Typical Loan Interest Rates
| Loan Type | Avg. Interest Rate | Common Tenure |
|---|---|---|
| Home Loan | 8.5% - 9.5% | 15 - 30 Years |
| Car Loan | 7% - 10% | 3 - 7 Years |
| Personal Loan | 11% - 18% | 1 - 5 Years |
Plan your finances by calculating your Equated Monthly Installments (EMI) instantly
| Loan Type | Avg. Interest Rate | Common Tenure |
|---|---|---|
| Home Loan | 8.5% - 9.5% | 15 - 30 Years |
| Car Loan | 7% - 10% | 3 - 7 Years |
| Personal Loan | 11% - 18% | 1 - 5 Years |
An Equated Monthly Installment (EMI) 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 so that over a specified number of years, the loan is paid off in full.
Our calculator uses the standard mathematical formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]