EMI or Tenure Calculator Your loan rate went up. See what each way of paying for it costs.
When a floating rate rises, you pay through a higher EMI, more EMIs, or a one-time prepayment. Enter your balance from your latest statement, and see all three side by side, with the interest each one costs from here.
Your loan today
Extending the tenure costs you
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The three routes
Interest is counted from today to the last EMI.
| Line | Raise EMI | Extend tenure | Prepay once |
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What the numbers do not show
Some lenders keep the EMI and extend the tenure. The only sign may be the number of EMIs left on your quarterly statement.
A repo-linked loan resets at least every three months. An MCLR-linked loan follows the cycle in your agreement, often yearly.
RBI's rules do not allow an extension that leaves the EMI below the month's interest. Lenders also set age limits, so a long extension may not be available to you.
How the routes are worked out
The calculator takes your balance as of today and treats the new rate as starting now, with no further change.
Raise the EMI
The EMI is recalculated at the new rate over the same number of EMIs, so the closing date does not move.
Extend the tenure
The EMI stays as it is, and the balance is run forward month by month at the new rate until it reaches zero. The last EMI may be smaller than the rest.
Prepay once
This is the single payment that brings the balance down far enough for your old EMI and old closing date to work at the new rate. Our guide on what to do after a repo hike walks through a full example.
Can I choose between a higher EMI and a longer tenure?
Yes. RBI's rules on resetting floating rates require lenders to give you the choice of a higher EMI, a longer tenor or a mix of the two, and you can prepay at any point.
Is a higher EMI always better?
It costs less interest, but only if you can keep paying it. A missed EMI goes on your credit report, so a longer tenure is a reasonable choice for a tight period if you plan to prepay later.
Why is the EMI my lender quotes slightly different?
Lenders round differently, and some charge interest on a daily balance or an actual-day month. Treat these figures as a close estimate and use your lender's for exact amounts.