India's Free Loan Calculator

Your Smart Mitra
for Every Loan

Calculate EMI for any loan in seconds. Check eligibility, compare rates and apply — all in one place. Free forever.

10+
Calculators
100%
Accurate
Free
Always
RPAS
Trusted by lakhs of Indians for loan planning
Loan Amount₹25,00,000
Interest Rate (per year)8.5%
Loan Tenure20 Years
Monthly EMI
₹21,700
Total Interest
₹27.1L
Total Payable
₹52.1L
Interest Ratio
52%
Interest: 52%
Principal: 48%
Reducing balance method
Best rates from 20+ banks Check Eligibility — Free & Instant →
🏦

All Tools

Every Loan Calculator
You Will Ever Need

From home loans to MSME business loans — calculate, compare and plan with India's most complete loan toolkit.

Simple Process

How EMI Mitra Works

Plan your complete loan in under 60 seconds. No registration. No login. No fees. Free forever.

01

Choose Loan Type

Select from Home, Car, Personal, Business or any other loan type that fits you.

02

Set Your Numbers

Slide to adjust loan amount, interest rate and tenure. Results update live instantly.

03

See Full Breakdown

Get your exact monthly EMI, total interest and principal vs interest chart.

04

Apply With Best Bank

Compare rates from 20+ lenders and apply for the loan with the lowest interest.

Lending Partners

Get Your Loan From
India's Top Lenders

After calculating your EMI, apply directly through our trusted partners for the best available interest rates.

PaisaBazaar
BankBazaar
MyLoanCare
Finnable
Navi Finance
IIFL Finance
MoneyView
Home Credit
+ 12 More

Learn

What is EMI &
How is it Calculated?

📘 What is EMI?

EMI (Equated Monthly Instalment) is a fixed monthly payment made to a lender. It includes both principal repayment and interest, spread evenly across the loan tenure so you pay the same amount every month.

🧮 EMI Formula

EMI = P × r × (1+r)ⁿ
      ÷ ((1+r)ⁿ – 1)

P = Principal amount
r = Monthly interest rate
n = Total monthly payments

📊 What Affects EMI?

  • Higher loan amount = Higher EMI
  • Lower interest rate = Lower EMI
  • Longer tenure = Lower EMI
  • Better CIBIL score = Lower rate

Guides

Loan Guides &
Helpful Articles

In-depth guides to help you understand loans, EMIs and eligibility — written in simple language for Indian borrowers.

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FAQ

Frequently Asked Questions

How accurate is the EMI Mitra calculator?+
EMI Mitra uses the reducing balance method — the same method used by all Indian banks and NBFCs. Results match bank calculations exactly to the rupee.
Is EMI Mitra free to use?+
Yes — 100% free, always. No registration, no login, no hidden charges. Use any calculator as many times as you need.
What is a healthy EMI to salary ratio?+
Banks recommend keeping total monthly EMIs under 40–50% of gross monthly income. For ₹60,000 salary, total EMIs should not exceed ₹24,000–30,000.
How can I reduce my loan EMI?+
1) Increase loan tenure, 2) Negotiate lower interest rate, 3) Make a larger down payment, 4) Improve your CIBIL score above 750 before applying.
Should prepayment reduce EMI or tenure?+
Reducing tenure saves significantly more on total interest. Choose to reduce tenure if you have no cash flow pressure — you'll save lakhs over the loan period.
Which bank has the lowest home loan rate in 2026?+
SBI, HDFC and Union Bank currently offer competitive rates from 8.35–8.5% p.a. Use PaisaBazaar via our Apply Now button to compare live rates from 20+ lenders.