EMI calculator with the bank comparison built in
Work out the monthly instalment on a home, car or personal loan — then see the same loan priced at every major lender in your country, and what prepaying would save you.
Your loan, your country
Drag anything and every figure below updates. Pick a bank from the dropdown to load its published rate straight into the calculator.
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Reading your EMI properly
The instalment is the headline, but three other numbers decide whether a loan is a good one. Total interest is what the loan costs you as a service. Total payable is principal plus interest, the real price of the thing you are buying. And the lender spread — the gap between the cheapest and the most expensive bank on the same loan — is money you can capture just by making a phone call.
where P is the amount borrowed, r is the annual rate divided by 1200, and n is the tenure in months.
A worked example
Borrow 5,000,000 at 8.5% over 20 years and the instalment lands near 43,391 a month. Over 240 months that is roughly 10.41 million repaid against 5 million borrowed — you pay for the house roughly twice. Shorten the same loan to 15 years and the instalment rises by around 15%, while the total interest falls by close to a third. That trade is the single most consequential decision in the whole loan.
What prepayment actually does
Every extra unit of principal you pay removes all the future interest that unit would have generated for the rest of the term. That is why prepaying early is so much more powerful than prepaying late, and why a modest standing instruction — rounding your instalment up, or adding one extra payment a year — cuts years off a long loan. Turn on the prepayment planner above and watch the payoff date move.
Fixed versus floating
- Floating loans reprice against a benchmark — the repo-linked lending rate in India, policy rates in the GCC where currencies are pegged to the dollar. Cheaper on average, but your instalment or your tenure moves when rates move.
- Fixed loans lock the rate for a period. You pay a premium for that certainty and often face a prepayment penalty in exchange for it.
- In most markets a floating loan can be prepaid without penalty when it is an individual borrower on a personal or housing loan. Confirm this in writing — it changes the value of every prepayment strategy above.
Questions people actually ask
An equated monthly instalment is one fixed payment that covers both the interest owed that month and a slice of the principal, sized so that the loan reaches exactly zero on the final month. The payment never changes on a fixed-rate loan; the split between interest and principal inside it changes every single month.
No — it costs you more, it just costs you more slowly. A longer term lowers the monthly figure because the principal is spread over more payments, but you pay interest on a large outstanding balance for far longer. Model the same loan at 15, 20 and 25 years in the calculator above and compare the Total payable figure, not the monthly one.
Compare the loan rate against the return you can realistically get after tax on the alternative. Prepaying a loan is a guaranteed, risk-free return equal to the interest rate you avoid; an investment that might beat it is not guaranteed. The prepayment planner shows exactly what the guaranteed side is worth, in money and in months.
It models the loan as if today's rate holds for the whole term, which is the standard way these figures are quoted. On a floating loan the rate will move. The useful way to use it is to run your loan at today's rate, then again one or two percentage points higher, and check that the higher instalment is one you could actually absorb.
Usually yes — processing fees, legal and valuation charges, documentation and stamp duty, insurance that is sometimes bundled in, and prepayment or foreclosure penalties on fixed-rate and non-individual loans. None of these show up in an EMI figure, so ask any lender for the all-in cost before comparing offers.
Because you are still choosing between offers and the monthly cash outflow is directly comparable. What differs is the structure: under murabaha or ijara the bank buys and sells or leases the asset rather than lending at interest, so the rate is a profit rate. Those lenders are tagged Islamic in the comparison table.