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EMI Calculator — Home, Car & Personal Loan 2026

Calculate your monthly EMI, total interest, and year-wise amortization for home, car, personal, and education loans. Adjust the sliders to see how loan amount, rate, and tenure affect your EMI. Special preset rates for government employees.

How EMI Works

EMI (Equated Monthly Installment) is a fixed amount you pay every month to repay a loan, covering both principal and interest. In the early months, most of your EMI goes toward interest; in later months, more goes toward principal. This calculator uses the standard reducing-balance formula that all Indian banks (SBI, HDFC, ICICI, BoB, PNB, Axis) follow.

Loan Rates for Government Employees

Government employees get preferential rates because banks consider them low-risk borrowers. Typical 2026 rates: home loan 8.25–8.75% (vs. 9% general), car loan 8.5–9.5%, personal loan 9.5–11% (vs. 12–18% general). SBI, PNB, BoB, and Canara Bank run dedicated schemes for central and state government employees with lower processing fees, longer tenures, and faster approval. Check the Salary Calculator to find your eligibility limit (banks typically lend up to 60× monthly basic pay for personal loans).

Tips to Reduce Total Interest

Choose the shortest tenure your monthly budget allows — a 15-year home loan costs ~40% less in total interest than a 20-year one. Maintain a CIBIL score of 750+ for the best rates. Part-prepay whenever you get bonuses, DA arrears, or LTC encashment — this directly reduces principal. Compare offers from at least 3 banks before signing. Use the year-wise schedule above to see how much principal you'll have paid down by any given year.

Frequently Asked Questions

How is EMI calculated?
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the loan principal, R is the monthly interest rate (annual rate / 12 / 100), and N is the number of monthly installments. This calculator uses the standard reducing-balance method used by all Indian banks.
What interest rates do government employees get?
Government employees usually get preferential rates: home loans 8.25–8.75% (vs. 9% for general), personal loans 9.5–11% (vs. 12–18%), car loans 8.5–9.5%. SBI, PNB, and BoB run dedicated government-employee schemes with lower processing fees and longer tenures.
What loan amount can a government employee get?
Typically up to 60 times your monthly basic salary for personal loans, 24–36 months of net salary for car loans, and 75–90% of property value for home loans. Maximum personal loan: ₹20–40 lakh depending on bank and pay level. Use the Salary Calculator to estimate your basic pay first.
Is it better to choose a longer or shorter loan tenure?
Shorter tenure = higher EMI but much lower total interest. Longer tenure = lower EMI but you pay more interest overall. Example: a ₹25L home loan at 8.5% costs ₹21.7L in interest over 20 years, but only ₹13.5L over 15 years. Choose the shortest tenure your monthly budget can comfortably handle.
Can I prepay my loan to save on interest?
Yes. Most banks allow part-prepayment without penalty (especially floating-rate loans). Prepayments directly reduce the principal, so subsequent EMIs go more toward principal and less toward interest. Use bonus, DA arrears, or LTC encashment for prepayments — this can save lakhs over the loan tenure.

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