Loan EMI & Borrowing Calculators for India
Calculate exact monthly loan EMIs, total compounding interest costs, and maximum housing loan eligibility for Home, Car, and Personal loans using standard reducing balance amortization. 100% private in your browser.
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Loan EMI Calculator
Calculate monthly EMI, total interest cost, and complete month-by-month repayment amortization schedule for home loans, car loans, personal loans, and education loans.
Home Loan Eligibility Calculator
Estimate maximum housing loan sanction based on your monthly in-hand salary, existing EMIs, FOIR (Fixed Obligation to Income Ratio), property value LTV, and joint co-applicant income.
SIP vs Loan Prepayment Comparator
Compare whether pre-paying your 8.5% home loan or investing equivalent surplus cash in a 12% mutual fund SIP yields higher long-term net net worth.
FD Yield vs Loan Arbitrage
Evaluate bank fixed deposit compounding yields against short-term loan borrowing costs and cash flow management strategies for emergency buffers.
Major Loan Categories in India: Interest Rates & Tax Deductions
Comparative benchmarks across leading banks (SBI, HDFC, ICICI, Axis, PNB)
| Loan Category | Typical Interest Rate | Maximum Tenure | Indicative LTV Ratio | Income Tax Relief |
|---|---|---|---|---|
| Home Loan | 8.35% – 9.50% | Up to 30 Years | 75% – 90% of agreement value | Sec 24(b) ₹2L interest; Sec 80C ₹1.5L principal |
| Car Loan | 8.75% – 10.50% | Up to 7 Years | Up to 90% on-road price | No personal rebate; depreciation for business users |
| Personal Loan | 10.50% – 18.00% | Up to 5 Years | Unsecured (based on income) | Nil (except if used for home improvement) |
| Education Loan | 8.50% – 11.50% | Up to 15 Years | Up to 100% tuition + living | Sec 80E (100% of interest tax-deductible for 8 yrs) |
Popular Pre-Computed Loan Calculations
Exact monthly EMIs, total interest, and amortization for common borrowing amounts
Related Borrowing & Debt Guides
Flat vs Reducing Balance Interest Rate: Real EMI Comparison
Why a 9% flat rate equals ~16.5% reducing rate and how to avoid the hidden borrowing trap on dealer car and personal loans.
Home Loan Prepayment Guide: Cut Compounding Interest & Tenure
Strategic part-prepayments, foreclosure savings analysis, and how prepaying ₹1 Lakh early shaves years off a 20-year housing loan.
Frequently Asked Questions
How is loan EMI calculated in India?
Commercial banks and NBFCs in India calculate monthly EMI using the standard monthly reducing balance formula: EMI = [P × r × (1+r)^n] / [(1+r)^n − 1], where P is Principal, r is monthly interest rate (annual interest rate ÷ 12 ÷ 100), and n is the total number of monthly instalments. In this system, each EMI pays off both outstanding principal and accumulated interest, with interest reducing as principal is repaid.
Are there any prepayment penalties on home loans?
Under Reserve Bank of India (RBI) guidelines, banks and Housing Finance Companies (HFCs) are strictly prohibited from charging any foreclosure or part-prepayment penalties on floating rate home loans sanctioned to individual borrowers. Fixed rate loans may carry nominal charges.
What is FOIR and how does it determine loan eligibility?
FOIR (Fixed Obligation to Income Ratio) is the metric lenders use to determine how much new EMI you can comfortably service. In India, banks cap total monthly debt obligations (existing EMIs + proposed home loan EMI) at 40% to 55% of your net monthly in-hand salary. If you earn ₹1,00,000/month with zero existing debt, your maximum eligible EMI is approximately ₹50,000.
What is the LTV (Loan-to-Value) ratio ceiling set by RBI for housing loans?
RBI regulatory ceilings for Home Loan LTV ratios are: up to 90% LTV for properties valued up to ₹30 Lakhs; up to 80% LTV for properties between ₹30 Lakhs and ₹75 Lakhs; and up to 75% LTV for loans above ₹75 Lakhs. Borrowers must fund the remaining percentage as their personal down payment.
How does part-prepayment impact total loan interest?
Because loan interest compounds on outstanding principal, part-prepaying even small sums (e.g. ₹50,000 to ₹1 Lakh) in the initial 5 to 7 years of a 20-year loan drastically cuts total interest cost and can reduce the overall loan tenure by 3 to 5 years.