EMI Calculator
Work out the monthly instalment, total interest and repayment schedule for any loan.
What you pay each year
Repayment schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,60,505 | ₹97,421 | ₹8,39,495 |
| 2 | ₹1,78,194 | ₹79,733 | ₹6,61,301 |
| 3 | ₹1,97,831 | ₹60,096 | ₹4,63,470 |
| 4 | ₹2,19,633 | ₹38,294 | ₹2,43,837 |
| 5 | ₹2,43,837 | ₹14,090 | ₹0 |
Assumes a fixed rate for the whole loan tenure. Floating-rate loans change when the repo rate changes.
Current loan rates as of 5 November 2026
- Home LoanSBI 7.50% – 8.80%
- Business LoanBajaj Finserv (unsecured) 14% – 25%
- Personal LoanICICI Bank 9.99% – 16.50%
- Car LoanSBI 8.55% – 9.50%
Most lenders charge 0.35%–3% of the loan as a processing fee, plus 18% GST on the fee.
RBI policy rates
- Repo rate
- 5.50%
- SDF
- 5.25%
- MSF
- 5.75%
- Bank rate
- 5.75%
- CRR
- 3.00%
- SLR
- 18.00%
Last change 7 October 2026 (25 bp hike from 5.25%, stance: calibrated tightening). Next meeting 2–4 December 2026.
Source: rbi.org.inFrequently asked questions
How is loan EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Early EMIs are mostly interest; the principal share grows every month.
Why did loan rates go up in October 2026?
RBI raised the repo rate by 25 basis points to 5.5% on 7 October 2026. Most floating-rate loans are linked to the repo rate (EBLR or RLLR), so banks repriced them from mid-October.