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EMI & Loan Prepayment Calculator

Last updated: 2026-05-04
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folder_open Loan Calculator

EMI/Loan Prepayment Calculator

Calculate Savings from Part-Prepayment or Foreclosure

Save Interest
lightbulb EMI Calculator: Use this EMI calculator to find your monthly installment for Home Loan, Car Loan, or Personal Loan in 2026. Our loan prepayment calculator also helps you see how much interest you can save by making extra payments.
Years ▼
Years
Months
Monthly EMI: ₹43,391
Principal Amount: ₹50,00,000
Total Interest: ₹54,13,852
Total Payment: ₹1,04,13,852
Monthly EMI
₹43,391
Interest %
52%
Principal %
48%

bar_chart Principal vs Interest Breakdown

48%
52%
Principal
Interest
build Related Loan Tools

calendar_today Amortization Schedule

lightbulb Smart Move: Making extra payments towards your loan principal can save you lakhs in interest and help you become debt-free years earlier!

assignment Enter Loan Details

payments Prepayment Options

cancel Without Prepayment

Monthly EMI: ₹0
Total Interest: ₹0
Total Payment: ₹0
Loan Ends In: 0

check_circle With Prepayment

Effective EMI: ₹0
Total Interest: ₹0
Total Payment: ₹0
Loan Ends In: 0

🎉 Your Savings

Interest Saved
₹0
Time Saved
0

📖 EMI & Loan Prepayment Guide

What is EMI?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month.

EMI Formula

EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)

Where:
P = Principal loan amount
r = Monthly interest rate (Annual rate / 12 / 100)
n = Number of monthly installments

Benefits of Loan Prepayment

  • Save on Interest: Reduce total interest paid over the loan tenure
  • Faster Debt Freedom: Become debt-free years earlier
  • Improved Credit Score: Lower debt-to-income ratio
  • Financial Peace: Reduced financial stress and obligations

Current Home Loan Interest Rates (Jan 2026)

BankInterest RateProcessing Fee
SBI8.50% - 9.65%0.35% + GST
HDFC8.75% - 9.90%0.50% + GST
ICICI8.75% - 9.85%0.50% + GST
Axis Bank8.75% - 10.15%1% + GST
Bank of Baroda8.40% - 10.65%0.25% - 0.50%

* Rates are indicative and subject to change. Please check with respective banks for current rates.

Frequently Asked Questions about Loan Prepayment

Find answers to common questions about loan prepayment. Click on any question to expand the answer.

This calculator shows you the financial benefit of paying more than your regular EMI. It calculates the total interest you will save and how much your loan tenure will be reduced, helping you make informed decisions to become debt-free faster.

An amortization schedule is a table that details each periodic payment on a loan. It shows how much of each payment goes towards interest and how much goes towards paying down the principal balance.

Yes, our tool allows you to export the detailed month-wise amortization schedule as a PDF or Excel (CSV) file for your records or for sharing with your financial advisor.

Prepayment involves making a partial lump-sum payment towards your loan, which reduces the principal. Pre-closure (or foreclosure) is when you pay off the entire outstanding loan balance in one go before the tenure ends.

As per RBI guidelines, there are no prepayment penalties on floating-rate home loans. However, fixed-rate loans and other loan types like personal or car loans may attract a prepayment penalty, which varies by lender.

gavel Legal Disclaimer

This calculator is for informational and educational purposes only. EMI calculations are approximate and actual EMI may differ based on bank-specific processing fees, insurance, and other charges. Interest rates vary across lenders and are subject to change. Prepayment penalties may apply as per your loan agreement. This tool should not be considered as financial advice. Consult your bank or financial advisor for exact loan terms.

verified Source: RBI, Govt. of India • Last updated: 2026-05-04

update Latest Updates & Regulatory Changes

UPDATED

percent RBI Repo Rate Update

Home loan and other floating-rate loan EMIs are linked to the RBI repo rate. Check with your bank for the latest applicable interest rate on new and existing loans.

NEW

home PMAY 2.0 Launched

Pradhan Mantri Awas Yojana 2.0 (PMAY 2.0) has been launched with enhanced interest subsidy for EWS, LIG, and MIG categories. Subsidy up to ₹2,67,280 available for eligible beneficiaries.

description Terms, Rules & Regulations

gavel

RBI Guidelines on Lending

Loan interest rates, processing fees, and prepayment penalties are regulated by RBI guidelines. Floating-rate loans are linked to external benchmark rates (EBLR) such as the RBI repo rate. Banks must display their MCLR and EBLR rates on their websites.

rule

Prepayment & Foreclosure Rules

As per RBI guidelines, no prepayment penalty can be charged on floating-rate loans by banks. However, NBFCs and fixed-rate loans may attract prepayment charges as per the loan agreement. Always check the specific terms of your loan agreement.

'; iframeDoc.open(); iframeDoc.write(htmlContent); iframeDoc.close(); iframe.contentWindow.focus(); setTimeout(function() { iframe.contentWindow.print(); setTimeout(function() { document.body.removeChild(iframe); }, 1000); }, 250); }function emiExportExcel() { if (!emiData.principal) { alert('Please calculate EMI first'); return; } let csvContent = 'EMI Calculation Report\n'; csvContent += `Generated On,${new Date().toLocaleDateString('en-IN')}\n\n`; csvContent += 'Loan Details\n'; csvContent += `Principal Amount,${emiData.principal}\n`; csvContent += `Interest Rate (%),${emiData.rate}\n`; csvContent += `Loan Tenure (Years),${emiData.tenure}\n`; csvContent += `Loan Tenure (Months),${emiData.tenureMonths}\n\n`; csvContent += 'Results\n'; csvContent += `Monthly EMI,${Math.round(emiData.emi)}\n`; csvContent += `Total Interest,${Math.round(emiData.totalInterest)}\n`; csvContent += `Total Payment,${Math.round(emiData.totalPayment)}\n\n`; csvContent += 'Month-wise Amortization Schedule\n'; csvContent += 'Month,EMI,Principal,Interest,Balance\n'; monthlyAmortization.forEach(row => { csvContent += `${row.month},${Math.round(row.emi)},${Math.round(row.principal)},${Math.round(row.interest)},${Math.round(row.balance)}\n`; }); const blob = new Blob([csvContent], { type: 'text/csv;charset=utf-8;' }); const url = URL.createObjectURL(blob); const a = document.createElement('a'); a.href = url; a.download = 'emi-calculation.csv'; a.click(); URL.revokeObjectURL(url); }function emiPrint() { emiExportPDF(); }function prepayExportPDF() { if (!prepayData.principal) { alert('Please calculate prepayment first'); return; } // Create hidden iframe for printing var iframe = document.createElement('iframe'); iframe.style.cssText = 'position:absolute;width:0;height:0;border:0;left:-9999px;'; document.body.appendChild(iframe); var iframeDoc = iframe.contentDocument || iframe.contentWindow.document; var htmlContent = 'Loan Prepayment Analysis'; htmlContent += ''; htmlContent += '

Loan Prepayment Analysis

'; htmlContent += '

Generated on: ' + new Date().toLocaleDateString('en-IN', { day: 'numeric', month: 'long', year: 'numeric' }) + '

'; htmlContent += '

Loan Details

'; htmlContent += '
Principal Amount:Rs.' + prepayData.principal.toLocaleString('en-IN') + '
'; htmlContent += '
Interest Rate:' + prepayData.rate + '% p.a.
'; htmlContent += '
Loan Tenure:' + prepayData.tenure + ' years
'; htmlContent += '
Monthly EMI:Rs.' + Math.round(prepayData.emi).toLocaleString('en-IN') + '
'; htmlContent += '

Prepayment Details

'; htmlContent += '
One-Time Prepayment:Rs.' + prepayData.oneTimePrepay.toLocaleString('en-IN') + '
'; htmlContent += '
Extra Monthly Payment:Rs.' + prepayData.extraMonthly.toLocaleString('en-IN') + '
'; htmlContent += '

Your Savings

'; htmlContent += '

Interest Saved: Rs.' + Math.round(prepayData.interestSaved).toLocaleString('en-IN') + '

'; htmlContent += '

Time Saved: ' + formatMonths(prepayData.monthsSaved) + '

'; htmlContent += '

Disclaimer: This analysis is for informational purposes only. Actual savings may vary based on bank policies and prepayment charges.

'; htmlContent += '

Generated by TaxGST.in

'; iframeDoc.open(); iframeDoc.write(htmlContent); iframeDoc.close(); iframe.contentWindow.focus(); setTimeout(function() { iframe.contentWindow.print(); setTimeout(function() { document.body.removeChild(iframe); }, 1000); }, 250); }function prepayExportExcel() { if (!prepayData.principal) { alert('Please calculate prepayment first'); return; } let csvContent = 'Loan Prepayment Analysis\n'; csvContent += `Generated On,${new Date().toLocaleDateString('en-IN')}\n\n`; csvContent += 'Loan Details\n'; csvContent += `Principal Amount,${prepayData.principal}\n`; csvContent += `Interest Rate (%),${prepayData.rate}\n`; csvContent += `Loan Tenure (Years),${prepayData.tenure}\n`; csvContent += `Monthly EMI,${Math.round(prepayData.emi)}\n\n`; csvContent += 'Prepayment Details\n'; csvContent += `One-Time Prepayment,${prepayData.oneTimePrepay}\n`; csvContent += `Extra Monthly Payment,${prepayData.extraMonthly}\n\n`; csvContent += 'Comparison\n'; csvContent += `Interest Without Prepayment,${Math.round(prepayData.interestNormal)}\n`; csvContent += `Interest With Prepayment,${Math.round(prepayData.interestWithPrepay)}\n`; csvContent += `Interest Saved,${Math.round(prepayData.interestSaved)}\n`; csvContent += `Months Saved,${prepayData.monthsSaved}\n`; const blob = new Blob([csvContent], { type: 'text/csv;charset=utf-8;' }); const url = URL.createObjectURL(blob); const a = document.createElement('a'); a.href = url; a.download = 'loan-prepayment-analysis.csv'; a.click(); URL.revokeObjectURL(url); }// Initialize document.addEventListener('DOMContentLoaded', function() { calculateEMI(); calculatePrepayment(); });
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