Loan Details
₹
240 months = 20.0 years
Enter loan amount, rate & tenure to calculate EMI
EMI Formula & How to Reduce Your EMI
EMI Formula
EMI = P × r × (1+r)^n / ((1+r)^n - 1)
- P = Principal loan amount
- r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- n = Number of monthly instalments (tenure in months)
Tips to Reduce EMI
- ✓ Make part-prepayments to reduce outstanding principal
- ✓ Negotiate a lower interest rate with your bank
- ✓ Extend tenure to lower monthly EMI (but pay more interest)
- ✓ Compare lenders — even 0.5% lower rate saves lakhs
- ✓ Maintain CIBIL score above 750 for best rates
| Loan Type | Typical Rate | Typical Tenure | Max Amount |
|---|---|---|---|
| Home Loan | 8%–9.5% p.a. | Up to 30 years | ₹5 Cr+ |
| Car / Auto Loan | 8.75%–12% p.a. | 1–7 years | ₹50 L |
| Personal Loan | 10.5%–20% p.a. | 1–5 years | ₹40 L |
| Business Loan | 10%–18% p.a. | 1–10 years | ₹2 Cr |
| Education Loan | 9%–13% p.a. | Up to 15 years | ₹1.5 Cr |
| Loan Against Property | 9%–12% p.a. | Up to 20 years | ₹10 Cr |