Rupeemeter

Car and personal loan EMI calculator

Work out your EMI and total interest, see what a flat-rate quote really costs, or find the loan that fits your monthly budget.

Updated for FY 2026-27 (tax year 2026-27) ·

Rate quoted as

Monthly EMI

₹17,195

for 5 years at 10.5%

Principal

Total interest

Total payable

  • Principal₹8,00,000
  • Interest₹2,31,707

Year by year

  • Principal paid
  • Interest paid
02.58 lakh5.16 lakh7.74 lakh10.32 lakh012345

What is an EMI?

The fixed monthly payment that repays a loan with interest over its tenure.

How to use this calculator

  1. Enter the loan amount, rate and tenure, or switch to “Loan I can afford”.
  2. If the lender quotes a flat rate, choose “Flat rate” to see its true cost.
  3. Read the EMI, total interest and the yearly schedule.

How the calculation works

Reducing: EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1) · Flat: EMI = (P + P × rate × years) ÷ n

Worked example: flat vs reducing

₹8 lakh over 5 years: at 8% flat the EMI is ₹18,667; at 8% reducing it is ₹16,221. The flat quote equals a reducing rate of 14.13%.

EMI at 10.5% for common amounts

Loan3 years5 years
₹3,00,000₹9,751₹6,448
₹5,00,000₹16,251₹10,747
₹8,00,000₹26,002₹17,195
₹12,00,000₹39,003₹25,793

Frequently asked questions

What is the difference between a flat rate and a reducing rate?

A flat rate charges interest on the full original loan for the whole term. A reducing rate charges interest only on what you still owe. The same number as a flat rate costs much more.

How do I compare a flat-rate offer?

Choose “Flat rate” and the calculator shows the reducing-balance rate with the same EMI, so you can compare offers fairly.

How much loan can I afford?

Switch to “Loan I can afford”, enter the EMI that fits your budget, the rate and the tenure.

Does it include processing fees?

No. Add fees and insurance separately when comparing loans.