbody></table></div><p class="text-base ">The above calculation has been done assuming that you are not making any prepayments and the loan has been availed in the month of June 2020.</p><h2 class="text-lg font-bold pt-5">How BankBazaar Personal/Home/Car Loan EMI Calculator Works?</h2><p class="text-base ">The BankBazaar Equated Monthly Instalment Calculator is very easy to use. It uses some basic details of the loan that you are willing to avail. In the calculator, you will be required to provide the following details:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Adjust the slider on the top or type the loan amount.</li><li class="pt-1 pb-1">Under the ‘Loan Amount’ slider, adjust the ‘Tenure’ slider or type in the loan repayment tenure that you are willing to avail.</li><li class="pt-1 pb-1">Fill in the field provided for the rate of interest.</li><li class="pt-1 pb-1">Fill in the field provided for the processing fee.</li><li class="pt-1 pb-1">Check the box under these field, if you want to make pre-payments.</li><li class="pt-1 pb-1">Hit the ‘Calculate’ button after entering all details.</li></ol><p class="text-base ">After this, the BankBazaar EMI Calculator will process the details and show you ‘Your Monthly Loan EMI’ amount. In addition to this, the calculator will also display a detailed amortisation table for the loan. The actual loan amount, total due interest, and the processing fee are also calculated and displayed at the same time</p><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">Effect of loan prepayment on your Instalment payments</h2><p class="text-base ">Should you find yourself flush with cash, you may decide to prepay your loan (i.e. pay an extra amount towards principal). If so, you can calculate your new EMIs by adjusting for the amount you wish to prepay. This will let you know how much interest you save by reducing the principal outstanding. (interest is calculated on the principal outstanding).</p><p class="text-base ">On the basis of the prepayment that you make and the terms and conditions of the loan-provider, you might be required to pay an extra amount in the form of prepayment charge or fee.</p><h2 class="text-lg font-bold pt-5">Factors that can impact your due amount</h2><p class="text-base ">When you are planning to take a loan for your financial needs, you need to calculate the amount that you will have to pay through equated monthly installments in order to match with your repayment capability. For this, you will need to take a few factors under consideration which can be altered to meet your loan requirement and repayment capability:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Rate of Interest (ROI):</strong> The rate of interest of the loan that you are availing will contribute in determining the due instalment amount. The best way forward would be to compare different loan products and then choosing the one that serves you best. A lower rate of interest will mean that the overall amount that you pay towards interest will also be low.</li><li class="pt-1 pb-1"><strong>Loan amount: </strong>The loan amount will also help in determining the overall EMI amount that you would have to pay. Thus, choosing the loan amount wisely is an important step.</li><li class="pt-1 pb-1"><strong>When the term of the loan changes</strong> If a person manages to get his or her loan tenure extended or reduced, the Equated Monthly Instalment payable towards the loan will also increase or decrease accordingly in order to adjust to the new loan tenure. If you opt for a long tenure, you will have to pay more money towards interest in the long run. However, a shorter term of the loan will translate to less amount to be paid as interest but higher EMIs.</li></ol></div><h2 class="text-lg font-bold pt-4">FAQs on EMI Calculator</h2><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Are the calculators for home, car and personal loans the same?</strong><p class="text-base ">In most cases they can be the same since all three loans work off the same basic set of information like amount borrowed, prepayments, tenure, interest rates and processing fee however with some calculators there could be a restriction placed on the amount to borrow based on the type of loan.</p></li><li class="pt-1 pb-1"><strong>Is the Equated Monthly Instalment amount shown by the calculator the same as that which the bank will ask me to pay?</strong><p class="text-base ">When it comes to the EMI, assuming that the bank will approve the amount and tenure, the exact instalment that you will have to pay may differ slightly since there is a chance that things like the interest rates and the processing fee may be a bit different from what you used while calculating the due amount.</p></li><li class="pt-1 pb-1"><strong>What happens if I fail to make an Equated Monthly Instalment payment?</strong><p class="text-base ">The bank will charge a penalty fee if a borrower misses an EMI payment. A missed or delayed instalment payment will reflect on your credit report. Not making loan due amount payments on time can have a negative effect on your credit score.</p></li><li class="pt-1 pb-1"><strong>Is my loan EMI fixed or can it change over the loan tenure?</strong><p class="text-base ">In the case of a business loan and home loan, banks offer floating rate of interest. Therefore, your loan instalment may change with the change in interest rate. Some banks allow you keep the Equated Monthly Instalment constant while increasing the loan tenure. Loan prepayment can also change your due amount. Banks will give you the option to either keep the EMI constant and decrease the loan tenure or reduce the Equated Monthly Instalment and keep the loan tenure the same.</p></li><li class="pt-1 pb-1"><strong>Is it good to pre-close a loan before the end of its tenure?</strong><p class="text-base ">Pre-closing your loan before the end of its tenure can have a negative effect on your credit score. Making timely due payments can help you improve your credit score. Therefore, opt to prepay a part of your loan (not the whole loan) and reduce the loan tenure to save up on interest payments. Banks charge a penalty fee for prepayment.</p></li><li class="pt-1 pb-1"><strong>What happens if you fail to pay your EMI?</strong><p class="text-base ">If you miss an EMI payment or pay it after the due date, the majority of lenders charge late payment fees or penalties. These fees may increase your overall debt and raise the cost of repaying the loan. Additionally, your credit score may be impacted if you miss EMI payments. Your credit score is significantly influenced by your payment history, and missed or late payments can lower your score, making it more difficult to get credit in the future. Apart from this, in extreme non-payment situations, the lender may file a lawsuit to recoup the amount. This may lead to legal action, and if the lender is successful in getting their way, they may be able to take your assets or garnish your salary in order to recoup the unpaid balance.</p></li><li class="pt-1 pb-1"><strong>What are the benefits of an EMI calculator?</strong><p class="text-base ">Based on your loan amount, interest rate, and loan term, EMI calculators provide you exact monthly installment amounts. You can better organise your money and make sure you can comfortably meet your repayment commitments thanks to this precision. To determine how changes in interest rates would impact your monthly payments, utilise an EMI calculator. When choosing loan products or haggling interest rates with lenders, this information can assist you in making well-informed selections. EMI calculators offer quick results and are simple to use. Without the need for intricate computations, you may swiftly evaluate many circumstances and come to intelligent conclusions.</p></li><li class="pt-1 pb-1"><strong>Will the bank's EMI calculation differ from the EMI calculator?</strong><p class="text-base ">Assuming that both sides utilise the same loan parameters and formulae, the EMI computed by a bank or financial institution should match the EMI calculated using an EMI calculator. While some internet calculators may offer more decimal places, banks may round off the EMI computation to the next whole number or a certain decimal point. The computed EMI may experience slight fluctuations as a result.</p></li></ul><script type="application/ld+json" data-testid="faq-json-ld">{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Are the calculators for home, car and personal loans the same?","acceptedAnswer":{"@type":"Answer","text":"In most cases they can be the same since all three loans work off the same basic set of information like amount borrowed, prepayments, tenure, interest rates and processing fee however with some calculators there could be a restriction placed on the amount to borrow based on the type of loan."}},{"@type":"Question","name":"Is the Equated Monthly Instalment amount shown by the calculator the same as that which the bank will ask me to pay?","acceptedAnswer":{"@type":"Answer","text":"When it comes to the EMI, assuming that the bank will approve the amount and tenure, the exact instalment that you will have to pay may differ slightly since there is a chance that things like the interest rates and the processing fee may be a bit different from what you used while calculating the due amount."}},{"@type":"Question","name":"What happens if I fail to make an Equated Monthly Instalment payment?","acceptedAnswer":{"@type":"Answer","text":"The bank will charge a penalty fee if a borrower misses an EMI payment. 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The computed EMI may experience slight fluctuations as a result."}}]}</script><script type="application/ld+json" data-testid="organization-json-ld">{"@context":"http://schema.org","@type":"Organization","name":"BankBazaar","url":"https://www.bankbazaar.com/","logo":"https://static.bankbazaar.com/images/bankbazaar-logo.png","sameAs":["https://www.facebook.com/bankbazaar/","https://twitter.com/bankbazaar","https://www.instagram.com/bankbazaar/","https://www.linkedin.com/company/417362/","https://www.youtube.com/@BankBazaar","https://in.linkedin.com/company/bank_bazaar"]}</script></div></div></div><div class="py-5"><div class="border bg-transparent hover:bg-transparent"><details name="accordion" class="px-2.5 py-2.5"><summary class="cursor-pointer block relative"><strong>Disclaimer<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5">Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. 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window.history.replaceState({ key }, ""); } try { let positions = JSON.parse(sessionStorage.getItem(STORAGE_KEY) || "{}"); let storedY = positions[restoreKey || window.history.state.key]; if (typeof storedY === "number") { window.scrollTo(0, storedY); } } catch (error) { console.error(error); sessionStorage.removeItem(STORAGE_KEY); } })("positions", null)</script><script>window.__remixContext = {"basename":"/","future":{"v3_fetcherPersist":true,"v3_relativeSplatPath":true,"v3_throwAbortReason":true,"unstable_singleFetch":false,"unstable_lazyRouteDiscovery":false,"unstable_optimizeDeps":false},"isSpaMode":false,"state":{"loaderData":{"root":{"namespace":"finance-tools/emi-calculator","gtmId":"GTM-TRB8XL","wenEngageId":"~13410604b","appshell":true},"routes/default/route":{"productType":"ALL","categoryType":"FINANCE_TOOLS","bankId":null,"pageData":{"id":194602,"metaTitle":"EMI Calculator - Calculate your Loan EMI Online in Simple Steps","metaDescription":"EMI Calculator - Calculate your Loan EMIs Online with our Advanced EMI Calculators. Easily check your Monthly \u0026amp; Yearly payments. Visit Now.","metaKeyword":"emi calculator, loan emi calculator, loan calculator","breadCrumb":{"otherLinks":[]},"hungryForMore":[{"type":"jumbotron","data":{"title":"Other Calculators","elements":[{"type":"list","data":{"style":"unordered","items":[{"content":"\u003ca href=\"https://www.bankbazaar.com/personal-loan/emi-calculator.html\" target=\"_blank\"\u003e\u003cstrong\u003ePersonal Loan Calculator\u003c/strong\u003e\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"https://www.bankbazaar.com/home-loan/emi-calculator.html\" target=\"_blank\"\u003e\u003cstrong\u003eHome Loan Calculator\u003c/strong\u003e\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"https://www.bankbazaar.com/car-loan/emi-calculator.html\" target=\"_blank\"\u003e\u003cstrong\u003eCar Loan Calculator\u003c/strong\u003e\u003c/a\u003e","items":[]}]}}]}},{"type":"calculator","data":{"type":"PL_EMI"}},{"type":"header","data":{"text":"Formula to calculate EMI","level":2}},{"type":"paragraph","data":{"text":"The formula which is used to calculate the equated monthly installments which you are required to pay the lender for availing the loan is"}},{"type":"paragraph","data":{"text":"P x R x (1+R)^N/[(1+R) ^ (N-1)]"}},{"type":"paragraph","data":{"text":"where P stands for principal amount, R is rate of interest and N is loan tenure."}},{"type":"header","data":{"text":"Personal Loan EMI","level":2}},{"type":"paragraph","data":{"text":"Let us assume that these are the details of your \u003ca href=\"https://www.bankbazaar.com/personal-loan.html\" target=\"_blank\"\u003epersonal loan\u003c/a\u003e by using\u0026nbsp;\u003ca href=\"https://www.bankbazaar.com/personal-loan/emi-calculator.html\" target=\"_blank\"\u003epersonal loan EMI calculator\u003c/a\u003e\u0026nbsp;:"}},{"type":"table","data":{"rows":[{"cols":[{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eLoan amount\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eLoan tenure\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eInterest rate\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eProcessing fee\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eLoan EMI\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true}]},{"cols":[{"content":[{"type":"paragraph","data":{"text":"Rs.10 lakh"}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"5 years"}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"10.99%"}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"2%"}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"Rs.21,737"}}],"colspan":1,"rowspan":1,"highlight":false}]}]}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eTotal amount payable\u003c/strong\u003e"}},{"type":"table","data":{"rows":[{"cols":[{"content":[{"type":"paragraph","data":{"text":"Total interest due"}}],"colspan":1,"rowspan":1,"highlight":false},{"content":[{"type":"paragraph","data":{"text":"Rs.3,04,246"}}],"colspan":1,"rowspan":1,"highlight":false}]},{"cols":[{"content":[{"type":"paragraph","data":{"text":"Processing 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(in Rs.)\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eInterest (in Rs.)\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eTotal of Principal and Interest (in Rs.)\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eOutstanding Loan Balance (in 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above calculation has been done assuming that you are not making any prepayments and the loan has been availed in the month of June 2020."}},{"type":"header","data":{"text":"Home Loan EMI","level":2}},{"type":"paragraph","data":{"text":"Let us assume that these are the details of your \u003ca href=\"https://www.bankbazaar.com/home-loan.html\" target=\"_blank\"\u003ehome loan\u003c/a\u003e by using\u0026nbsp;\u003ca href=\"https://www.bankbazaar.com/home-loan/emi-calculator.html\" target=\"_blank\"\u003ehome loan EMI calculator\u003c/a\u003e\u0026nbsp;:"}},{"type":"table","data":{"rows":[{"cols":[{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eLoan amount\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eLoan tenure\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eInterest 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above calculation has been done assuming that you are not making any prepayments and the loan has been availed in the month of June 2020."}},{"type":"header","data":{"text":"Car Loan EMI","level":2}},{"type":"paragraph","data":{"text":"Let us assume that these are the details of your \u003ca href=\"https://www.bankbazaar.com/car-loan.html\" target=\"_blank\"\u003ecar loan\u003c/a\u003e by using\u0026nbsp;\u003ca href=\"https://www.bankbazaar.com/car-loan/emi-calculator.html\" target=\"_blank\"\u003ecar loan EMI calculator\u003c/a\u003e\u0026nbsp;:"}},{"type":"table","data":{"rows":[{"cols":[{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eLoan amount\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eLoan tenure\u003c/strong\u003e"}}],"colspan":1,"rowspan":1,"highlight":true},{"content":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eInterest 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above calculation has been done assuming that you are not making any prepayments and the loan has been availed in the month of June 2020."}},{"type":"header","data":{"text":"How BankBazaar Personal/Home/Car Loan EMI Calculator Works?","level":2}},{"type":"paragraph","data":{"text":"The BankBazaar Equated Monthly Instalment Calculator is very easy to use. It uses some basic details of the loan that you are willing to avail. In the calculator, you will be required to provide the following details:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Adjust the slider on the top or type the loan amount.","items":[]},{"content":"Under the ‘Loan Amount’ slider, adjust the ‘Tenure’ slider or type in the loan repayment tenure that you are willing to avail.","items":[]},{"content":"Fill in the field provided for the rate of interest.","items":[]},{"content":"Fill in the field provided for the processing fee.","items":[]},{"content":"Check the box under these field, if you want to make pre-payments.","items":[]},{"content":"Hit the ‘Calculate’ button after entering all details.","items":[]}]}},{"type":"paragraph","data":{"text":"After this, the BankBazaar EMI Calculator will process the details and show you ‘Your Monthly Loan EMI’ amount. In addition to this, the calculator will also display a detailed amortisation table for the loan. The actual loan amount, total due interest, and the processing fee are also calculated and displayed at the same time"}},{"type":"header","data":{"text":"Effect of loan prepayment on your Instalment payments","level":2}},{"type":"paragraph","data":{"text":"Should you find yourself flush with cash, you may decide to prepay your loan (i.e. pay an extra amount towards principal). If so, you can calculate your new EMIs by adjusting for the amount you wish to prepay. This will let you know how much interest you save by reducing the principal outstanding. (interest is calculated on the principal outstanding)."}},{"type":"paragraph","data":{"text":"On the basis of the prepayment that you make and the terms and conditions of the loan-provider, you might be required to pay an extra amount in the form of prepayment charge or fee."}},{"type":"header","data":{"text":"Factors that can impact your due amount","level":2}},{"type":"paragraph","data":{"text":"When you are planning to take a loan for your financial needs, you need to calculate the amount that you will have to pay through equated monthly installments in order to match with your repayment capability. For this, you will need to take a few factors under consideration which can be altered to meet your loan requirement and repayment capability:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eRate of Interest (ROI):\u003c/strong\u003e\u0026nbsp;The rate of interest of the loan that you are availing will contribute in determining the due instalment amount. The best way forward would be to compare different loan products and then choosing the one that serves you best. A lower rate of interest will mean that the overall amount that you pay towards interest will also be low.","items":[]},{"content":"\u003cstrong\u003eLoan amount:\u0026nbsp;\u003c/strong\u003eThe loan amount will also help in determining the overall EMI amount that you would have to pay. Thus, choosing the loan amount wisely is an important step.","items":[]},{"content":"\u003cstrong\u003eWhen the term of the loan changes\u003c/strong\u003e\u0026nbsp;If a person manages to get his or her loan tenure extended or reduced, the Equated Monthly Instalment payable towards the loan will also increase or decrease accordingly in order to adjust to the new loan tenure. If you opt for a long tenure, you will have to pay more money towards interest in the long run. However, a shorter term of the loan will translate to less amount to be paid as interest but higher EMIs.","items":[]}]}}],"faqs":{"title":"FAQs on EMI Calculator","items":[{"question":"Are the calculators for home, car and personal loans the same?","answer":[{"type":"paragraph","data":{"text":"In most cases they can be the same since all three loans work off the same basic set of information like amount borrowed, prepayments, tenure, interest rates and processing fee however with some calculators there could be a restriction placed on the amount to borrow based on the type of loan."}}]},{"question":"Is the Equated Monthly Instalment amount shown by the calculator the same as that which the bank will ask me to pay?","answer":[{"type":"paragraph","data":{"text":"When it comes to the EMI, assuming that the bank will approve the amount and tenure, the exact instalment that you will have to pay may differ slightly since there is a chance that things like the interest rates and the processing fee may be a bit different from what you used while calculating the due amount."}}]},{"question":"What happens if I fail to make an Equated Monthly Instalment payment?","answer":[{"type":"paragraph","data":{"text":"The bank will charge a penalty fee if a borrower misses an EMI payment. A missed or delayed instalment payment will reflect on your credit report. Not making loan due amount payments on time can have a negative effect on your credit score."}}]},{"question":"Is my loan EMI fixed or can it change over the loan tenure?","answer":[{"type":"paragraph","data":{"text":"In the case of a business loan and home loan, banks offer floating rate of interest. Therefore, your loan instalment may change with the change in interest rate. Some banks allow you keep the Equated Monthly Instalment constant while increasing the loan tenure. Loan prepayment can also change your due amount. Banks will give you the option to either keep the EMI constant and decrease the loan tenure or reduce the Equated Monthly Instalment and keep the loan tenure the same."}}]},{"question":"Is it good to pre-close a loan before the end of its tenure?","answer":[{"type":"paragraph","data":{"text":"Pre-closing your loan before the end of its tenure can have a negative effect on your credit score. Making timely due payments can help you improve your credit score. Therefore, opt to prepay a part of your loan (not the whole loan) and reduce the loan tenure to save up on interest payments. Banks charge a penalty fee for prepayment."}}]},{"question":"What happens if you fail to pay your EMI?","answer":[{"type":"paragraph","data":{"text":"If you miss an EMI payment or pay it after the due date, the majority of lenders charge late payment fees or penalties. These fees may increase your overall debt and raise the cost of repaying the loan. Additionally, your credit score may be impacted if you miss EMI payments. Your credit score is significantly influenced by your payment history, and missed or late payments can lower your score, making it more difficult to get credit in the future. Apart from this, in extreme non-payment situations, the lender may file a lawsuit to recoup the amount. This may lead to legal action, and if the lender is successful in getting their way, they may be able to take your assets or garnish your salary in order to recoup the unpaid balance."}}]},{"question":"What are the benefits of an EMI calculator?","answer":[{"type":"paragraph","data":{"text":"Based on your loan amount, interest rate, and loan term, EMI calculators provide you exact monthly installment amounts. You can better organise your money and make sure you can comfortably meet your repayment commitments thanks to this precision. To determine how changes in interest rates would impact your monthly payments, utilise an EMI calculator. When choosing loan products or haggling interest rates with lenders, this information can assist you in making well-informed selections. EMI calculators offer quick results and are simple to use. Without the need for intricate computations, you may swiftly evaluate many circumstances and come to intelligent conclusions."}}]},{"question":"Will the bank's EMI calculation differ from the EMI calculator?","answer":[{"type":"paragraph","data":{"text":"Assuming that both sides utilise the same loan parameters and formulae, the EMI computed by a bank or financial institution should match the EMI calculated using an EMI calculator. While some internet calculators may offer more decimal places, banks may round off the EMI computation to the next whole number or a certain decimal point. The computed EMI may experience slight fluctuations as a result."}}]}]},"h1Title":"EMI Calculator","updatedOn":"04 Dec 2024","ogImage":{"src":"https://static.bankbazaar.com/images/social-share/bb-social-share-v1.jpg"}},"contextData":{"namespace":"finance-tools/emi-calculator","productType":"ALL","categoryType":"FINANCE_TOOLS","deviceType":"DESKTOP"}}},"actionData":null,"errors":null}};</script><script type="module" async="">import "/lp-assets/manifest-7fb25f5b.js"; import * as route0 from "/lp-assets/root-DQCPFDXh.js"; import * as route1 from "/lp-assets/route-faYSul94.js"; window.__remixRouteModules = {"root":route0,"routes/default/route":route1}; import("/lp-assets/entry.client-BgNBjbT3.js");</script><script id="_webengage_script_tag" type="text/javascript"> function initializeWebEngage() { ! function(w, e, b, n, g) { function o(e, t) { e[t[t.length - 1]] = function() { r.__queue.push([t.join("."), arguments]) } } var i, s, r = w[b], z = " ", l = "init options track screen onReady".split(z), a = "feedback survey notification".split(z), c = "options render clear abort".split(z), p = "Open Close Submit Complete View Click".split(z), u = "identify login logout setAttribute".split(z); if (!r || !r.__v) { for (w[b] = r = { __queue: [], __v: "6.0", user: {} }, i = 0; i < l.length; i++) o(r, [l[i]]); for (i = 0; i < a.length; i++) { for (r[a[i]] = {}, s = 0; s < c.length; s++) o(r[a[i]], [a[i], c[s]]); for (s = 0; s < p.length; s++) o(r[a[i]], [a[i], "on" + p[s]]) } for (i = 0; i < u.length; i++) o(r.user, ["user", u[i]]); setTimeout(function() { var f = e.createElement("script"), d = e.getElementById("_webengage_script_tag"); f.type = "text/javascript", f.async = !0, f.src = ("https:" == e.location.protocol ? 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