EMI Calculator
Calculate monthly loan EMI, total interest, and total repayment.
Written by Anil Gautam · Updated
What is the EMI on a ₹10 lakh loan at 9% for 20 years?
With the starting values the monthly rate is 9 ÷ 12 = 0.75% and there are 240 instalments. The EMI comes to ₹8,997, the total paid over 20 years is ₹21,59,342, and ₹11,59,342 of that is interest, more than the amount borrowed. Because the EMI grows in direct proportion to the loan amount, each ₹1 lakh at 9% for 20 years costs about ₹900 a month, and ₹25 lakh on the same terms needs ₹22,493.
Early instalments are mostly interest. Interest for the first month is 0.75% of ₹10,00,000, or ₹7,500, so only about ₹1,497 of the first ₹8,997 reduces the loan. The principal share grows every month as the balance falls. This calculator shows totals only; the Loan Amortization Calculator lays out the year-by-year split between principal and interest and the balance left at the end of each year.
Does a shorter tenure or a lower rate save more interest?
On this loan, tenure moves the total far more than a small rate change does. Cutting the term to 15 years raises the EMI to ₹10,143, about ₹1,146 more a month, and lowers total interest to ₹8,25,680, a saving of ₹3,33,662. Stretching it to 25 years drops the EMI to ₹8,392 but pushes interest up to ₹15,17,589.
A rise of half a percentage point, from 9% to 9.5% over 20 years, lifts the EMI to ₹9,321 and total interest to ₹12,37,115, about ₹77,773 more. When you compare offers from two lenders, check that both quote a reducing-balance rate, since that is the rate the formula assumes.
Why might your bank's EMI differ from this figure?
The calculator assumes one fixed rate for the whole tenure and the first EMI exactly one month after the loan is paid out. Banks may charge separate interest for the days between disbursement and the first EMI date, and their rounding can differ by a rupee or two. With a floating rate, every rate change alters either the EMI or the remaining tenure, so the figure here holds only until the first revision.
Processing fees, insurance added to the loan and part-prepayments are outside the formula. A 0% rate is accepted and divides the principal by the number of months: ₹10,00,000 over 20 years at 0% is ₹4,167 a month. All amounts are rounded to whole rupees and calculated in your browser.