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Loan EMI calculator with amortisation and EMI tables
Every bank, including Canara Bank and ICICI Bank, works out a standard loan EMI with the same reducing-balance formula. So one calculator works for a home loan, a car loan, a tractor loan or a personal loan, as long as you enter the right amount, rate and tenure. Use the calculator below to get your monthly EMI, total interest and total repayment. Further down you'll find how a ₹30 lakh home loan is repaid over 20 years, EMI tables for common loan sizes and tenures, and Canara Bank's current housing loan rates from its own rate page. There's also a section on tractor loans, which often follow a different repayment schedule. Your bank's figure can differ slightly because of rounding, pre-EMI interest or insurance added to the loan.
- Canara RLLR
- 8.00% (from 12 Mar 2026)
- Canara home loans from
- 7.25%
- ₹30 lakh, 20 yrs, 8.5%
- ₹26,035/month
How the EMI formula works
An EMI (equated monthly instalment) stays the same every month, but what it pays for changes. Early on, most of it is interest; later, most of it repays the loan. The formula is:
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months.
Take a ₹30 lakh home loan at 8.5% for 20 years. The monthly rate is 0.7083% and there are 240 months, so the EMI is ₹26,035. In the first month, ₹21,250 of that is interest and only ₹4,785 reduces the loan. Over 20 years you pay about ₹32.5 lakh in interest on top of the ₹30 lakh borrowed. Enter your own numbers in the calculator to see your EMI.
EMI calculator
Monthly EMI
₹21,696
- Principal
- ₹25,00,000
- Total interest
- ₹27,06,939
- Total you repay
- ₹52,06,939
Uses the standard reducing-balance formula. Your lender may add processing fees and round differently.
How a ₹30 lakh loan is repaid over 20 years
The outstanding balance falls slowly at first and quickly at the end. After 10 years of a 20-year loan at 8.5%, you still owe about ₹21 lakh, about 70% of what you borrowed, even though you've paid ₹31.2 lakh in EMIs. That's why part-prepayments in the early years save the most interest. Every rupee prepaid then stops interest building on it for many years.
- Outstanding loan
- Interest paid so far
Calculated with the standard reducing-balance formula: EMI ₹26,035, 240 monthly instalments, no prepayments or rate changes.
| Outstanding loan, Years 0 | ₹30,00,000 |
|---|---|
| Outstanding loan, Years 2 | ₹28,75,309 |
| Outstanding loan, Years 4 | ₹27,27,600 |
| Outstanding loan, Years 6 | ₹25,52,625 |
| Outstanding loan, Years 8 | ₹23,45,351 |
| Outstanding loan, Years 10 | ₹20,99,815 |
| Outstanding loan, Years 12 | ₹18,08,954 |
| Outstanding loan, Years 14 | ₹14,64,402 |
| Outstanding loan, Years 16 | ₹10,56,247 |
| Outstanding loan, Years 18 | ₹5,72,749 |
| Outstanding loan, Years 20 | ₹0 |
| Interest paid so far, Years 0 | ₹0 |
| Interest paid so far, Years 2 | ₹5,00,141 |
| Interest paid so far, Years 4 | ₹9,77,266 |
| Interest paid so far, Years 6 | ₹14,27,123 |
| Interest paid so far, Years 8 | ₹18,44,682 |
| Interest paid so far, Years 10 | ₹22,23,978 |
| Interest paid so far, Years 12 | ₹25,57,950 |
| Interest paid so far, Years 14 | ₹28,38,231 |
| Interest paid so far, Years 16 | ₹30,54,909 |
| Interest paid so far, Years 18 | ₹31,96,244 |
| Interest paid so far, Years 20 | ₹32,48,327 |
EMI table for common home loan sizes
This table shows 20-year EMIs at three rates. A one-point rise in the rate adds roughly 7% to the EMI and much more to total interest. On ₹50 lakh, moving from 8.5% to 9.5% adds ₹3,216 a month and about ₹7.7 lakh over the loan.
Tenure matters as much as rate. On ₹30 lakh at 8.5%, a 10-year loan costs ₹37,196 a month with ₹14.6 lakh of interest. A 30-year loan costs ₹23,067 a month, but interest rises to ₹53 lakh.
| Loan amount | At 7.5% | At 8.5% | At 9.5% | Total interest at 8.5% |
|---|---|---|---|---|
| ₹10,00,000 | ₹8,056 | ₹8,678 | ₹9,321 | ₹10,82,776 |
| ₹25,00,000 | ₹20,140 | ₹21,696 | ₹23,303 | ₹27,06,939 |
| ₹50,00,000 | ₹40,280 | ₹43,391 | ₹46,607 | ₹54,13,879 |
| ₹75,00,000 | ₹60,419 | ₹65,087 | ₹69,910 | ₹81,20,818 |
Canara Bank and ICICI home loan rates
Canara Bank links its retail loans to its repo-linked lending rate (RLLR), which its rate page lists at 8.00% from 12 March 2026. For housing loans up to ₹50 lakh, the effective rate depends on your credit risk grade. It runs from 7.25% for women borrowers in the best grade (7.30% for others) to 9.95%/10.00% in the lowest listed grade. Loans above ₹50 lakh and up to ₹1 crore are slightly cheaper, from 7.20% (women) and 7.25% (others) to 9.85%/9.90%. On ₹30 lakh over 20 years, that range means an EMI between ₹23,802 (7.30%) and ₹28,951 (10.00%), so your credit score can be worth over ₹5,000 a month.
ICICI Bank publishes its home loan rates on its website with a validity date. The version we found was valid only until 30 September 2026, so we don't quote it. Check ICICI's current rate page, then use the calculator above with that rate.
Using the calculator for a tractor loan
The formula works for any loan with fixed monthly instalments. On a ₹6 lakh tractor loan over 5 years, the EMI is ₹12,455 at 9%, ₹12,896 at 10.5% and ₹13,347 at 12%. Total interest is ₹1.47 lakh, ₹1.74 lakh and ₹2.01 lakh.
Many farm loans don't use monthly instalments. Some banks schedule repayments half-yearly or yearly to match harvests, which changes the instalment amount even at the same rate. Ask your bank for the repayment schedule before comparing offers. Canara Bank publishes agriculture loan rates in a separate document from its retail rate page.
Once your loan is running, you can pay EMIs on Subspace for lenders listed on Bharat BillPay. See loan EMI payment.
Frequently asked questions
How is a home loan EMI calculated?
With the reducing-balance formula: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan, r the monthly rate and n the number of months. A ₹30 lakh loan at 8.5% for 20 years works out to ₹26,035 a month.
What is Canara Bank’s home loan interest rate?
Canara Bank’s rate page lists its RLLR at 8.00% from 12 March 2026. Effective housing loan rates up to ₹50 lakh run from 7.25% (women, best credit grade) to 10.00% depending on your credit risk grade.
Can I use this as an ICICI home loan EMI calculator?
Yes. ICICI uses the same EMI formula. Enter the rate ICICI quotes you, since its published rates carry a validity date and change over time.
Does this work as a tractor loan EMI calculator?
Yes, for tractor loans repaid monthly. Many farm loans are repaid half-yearly or yearly instead, so ask your bank for the schedule before comparing.
Does a longer tenure reduce my EMI?
Yes, but it raises total interest sharply. On ₹30 lakh at 8.5%, going from 20 to 30 years cuts the EMI from ₹26,035 to ₹23,067 but adds about ₹20.6 lakh in interest.
Why is my bank’s EMI slightly different from the calculator?
Banks may round differently, charge pre-EMI interest before full disbursal, or add insurance premiums to the loan. The calculator gives the standard figure for the amount, rate and tenure you enter.
Pay on the web
Work out your home, tractor or personal loan EMI with the calculator, see how the balance falls year by year, and compare EMIs for common loan sizes and rates.
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Facts on this page were last checked on 2026-10-12. Prices and plans change; the final amount shows before you pay.