The quickest way to estimate any loan EMI is to know the EMI for ₹1 lakh. Multiply it by the number of lakhs you want to borrow. This table is worked out with the standard reducing-balance formula used by banks, with monthly instalments.
| Interest rate | 1 year | 3 years | 5 years | 10 years | 15 years | 20 years |
|---|---|---|---|---|---|---|
| 7% | ₹8,653 | ₹3,088 | ₹1,980 | ₹1,161 | ₹899 | ₹775 |
| 8% | ₹8,699 | ₹3,134 | ₹2,028 | ₹1,213 | ₹956 | ₹836 |
| 9% | ₹8,745 | ₹3,180 | ₹2,076 | ₹1,267 | ₹1,014 | ₹900 |
| 10% | ₹8,792 | ₹3,227 | ₹2,125 | ₹1,322 | ₹1,075 | ₹965 |
| 11% | ₹8,838 | ₹3,274 | ₹2,174 | ₹1,378 | ₹1,137 | ₹1,032 |
| 12% | ₹8,885 | ₹3,321 | ₹2,224 | ₹1,435 | ₹1,200 | ₹1,101 |
| 14% | ₹8,979 | ₹3,418 | ₹2,327 | ₹1,553 | ₹1,332 | ₹1,244 |
| 15% | ₹9,026 | ₹3,467 | ₹2,379 | ₹1,613 | ₹1,400 | ₹1,317 |
How to use it
Say you want a ₹40 lakh home loan for 20 years at 9%. Find 9% and 20 years: the EMI per lakh is about ₹900. Multiply by 40 to get roughly ₹36,000 a month. For exact figures, including processing fees and part-payments, use the EMI calculator.
The formula behind it
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. In the early years most of each EMI is interest, which is why prepaying early saves the most.
Ways to lower what you pay
- Shorter tenure: a higher EMI, but far less total interest.
- Part-payments: even one extra EMI a year can cut years off a long loan.
- A lower rate: compare offers and ask your bank about a rate reduction when your credit score improves.
Not sure whether to borrow at all? Compare buying with renting in the rent vs buy calculator.
Frequently asked questions
How do I calculate EMI from this table?
Find your interest rate and tenure, take the EMI for ₹1 lakh, and multiply by the number of lakhs you borrow.
Is the EMI the same every month?
For a fixed-rate loan, yes. On a floating-rate loan the EMI or the tenure changes when the rate changes.
Does this include processing fees or insurance?
No. It shows interest and principal only. Fees and insurance premiums are extra.
Last updated 2026-10-02. This guide gives general information for salaried individuals, not tax advice. Check the latest rules or ask a chartered accountant before you act.