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EMI Calculator — Home, Car, Bike & Business Loan EMI India

Calculate your monthly EMI for any loan instantly. Covers home loan, car loan, personal loan, bike loan, LAP, education loan, and business loans. Includes processing fee, prepayment savings, finance charge breakdown, debt financing cost, and amortization schedule — free, no sign-up.

AI EMI Calculator — adjust to get instant results
₹5,00,000
10,00050,00,000
10.0%
130
5 yrs (60 mo)
110

Monthly EMI

₹10,624

per month for 60 months

Total₹6,37,411
Principal 78%
Interest 22%
₹1,37,411
Total Interest
₹6,37,411
Total Payment
21.56%
Interest %
0.83%
Monthly Rate
Relatively low interest burden
At 21.56% of total payment, your interest cost is manageable. Short tenure and moderate rate are working in your favour.
Save ₹28,709 by reducing tenure 1 year
Reducing your tenure from 60 to 48 months increases your EMI by ₹2,058 but saves ₹28,709 in total interest.
Pay ₹1,000 extra/month → save ₹9,741
Increasing your EMI by just ₹1,000 to ₹11,624 reduces your loan tenure by 6 months and saves ₹9,741 in interest.
0.5% lower rate saves ₹7,356 total
Negotiating just 0.5% off your interest rate reduces your EMI by ₹123 and saves ₹7,356 over the full tenure. Always compare lenders.
Prepay in early years for maximum savings
In a standard EMI, the first few years are mostly interest. A lump-sum prepayment in year 1–3 attacks the principal directly and can save tens of thousands in interest.
Ways to Save More
₹28,709
saved by reducing tenure by 1 year
₹9,741
saved by paying ₹1,000 more/month
₹7,356
saved if rate reduces by 0.5%
Year-wise Loan Breakdown
YearPrincipal PaidInterest PaidClosing Balance
Yr 1₹81,134₹46,348₹4,18,866
Yr 2₹89,630₹37,852₹3,29,236
Yr 3₹99,015₹28,467₹2,30,221
Yr 4₹1,09,383₹18,099₹1,20,837
Yr 5₹1,20,837₹6,645₹0
Share Your EMI Report
💰 Just calculated my loan EMI on ZMPL Tools! Loan: ₹5,00,000 Interest: 10% p.a. | 60 months 📊 Monthly EMI: ₹10,624 💸 Total Interest: ₹1,37,411 🏦 Total Payment: ₹6,37,411 Calculate yours free → https://zmpl.in/emi-calculator/
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What Is an EMI Calculator?

An EMI calculator (Equated Monthly Instalment calculator) is a financial planning tool that computes the fixed monthly payment due on a loan. Whether you are evaluating a home loan, car loan, personal loan, bike loan, or a business loan, the EMI stays constant every month for fixed-rate loans — making it easy to budget in advance.

Understanding your EMI based on the loan amount, interest rate, and tenure is the single most important step before signing any loan agreement. Our online EMI calculator goes several steps further than a basic formula — it accounts for the processing fee banks charge upfront, models the impact of loan prepayment, generates a full amortization schedule showing the principal vs interest split for every month, and breaks down the finance charge embedded in each instalment.

Whether you are comparing offers from top finance companies in India — SBI, HDFC, Bajaj Finance, Cholamandalam, or LIC Housing Finance — this free tool gives you a consistent, accurate basis for comparison. All calculations run instantly in your browser. No login, no ads, no data stored.

EMI Calculation Formula — How Your Monthly Instalment Is Computed

Every Indian bank — from SBI to HDFC to a small cooperative lender — uses the same EMI formula mandated under RBI guidelines:

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Where:

  • P = Principal — the loan amount you borrow
  • R = Monthly interest rate = Annual rate ÷ 12 ÷ 100
  • N = Loan tenure in months

Real example: A ₹30,00,000 home loan at 9% p.a. for 20 years (240 months). R = 9/12/100 = 0.0075. EMI = ₹26,992/month. Total amount paid over 20 years = ₹64,78,080. Total interest = ₹34,78,080 — more than the original loan. This is exactly why understanding your amortization schedule before borrowing is so important.

Add a 1% processing fee (₹30,000) and your true due amount rises to ₹65,08,080. This is also called the total finance charge — the complete cost of using borrowed capital over the loan's life. Our EMI calculator with processing fee shows this upfront so you are never caught off-guard by hidden charges at disbursement.

Types of EMI Calculator — One Tool for Every Loan

Different loan products have different interest rate ranges, tenures, and eligibility rules. Here are the main types of EMI calculator our tool supports:

🏠 Home Loan EMI Calculator

The most widely used EMI calculator in India. Home loans from leading housing finance companies carry the lowest rates (8–10.5% p.a.) and the longest tenures (up to 30 years). A lower EMI is appealing, but a 30-year tenure at 9% means you pay ₹2.17 in interest for every ₹1 borrowed. Tax benefits under Section 80C (principal) and 24(b) (interest up to ₹2L/year) partially offset this cost.

🚗 Car Loan EMI Calculator

For new and used vehicle financing from banks, NBFCs, or dealer tie-ups. Rates range from 8.5–13% p.a. with tenures of 3–7 years. Unlike home loans, car loans offer no tax benefits. Always compare the bank rate vs the dealer's in-house financing — dealers sometimes offer 0% schemes that recover cost through a higher vehicle price.

🏍️ Bike Finance Calculator

Two-wheeler loans are one of the most common forms of debt financing in India, with lenders like Bajaj Finance, TVS Finance, and Hero Fincorp offering rates from 9–18% p.a. for 12–60 months. For a ₹80,000 bike at 15% p.a. over 2 years: EMI ≈ ₹3,879/month and total finance charge ≈ ₹13,096. Use this bike finance calculator to compare EMI across tenure options before visiting the showroom.

💳 Personal Loan EMI Calculator

Unsecured loans for any purpose — medical, travel, wedding, renovation. Rates are the highest (10.5–26% p.a.) because lenders take on credit risk without collateral. Always calculate total due amount (not just EMI) before accepting. For a ₹5L personal loan at 18% for 3 years, EMI is ₹18,076 but total interest paid is ₹1,50,736.

🎓 Education Loan EMI Calculator India

For higher education in India or abroad. Rates range from 8–15% p.a. with moratorium periods (repayment typically begins 6–12 months after course completion). Government schemes like Vidya Lakshmi offer subsidised rates for eligible students. Use this calculator to plan repayment before course end to avoid interest capitalisation surprise.

🏢 Business Loan EMI Calculator

Business finance — whether for MSMEs, startups, or self-employed borrowers — typically ranges from 10–21% p.a. with tenure of 1–7 years. Business finance meaning: capital raised as debt to fund operations, equipment, or expansion, with a fixed repayment EMI. Our calculator covers standard amortising business loans — for custom structures, use the manual rate and tenure fields.

🏦 Loan Against Property (LAP) EMI

LAP is one of the most cost-effective sources of finance for individuals who own property. Loan against property finance companies offer rates of 8.5–13% p.a. with tenure up to 15 years. Since LAP is secured against immovable property, rates are lower than personal loans. For a ₹50L LAP at 10% over 10 years: EMI = ₹66,075/month. A good alternative to unsecured debt financing when you need large amounts.

🔄 Loan Prepayment EMI Calculator India

Shows the exact rupee savings from making a lump-sum or monthly extra payment. A ₹1L prepayment on a ₹50L home loan in year 3 saves approximately ₹2.5–3.5L in total interest. RBI mandates no prepayment penalty on floating rate home loans — always verify your loan agreement.

Processing Fee & Finance Charge — The Hidden Costs Most EMI Calculators Ignore

When you take a loan, the bank deducts a processing fee (also called origination fee or login fee) before disbursing the amount. This is typically 0.5%–2% of the loan amount plus 18% GST, and it is not reflected in your monthly EMI — which means most basic EMI calculators understate your true cost of borrowing.

Beyond the processing fee, every loan carries an implicit finance charge — the cumulative interest you pay over the loan's full tenure. This is the real price of debt financing: you receive ₹30L today but commit to paying back ₹65L+ over 20 years. Our EMI calculator with processing fee surfaces both numbers prominently so you always know what you are actually signing up for.

Tip: During festive seasons (Diwali, Navratri, financial year-end), many banks waive or reduce the processing fee. Even a ₹10,000–₹20,000 saving on processing fee can be meaningful. Always negotiate both the interest rate and the processing fee — top finance companies in India routinely offer both concessions to creditworthy borrowers.

Sources of Finance — Choosing Between Debt and Other Options

Before calculating your EMI, it helps to understand where loans fit within the broader universe of sources of finance available to Indian borrowers and businesses:

📊 Has EMI

Debt Financing (Loans)

Borrowing from banks, NBFCs, or housing finance companies with a defined repayment schedule. EMI-based. Interest is tax-deductible for businesses. Risk: fixed obligation regardless of income. Best for: home purchase, vehicle, business capex.

🔀 No EMI

Equity Financing

Raising capital by selling ownership stake (shares). No repayment obligation and no EMI. Risk: ownership dilution. Best for: startups and businesses that can't service fixed debt. Not applicable for individual borrowers.

✅ Zero Cost

Internal Accruals / Savings

Using accumulated savings or business profits instead of borrowing. Zero finance charge and no EMI burden. Best for: purchases below ₹5L where opportunity cost of deploying savings is low. Downside: depletes liquidity buffer.

For most individuals, debt financing through a bank or NBFC is the primary — and often only — viable source of finance for large purchases. Long-term finance is required for assets like homes and commercial property that generate value over decades. Use our EMI calculator to model the exact monthly burden before committing.

Loan Prepayment — How Much Can You Really Save?

Prepayment is one of the most powerful tools available to Indian loan borrowers. Our loan prepayment EMI calculator India shows the exact interest saved and tenure reduction for any prepayment amount.

1
Lump-sum prepayment (Part-payment)
If you receive a bonus, inheritance, or maturity proceed from an FD or LIC policy, putting it toward your home loan principal early in the tenure is almost always the smartest financial move. On a ₹50L loan at 9% over 20 years, a ₹5L part-payment at the end of year 2 saves approximately ₹12–15 lakh in interest over the remaining tenure.
2
Step-up EMI (increasing EMI every year)
If your income grows by 8–10% annually, consider increasing your EMI by 5% each year. This strategy can cut a 20-year home loan down to 13–14 years — saving 6–7 years of finance charges without a large one-time outflow.
3
Regular extra monthly payment
Even ₹5,000–₹10,000 extra per month toward your home loan principal makes a significant difference compounded over years. The best time to start is in the first 3–4 years of the loan, when the interest component of your EMI is highest.

Important: As per RBI circular, banks cannot levy prepayment penalties on floating rate home loans taken by individuals. For fixed rate loans or other loan types, check your loan agreement — prepayment charges are typically 2%–4% of the amount prepaid.

Factors That Affect Your EMI — And What You Can Control

Three variables determine your EMI — and all three are negotiable or adjustable to some degree:

Loan Amount (Principal)
Higher loan → Higher EMI. Every ₹1 lakh added to your principal at 9% for 20 years adds approximately ₹900/month to your EMI and ₹1.16L to your total due amount. A larger down payment is the most direct way to reduce principal. Negotiate the best price on the asset before finalising the loan amount.
Interest Rate & Finance Charge
The single most impactful variable over a long tenure. On a ₹50L home loan for 20 years, the difference between 8.5% and 9.5% is ₹3,272/month in EMI and over ₹7.85 lakh in total finance charge. Compare at least 3–4 lenders — banks, housing finance companies, and NBFCs — using the same loan amount and tenure inputs on this calculator.
Loan Tenure
Longer tenure lowers monthly EMI but dramatically increases total interest paid. A ₹30L loan at 9%: 10-year tenure = EMI ₹38,002, total interest ₹15.6L. 20-year tenure = EMI ₹26,992, total interest ₹34.78L — that is ₹19.18L extra for the same loan. Long-term finance is required when cash flow doesn't support a shorter tenure, but prepay aggressively once income grows.
Processing Fee
A one-time charge (0.5%–2%) paid at disbursement that increases your effective cost. On a ₹50L loan, a 1% fee is ₹50,000 — equivalent to several months of interest saving you could get by negotiating a slightly lower rate. Always include processing fee in your lender comparison — a lender at 9% with zero processing may be cheaper than 8.75% with 2% processing fee.

Understanding Your Due Amount — The True Cost of Debt Financing

The due amount is the total sum you will pay over the entire loan tenure — principal + all interest + processing fee + any other charges. This number, not the monthly EMI, tells you the real cost of your debt financing decision.

Many borrowers focus on the EMI ("I can afford ₹25,000/month") without realising that a ₹25,000 EMI on a 20-year home loan could mean a total due amount of ₹60L+ on a ₹30L loan. Our calculator makes the due amount impossible to miss — it is prominently displayed alongside the EMI so you always know what you are committing to.

When comparing two loan offers, always compare due amounts at the same tenure — not just EMI or interest rate in isolation. A loan with a marginally lower EMI can have a much higher due amount if the tenure is extended or the processing fee is higher.

Top Finance Companies in India — Lender Rate Benchmarks

Use these indicative rates when running scenarios on the EMI calculator above. Rates are as of 2025 and subject to change — always verify with the lender directly before applying.

Public Sector Banks
SBI, Bank of Baroda, PNB, Canara Bank
8.50–9.50%
Home & education loans
Private Sector Banks
HDFC, ICICI, Axis, Kotak, Yes Bank
8.75–11.00%
Home, car & personal loans
Housing Finance Companies
LIC HFL, PNB HFL, Can Fin Homes, Aavas
8.50–11.00%
Home loans, LAP
Large NBFCs
Bajaj Finance, Cholamandalam, Shriram Finance
10.00–26.00%
Personal, business, vehicle loans
Small Finance Banks
Ujjivan, Equitas, AU, Jana, Suryoday
12.00–24.00%
Microloans, group loans, FD-linked

Housing finance companies (HFCs) like LIC HFL, PNB Housing Finance, and Aavas are regulated by the National Housing Bank (NHB) and often offer competitive rates for home loans and LAP. NBFCs like Bajaj Finance and Cholamandalam dominate the personal loan and vehicle loan space. Always compare at least one bank, one HFC, and one NBFC before making your final decision — the difference in total due amount can be significant on large, long-tenure loans.

Home Loan EMI in India — Market Benchmarks 2025

Home loans are the largest and longest financial commitment most Indian families make. With the RBI's repo rate cycle and transmission through RLLR/MCLR, floating rate home loan EMIs have seen meaningful fluctuations. Here is a quick reference:

SBI Home Loan Rate8.50% – 10.05% p.a. (floating, RLLR-linked)
HDFC Home Loan Rate8.70% – 9.95% p.a. (floating)
ICICI Home Loan Rate8.75% – 9.80% p.a. (floating)
LIC HFL (Housing Finance)8.50% – 10.35% p.a.
Processing Fee (typical)0.25% – 1% of loan amount + GST
Maximum Tenure30 years (most lenders)
Maximum LTVUp to 90% for loans below ₹30L (RBI norms)
Prepayment PenaltyNil for floating rate (RBI mandate)

Rates are indicative and subject to change. Use our home loan EMI calculator above to compute your exact monthly instalment at the rate offered to you.

Practical Tips to Reduce Your EMI and Total Finance Charge

1
Make part-prepayments early in the loan tenure
The first 5 years of any loan are the most interest-heavy. A prepayment of ₹50,000–₹1L during this window has roughly 2–3× the interest-saving impact of the same amount prepaid in year 15. If you receive a bonus or maturity amount, channel it here first.
2
Negotiate both interest rate and processing fee
Banks have internal flexibility, especially for salaried employees at premium companies, existing customers, or borrowers with CIBIL score above 750. Even 0.25% off the rate or waiver of a 0.5% processing fee on a ₹40L loan saves ₹40,000+ immediately.
3
Step up your EMI by 5–10% each year
Request your bank to increase EMI annually as your salary grows. On a ₹30L home loan at 9% for 20 years, stepping up EMI by 10% each year reduces effective tenure to 11–12 years — saving nearly ₹15–18 lakh in total finance charge with minimal lifestyle impact.
4
Consider balance transfer if market rates have dropped
If your current home loan rate is significantly higher than the market rate (difference of 0.5%+), a balance transfer to a cheaper lender — bank, HFC, or NBFC — can make sense, especially if you still have 10+ years remaining. Account for the processing fee at the new lender when calculating net savings.
5
Explore LAP as a lower-cost alternative to personal loans
If you need a large amount (₹10L+) and own property, a Loan Against Property from one of the loan against property finance companies (Bajaj Finance, HDFC, ICICI, Tata Capital) offers rates 8.5–13% — far cheaper than a personal loan at 18–26%. The EMI will be lower for the same amount, and the total finance charge substantially reduced.

Frequently Asked Questions — EMI Calculator India

What is EMI and how is it calculated?+
EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until your loan is fully repaid. It covers both principal repayment and accrued interest. The standard EMI calculation formula used by all Indian banks is: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P = Principal (loan amount), R = Monthly interest rate (annual rate ÷ 12 ÷ 100), and N = Loan tenure in months. In the early months, a larger share of your EMI goes toward interest; over time, the principal portion grows — this is called the amortization effect.
What is the EMI for a ₹10 lakh loan at 10% for 5 years?+
For a ₹10,00,000 loan at 10% annual interest for 5 years (60 months): Monthly Rate R = 10/12/100 = 0.008333. EMI = [10,00,000 × 0.008333 × (1.008333)^60] / [(1.008333)^60 – 1] ≈ ₹21,247/month. Total amount payable = ₹12,74,820. Total interest = ₹2,74,820. If you add a 1% processing fee (₹10,000), your effective due amount rises to ₹12,84,820. Use the EMI calculator above to get exact figures for any combination.
Does this EMI calculator include processing fee?+
Yes. Our EMI calculator with processing fee support lets you factor in the one-time origination fee that banks charge (typically 0.5%–2% of the loan amount). Processing fees are not included in your monthly EMI but they increase the effective cost of your loan. For a ₹30 lakh home loan with a 1% processing fee, that's ₹30,000 added to your total due amount upfront. Always account for this when comparing loan offers from different housing finance companies or banks.
How does loan prepayment affect my EMI?+
Prepayment means paying more than your scheduled EMI — either as a lump sum or by increasing monthly payments. Our loan prepayment EMI calculator India shows you the exact savings. For example, a ₹50 lakh home loan at 9% for 20 years has an EMI of ₹44,986. A one-time prepayment of ₹5 lakh at the end of year 3 saves approximately ₹11–14 lakh in interest and reduces tenure by 3–4 years. Most banks allow prepayment without penalty on floating rate loans (per RBI guidelines).
What are the different types of EMI calculator?+
There are several types of EMI calculator based on loan product and borrower need: (1) Home loan EMI calculator — for housing loans up to 30 years. (2) Car loan EMI calculator — for new/used vehicles, 3–7 year tenure. (3) Personal loan EMI calculator — unsecured, short tenure, higher interest. (4) Bike finance calculator — for two-wheeler loans, 1–5 year tenure, rates 9–18%. (5) Education loan EMI calculator India — includes moratorium period options. (6) Business loan EMI calculator — for MSMEs and enterprises. (7) Loan against property (LAP) EMI calculator — secured, lower rates than personal loans. (8) Group loan EMI calculator — for self-help groups and microfinance borrowers. (9) EMI calculator with processing fee — shows true cost of borrowing. Our tool supports all of these from a single interface.
What is the difference between home loan, car loan, and personal loan EMI?+
Home loan EMI: Lowest rates (8–10.5% p.a.), longest tenures (up to 30 years), largest amounts (₹10L–₹5Cr+), tax benefits under Section 80C and 24(b). Car loan EMI: Moderate rates (8.5–13% p.a.), medium tenure (3–7 years), the car itself acts as security. Personal loan EMI: Highest rates (10.5–26% p.a.), shortest tenure (1–5 years), no collateral needed but higher EMI for the same amount. Use the loan type selector above to auto-fill realistic values for each loan type.
What is the due amount in a loan?+
The due amount (or total due amount) is the complete sum you owe the lender over the entire loan tenure — including the principal borrowed, total interest accrued, and any applicable charges like processing fee or prepayment penalties. It is different from the outstanding principal, which is only the remaining principal at any given point. Our EMI calculator clearly shows your monthly EMI, total interest payable, and the complete due amount so you can evaluate the real cost of your loan before signing.
How can I reduce my loan EMI or total interest?+
Four practical strategies: (1) Make a larger down payment — reducing the principal directly lowers both EMI and total due amount. (2) Negotiate a lower interest rate — even a 0.5% reduction on a ₹40L loan over 15 years saves ₹3–5 lakh. (3) Opt for a shorter tenure — higher EMI but far lower total interest. (4) Make part-prepayments — use bonuses, incentives, or lump sums to pay down principal early. Our AI insights section shows you the exact rupee saving for each strategy based on your specific loan.
Is this online EMI calculator accurate?+
Yes. Our online EMI calculator uses the standard EMI formula mandated by the RBI and followed by all major Indian banks including SBI, HDFC, ICICI, Axis, and Kotak. Results match their official calculators. Minor differences (₹1–₹5) can occur due to rounding — some banks round to the nearest rupee at each instalment step. For final confirmation always verify with your bank's official loan statement.
Can I use this EMI calculator for a floating interest rate loan?+
This EMI calculator works on a fixed rate for each calculation session. For a floating rate loan, enter your current applicable rate (your bank's RLLR/MCLR + spread) to get the current EMI. Whenever your rate resets (quarterly, half-yearly, or annually depending on your loan agreement), re-enter the new rate to see the revised EMI. For planning purposes, you can run the calculator at multiple rate scenarios (e.g., current rate, +1%, +2%) to stress-test your repayment capacity.
What is an amortization schedule and why does it matter?+
An amortization schedule is a month-by-month breakdown of every EMI payment, showing exactly how much goes toward interest and how much toward principal for each instalment. In the early years of a loan, the majority of your EMI is interest — for a 20-year home loan, over 70% of your EMIs in the first year may be interest. Knowing your amortization schedule helps you identify the best time to prepay (early years have maximum impact), track your outstanding balance at any point, and plan your finances around tax benefits. Our tool generates the full schedule for your loan.
For what purposes is long-term finance required?+
Long-term finance is required for capital expenditures and large asset acquisitions that cannot be funded from short-term cash flows. The most common uses of long-term finance in India are: (1) Home loans — purchasing residential property, typically 15–30 year tenure. (2) Business expansion — acquiring plant, machinery, or land for MSMEs. (3) Infrastructure projects — roads, power plants, hospitals funded over 10–25 years. (4) Education — funding higher studies abroad with repayment beginning post-employment. (5) Vehicle acquisition — commercial vehicles or fleet purchases funded over 5–7 years. Long-term finance sources include bank loans, debentures, equity, and government bonds. Our EMI calculator helps you plan the monthly repayment obligation for any long-term loan before you commit.
What is a finance charge on a credit card EMI? How is it calculated?+
A finance charge is the total cost you pay a lender for using credit — on credit cards, it refers to the interest and fees applied when you convert a purchase to EMI or carry a balance. Finance charge on credit card EMI = Principal × Monthly Interest Rate. Example: ₹30,000 EMI conversion at 18% p.a. → monthly rate = 1.5% → finance charge in month 1 = ₹30,000 × 1.5% = ₹450. Over a 12-month EMI, total finance charges = approximately ₹2,534. Credit card EMIs also attract 18% GST on the finance charge. Some banks offer zero-cost EMI where the finance charge is absorbed into the MRP of the product — but processing fees (₹99–₹299) and GST still apply. Use our online EMI calculator to compute the exact total for any credit card EMI by entering the amount, rate, and tenure.
What is debt financing and how does it compare to equity financing?+
Debt financing means borrowing money that must be repaid with interest over a defined period — home loans, car loans, business loans, and personal loans are all forms of debt financing. Equity financing means raising capital by selling ownership (shares) in your business — no repayment obligation, but you dilute ownership. Key differences: Debt financing is cheaper for profitable businesses (interest is tax-deductible under Section 36 of the Income Tax Act). Debt financing carries risk: you must repay EMI regardless of business performance. Equity financing has no fixed EMI burden but costs more in the long run if the business does well (investors share profits). For individuals, all personal borrowing (home, car, personal, education loans) is debt financing by definition. Our EMI calculator helps you model the monthly debt service obligation before taking on any form of debt financing.
Which are the top finance companies in India for loans?+
The top finance companies in India for retail loans, ranked by assets under management and customer base, are: Banks: SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda. Housing Finance Companies (HFCs): HDFC Ltd, LIC Housing Finance, PNB Housing Finance, Can Fin Homes, Aavas Financiers, Aptus Value Housing Finance. NBFCs (Non-Banking Finance Companies): Bajaj Finance, Shriram Finance, Mahindra Finance, Cholamandalam Finance, Muthoot Finance (gold loans), Manappuram Finance. Microfinance / Small Finance Banks: Ujjivan Small Finance Bank, Equitas, AU Small Finance Bank, Jana Small Finance Bank. When comparing loan offers across these lenders, always use our EMI calculator to input the specific rate and processing fee each lender quotes — the EMI alone doesn't tell the full story; always compare total due amounts at the same tenure.
What is a group loan and how is the EMI calculated?+
A group loan is a microfinance or cooperative lending product where a group of 5–20 borrowers (typically women in Self-Help Groups or Joint Liability Groups) collectively guarantee each other's repayment. Lenders include microfinance institutions (MFIs), small finance banks (ESAF, Ujjivan, Jana), and government schemes (Pradhan Mantri MUDRA Yojana). Group loan EMI calculation is identical to individual loan EMI: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]. Each member in the group has their individual loan amount (P), though joint liability means the group is collectively responsible. Group loan rates typically range from 18–26% p.a. on a declining balance basis (though some lenders still quote flat rates — always convert flat rate to effective rate for accurate comparison). Use our EMI calculator by entering each member's individual loan amount, the annual interest rate, and tenure in months to compute their monthly EMI obligation.

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