Calculate your monthly EMI for Home Loan, Car Loan or Personal Loan in seconds.
Formula: EMI = [P ร R ร (1+R)^N] / [(1+R)^N - 1]
Where P = Principal, R = Monthly interest rate, N = Number of months. The EMI stays fixed throughout the loan tenure, but the interest component decreases over time as the principal reduces.
EMI is calculated using the formula: EMI = [P ร R ร (1+R)^N] / [(1+R)^N - 1], where P is principal, R is monthly interest rate, and N is number of months.
As of 2026, good home loan rates are between 8.25% and 9.5% per annum. Public sector banks (SBI, BoB) usually offer lower rates than private banks.
Yes. Prepayment is allowed by RBI without prepayment penalty on floating-rate loans. Prepaying early in the loan tenure saves the most interest.
You'll be charged a late fee (typically 2% of EMI) plus penal interest. Repeated misses hurt your CIBIL score significantly. Always set up auto-debit.
Yes. Principal repayment qualifies under Section 80C (up to โน1.5L) and interest under Section 24(b) (up to โน2L for self-occupied property).