What is an EMI Calculator?
An EMI calculator helps you calculate the fixed monthly installment you pay for a loan. Whether you're taking a home loan from SBI, a personal loan from HDFC, or a car loan from ICICI Bank — this calculator gives you accurate EMI estimates instantly.
New to loan math? Learn how to find EMI using the formula, an online calculator, or Excel — with worked examples for home, car and personal loans.
This tool also works as a dedicated bike EMI calculator, a used car loan EMI calculator, a credit card EMI calculator and a mobile EMI calculator — useful for two-wheeler loans, auto loans and consumer durable financing. Switch on the prepayment option to see exactly how part-prepayments reduce your tenure and interest outgo.
Common EMI Use Cases Covered
- Bike loan EMI calculator — calculate EMI for a new two-wheeler with or without down payment
- Used car loan EMI calculator — pre-owned vehicle EMI at typical 11–14% rates
- Home loan EMI calculator with prepayment — see how each ₹1 lakh prepaid saves on long tenures
- Credit card EMI calculator — convert big-ticket purchases at 12–18% issuer rates
- Auto loan EMI calculator — new car EMI based on on-road price and tenure
- Mobile EMI calculator — no-cost EMI and standard EMI scenarios for phones/laptops
EMI Formula
Where P = Principal, R = Monthly interest rate (Annual rate ÷ 12 ÷ 100), N = Tenure in months.
Current Home Loan Interest Rates (2026)
- SBI: 7.50% - 8.70%
- HDFC: 7.90% - 9.00%
- ICICI Bank: 7.95% - 9.05%
- Axis Bank: 7.95% - 9.10%
- Kotak Mahindra: 7.99% - 9.10%
How to Reduce Your EMI
- Make higher down payment
- Choose longer tenure
- Negotiate interest rate with good CIBIL score
- Compare across banks
- Make prepayments when possible
Tax Benefits on Home Loan
- Section 80C: Up to ₹1.5 lakh on principal repayment
- Section 24(b): Up to ₹2 lakh on interest paid