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EMI Calculator — Home Loan, Personal Loan & Car Loan for Indian Borrowers

Free online EMI calculator for Home Loan, Personal Loan, Car Loan, and Education Loan — with amortization schedule, prepayment analysis, and bank-specific rates. No login required.

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🔗 Live Calculators

Tool	URL	Use Case
EMI Calculator	stockcalc.in/calculator/emi	Generic EMI for any loan
Home Loan EMI	stockcalc.in/home-loan-emi	Housing loan with amortization table
Personal Loan EMI	stockcalc.in/personal-loan-emi	Unsecured personal loan EMI
Car Loan EMI	stockcalc.in/car-loan-emi	Auto loan monthly installment
Education Loan	stockcalc.in/calculator/education-loan	Study loan with moratorium period
EMI Prepayment	stockcalc.in/calculator/emi-prepayment	How prepayment reduces interest
Step-Up Home Loan	stockcalc.in/calculator/step-up-home-loan	Increasing EMI strategy
Home Loan vs SIP	stockcalc.in/calculator/home-loan-vs-sip	Prepay loan or invest in SIP?

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📐 EMI Formula (Open Source)

EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ - 1]

Where:
  P = Principal loan amount (₹)
  r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
  n = Loan tenure in months (Years × 12)

JavaScript Implementation

/**
 * Calculate EMI (Equated Monthly Installment)
 * @param {number} principal  - Loan amount (₹)
 * @param {number} annualRate - Annual interest rate (%)
 * @param {number} years      - Loan tenure (years)
 * @returns 
 */
function calculateEMI(principal, annualRate, years) {
  const r = annualRate / 12 / 100;
  const n = years * 12;
  const emi = (principal * r * Math.pow(1 + r, n)) / (Math.pow(1 + r, n) - 1);
  const totalPayment = emi * n;
  return {
    emi: Math.round(emi),
    totalPayment: Math.round(totalPayment),
    totalInterest: Math.round(totalPayment - principal),
  };
}

// Example: ₹50L home loan @ 8.5% for 20 years
console.log(calculateEMI(5000000, 8.5, 20));
// { emi: 43391, totalPayment: 10413840, totalInterest: 5413840 }

Amortization Schedule Generator

/**
 * Generate full amortization schedule
 * @param {number} principal  - Loan amount (₹)
 * @param {number} annualRate - Annual rate (%)
 * @param {number} years      - Tenure (years)
 * @returns {Array} Month-by-month schedule
 */
function amortizationSchedule(principal, annualRate, years) {
  const r = annualRate / 12 / 100;
  const n = years * 12;
  const emi = (principal * r * Math.pow(1 + r, n)) / (Math.pow(1 + r, n) - 1);
  let balance = principal;
  const schedule = [];

  for (let month = 1; month <= n; month++) {
    const interest = balance * r;
    const principalPaid = emi - interest;
    balance -= principalPaid;
    schedule.push({
      month,
      emi: Math.round(emi),
      principal: Math.round(principalPaid),
      interest: Math.round(interest),
      balance: Math.max(0, Math.round(balance)),
    });
  }
  return schedule;
}

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🏦 Bank-Specific Home Loan EMI Calculators

Bank	Calculator	Current Rate*
SBI Home Loan	stockcalc.in/home-loan-emi/sbi-home-loan-emi	8.50% p.a.
HDFC Home Loan	stockcalc.in/home-loan-emi/hdfc-home-loan-emi	8.75% p.a.
ICICI Home Loan	stockcalc.in/home-loan-emi/icici-home-loan-emi	8.75% p.a.
Axis Bank Home Loan	stockcalc.in/home-loan-emi/axis-bank-home-loan-emi	8.75% p.a.
PNB Home Loan	stockcalc.in/home-loan-emi/pnb-home-loan-emi	8.50% p.a.

Indicative rates — verify with lender. Use the live calculator for current rates.

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📖 Key Concepts

Rule of Thumb for Home Loans

• EMI-to-income ratio: Keep EMI below 40% of monthly take-home salary
• Loan-to-Value (LTV): Banks finance up to 80% of property value
• Tenure sweet spot: 15–20 years balances EMI affordability vs total interest

Should you prepay your home loan or invest in SIP?

| If loan rate > 9% | Prepay the loan — guaranteed return = loan rate | |—|—| | If loan rate < 8% | Invest in equity SIP — historical returns ~12% beat loan cost | | Between 8–9% | Split: partial prepayment + partial SIP |

→ Use the Home Loan vs SIP Calculator for your exact numbers.

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