A complete guide to using emi-elly — from entering your loan details to reading your amortization schedule. Built by Jackrabbit Exports Private Limited.
Click any tab at the top of the calculator — Home Loan, Personal Loan, Car Loan, Education Loan, Gold Loan, or Business Loan. Each type is pre-configured with the typical interest rate range and loan amount limits used by Indian banks and NBFCs for that category.
Drag the slider to your desired loan amount, or click directly into the number field and type any value. Use the quick-select buttons (e.g. ₹5L, ₹10L, ₹25L, ₹50L) to jump to common amounts in one click. The range varies by loan type — home loans go up to ₹10 crore, personal loans up to ₹50 lakh.
Enter the annual interest rate (% per annum) exactly as quoted by your bank or NBFC. Quick-select buttons display the most common rates for each loan type. If comparing lenders, use the Compare Lenders tool further down the page to enter two rates side by side.
Set how long you want to repay the loan. Toggle between Years and Months for flexibility. Home loans can run up to 30 years; personal loans are typically 1–7 years. A longer tenure reduces your monthly EMI but significantly increases total interest — watch the chart update in real time as you adjust.
Adding your take-home monthly income unlocks the Affordability Indicator. emi-elly will tell you if the loan is safe (EMI < 30% of income), manageable (30–50%), or high-risk (> 50%). A pie chart shows how much of your income will go towards the EMI each month.
The results panel on the right (or below on mobile) shows your Monthly EMI in large type, along with Principal Amount, Total Interest, Total Payable, and EMI-to-Income ratio. The donut chart splits principal vs interest visually. All values update instantly as you move any slider.
Scroll down to the Repayment Schedule section. Switch between Monthly (every EMI, month by month) and Yearly Summary views. Each row shows Opening Balance, EMI, Interest component, Principal component, and Closing Balance — the complete amortization table as produced by Indian banks.
Use the Prepayment Simulator to see what happens if you pay extra every month. Drag the slider to set an additional monthly payment. Instantly see how much interest you save, how many months you cut off your tenure, and your new loan payoff date.
emi-elly uses the standard reducing-balance EMI formula used by the Reserve Bank of India (RBI) and all regulated Indian banks and NBFCs. This is the same formula you'll find in your loan sanction letter.
Each monthly EMI is split into two parts: an interest component (interest on the outstanding balance) and a principal component (reduction of the outstanding balance). In the early months of a loan, most of the EMI goes to interest. Over time, this ratio reverses — the principal component grows and interest shrinks. This is called the reducing-balance or diminishing-balance method.
Home loan of ₹50,00,000 at 8.5% p.a. for 20 years (240 months):
| Month | Opening Balance | EMI | Interest | Principal | Closing Balance |
|---|---|---|---|---|---|
| 1 | ₹50,00,000 | ₹43,391 | ₹35,417 | ₹7,975 | ₹49,92,025 |
| 2 | ₹49,92,025 | ₹43,391 | ₹35,361 | ₹8,030 | ₹49,83,995 |
| 120 | ₹37,42,580 | ₹43,391 | ₹26,510 | ₹16,881 | ₹37,25,699 |
| 240 | ₹43,084 | ₹43,391 | ₹305 | ₹43,084 | ₹0 |
Full month-by-month or year-by-year repayment schedule, matching bank-issued schedules exactly.
Set extra monthly payment amount. See interest saved, tenure reduction, and updated payoff date instantly.
Enter rates and processing fees from two banks. See which is the better deal including all costs.
Reveals the real interest rate hidden in "0% EMI" offers, including processing fees and subvention costs.
Enter your income to see EMI as a percentage of take-home pay. Green = safe, amber = caution, red = risky.
Sidebar shows current indicative interest rates for all major loan types in India, updated monthly.
emi-elly uses the standard reducing-balance formula universally used by Indian banks and RBI-regulated NBFCs for fixed-rate loans. Results will match your bank's sanction letter for fixed-rate products.
Floating-rate loans: For floating-rate home loans linked to RLLR or MCLR, the EMI or tenure will change each time the repo rate changes. emi-elly shows EMI at the rate you enter — it cannot predict future rate changes.
Processing fees and charges: The calculator does not factor in processing fees, stamp duty, insurance premiums, or other charges unless you enter them manually in the Compare Lenders section.
emi-elly is operated by Jackrabbit Exports Private Limited. We are not a bank, NBFC, broker, or financial advisor. All results are for informational and planning purposes only. Always verify with your chosen lender before signing any loan agreement.
All calculations run entirely in your browser using JavaScript. No loan amount, income, or personal data is ever sent to our servers. We do not store, sell, or share any financial information you enter. The only data we collect is anonymous page-view analytics via Google Analytics (with IP anonymisation enabled).
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