My cousin sent a screenshot from the bank app last Diwali. EMI was ₹10,512. Same 5,00,000 loan on this site showed ₹10,379. He thought I built a broken tool. I had not. The boxes were clean. The bank was counting a few extra things that this page never claims to eat.
I sat with both screens. Coffee got cold. Gap was ₹133 a month. Over 60 months that looks like a fight. It is usually not a fight. It is broken period interest, or a insurance add-on, or the way they count days in first month.
Small gaps are normal. I say that first so you dont mail me at 11 pm.
Big gaps mean a box is wrong. Years typed as months. Rate copied from a old SMS. Principal that includes processing fee when the bank already added it outside. Those are the loud mistakes.
Open the EMI calculator and keep the sanction letter next to it. We fill the same three boxes. Then we talk about why the bank still looks a bit different.
What this page actually calculates
This tool uses reducing balance. Most home loans and personal loans in India do that. Flat rate is a different animal and I dont hide it inside this formula.
You type loan amount. That is principal. Not the property value. Not the car on-road price if you are only borrowing part of it.
You type yearly interest rate. The one on the sanction sheet. Not the reducing-balance marketing line from a flyer if that flyer is doing gymnastics.
You type tenure in months. 5 years is 60. 20 years is 240. People put 20 in that box and then scream that EMI is huge. Yeah, it is huge, because the tool thinks you will close in 20 months.
Result shows EMI, total interest, and total payout. For ₹5,00,000 at 9 percent for 60 months, EMI sits near ₹10,379. Total interest near ₹1,22,741. That split is the point of this box.
Bank app can still show ₹10,450 or ₹10,512. I will walk the usual reasons. None of them need a secret circular number. Just the letter and the first debit.
I tried this on my own top-up last year. Letter said 10.25. App EMI was a bit above this site. First debit had a odd interest line. After month two, the regular EMI was closer.
Dont expect 100 percent match. I will not promise that. Estimate only. Bank schedule wins when you sign.
Broken period interest, the first-month surprise
You take the loan on 17th. EMI date is 5th. Those leftover days are not a free gift. Bank often collects interest for that broken period. Sometimes as a separate debit. Sometimes stuffed into first EMI so the first hit looks fat.
This calculator assumes a neat month cycle from day one. It does not know your disbursal date. It does not know the EMI date they assigned. So first month on the bank side can look messy, and the regular months look closer.
I have seen people compare first debit with this EMI and declare the tool useless. Compare month 3 with month 3. Or compare the EMI line after they say "regular EMI starts".
If the gap is only in month one, and later EMIs sit within a few rupees, you are fine. That few rupees can still come from day-count. Some banks use actual days in the month. 31 vs 30. This box uses a standard reducing formula, not their day table.
You cannot type broken days here. If you already paid that chunk, and you want a forward look, reduce the principal a little and run again. Rough, but honest.
Home loan part disbursal is worse. Builder gets money in stages. Interest runs on what is already out. Pre-EMI months are interest-only. This tool is for a fully disbursed loan sitting on one principal. If you are in construction stage, dont fight this page with the pre-EMI SMS.
That is a common cousin fight. He puts the full sanctioned 40,00,000. Bank has released 18,00,000. Of course EMI will not match. Put the amount that is actually out, or wait till full disbursal.
Insurance add-on and other extras they quietly fold in
Many personal loan screens add credit life insurance. Or a wellness pack. Or a EMI protection plan. That amount gets bundled into the loan. Your principal on the bank side is no longer the 5,00,000 you asked for.
This site does not add insurance. If the bank funded ₹5,18,000 because they stuffed a policy, type 5,18,000 here. Then EMI moves closer.
I forget this every time a relationship manager smiles. "Sir, small premium, extra safety." Then the EMI is ₹400 more and I sit debugging the formula like a fool.
Processing fee is another fork. Some banks deduct it from disbursal. You wanted 5,00,000, they send 4,94,000, and they still calculate EMI on 5,00,000. Some add the fee into the loan. Read the schedule. Type the principal they used for EMI, not the money that hit your account.
Stamp duty, CERSAI, legal charges on a home loan can sit outside EMI. They are one-time. Do not add them into monthly EMI on this page. Add them in your head as cash you already paid.
Floating rate is a separate headache. This box uses the rate you type today. If repo moved last Thursday and the bank resets next quarter, their current EMI might still be on the old rate. Or the opposite. Check the last reset date on the app before you call this page a liar.
Moratorium months, skip-EMI festivals, and a one-time restructuring will also break the match. I cannot see those from three boxes.
Day count, rounding, and the small rupee gaps
Banks round EMI. Some to the rupee. Some keep paise and adjust last installment. This tool shows a clean monthly figure. A ₹3 or ₹7 gap can be rounding plus their day convention.
Reducing balance still has flavours. Daily reducing, monthly reducing. Most retail loans you and I take are monthly reducing in practice. A few products advertise daily reducing and the EMI looks a touch lower for the same headline rate. If you put their advertised rate into a monthly formula, you get a small miss.
I dont have a daily-reducing switch on this page. If the bank brochure screams daily reducing, treat my number as a working estimate and read their amortization PDF.
Prepayment you already made is not in this box. If you dumped ₹50,000 last March, principal is lower now. Type the outstanding, not the original loan. Outstanding is on the app. Use that if you want today's EMI check.
Tenure left also changes. Original 60 months, 14 gone, 46 left. Dont type 60 again on a running loan unless you are checking the old quote.
I did that once. Compared a 3 year old sanction EMI with today's outstanding and felt like a genius finding a bug. There was no bug. I had typed a dead principal.
If you want the original quote match, use original principal, original rate, original months. If you want today's match, use outstanding, current rate, remaining months.
Rate in the app might be 9.15 after a reset. You typed 9 because that was the flyer. ₹133 can come from that alone on a 5 lakh book.
Write the rate with two decimals. Dont round 9.15 to 9 for "ease". Ease is how cousins start arguments.
When the gap is big, check these boxes first
I use a simple rule. Under ₹100 on a mid-size personal loan, I shrug. A few hundred on a 30 lakh home loan, I still shrug if insurance and reset are in play.
If EMI here is double the bank, or half the bank, a box is wrong. Almost always tenure.
Tenure in months. I will say it again. 20 years is 240. 15 years is 180. 3 years is 36. Putting 3 or 15 or 20 in the months box is the classic mess.
Second classic, principal has extra zeros. 5000000 instead of 500000. Or you put 5 because you think the box is in lakhs. It is in rupees. Type 5,00,000 as 500000. The field is a number box, Indian commas are for reading the result, not for typing if the field rejects commas.
Third, you mixed flat rate. A shop says 10 percent flat on a consumer durable. That EMI is not this formula. Flat looks cheaper in the speech and costlier in the total. Dont paste a flat-rate EMI next to this reducing EMI and call it a mismatch. Different maths.
Fourth, you included GST on charges inside the loan amount by guess. Stop guessing. Open the amortization. Find "loan amount" or "principal outstanding at start".
If after all that the gap is still thousands, read the product. Overdraft style home loan, flexi, or a drop-line OD will not sit on a simple EMI formula. This page is vanilla EMI.
I also wrote a walkthrough for first-time users, which box first. Same three fields, less panic.
For a clean worked number, how much EMI on a 5 lakh home loan uses the same default as this tool.
How I compare a bank PDF with this site
I print nothing. I put the PDF on one side.
Line 1, loan amount. Copy into Loan amount.
Line 2, rate of interest per annum. Copy into Interest rate yearly. If they show monthly rate, multiply by 12. Dont type the monthly rate in the yearly box. That makes EMI look tiny and you feel rich for ten seconds.
Line 3, tenure. Convert years to months if they wrote years.
Calculate.
Now look at their EMI field, not their "first installment payable" field. Those two can differ.
If they show a schedule, pick a middle month. Interest plus principal should sit near this EMI. Early months have more interest. Later months have more principal. Total of a middle row should still be the EMI, plus or minus rounding.
Total interest on their sheet vs my total interest will drift if they used broken period or a rate change mid-way. That drift is expected.
I keep a notebook line. "Tool ₹10,379. Bank ₹10,512. Reason: insurance 8,200 added to principal." Then I rerun with 5,08,200 and the fight ends.
You can do the same without the notebook. Just rerun.
If you cannot find insurance or fee in the letter, call the number on the letter. Dont yell at a calculator. The calculator cannot see their backend.
One more cousin habit. They compare this EMI with the auto-debit that also includes a credit card bill. The debit is ₹18,000, EMI is ₹10,379, and they think I added random tax. Look at the narrative. "ACH LOAN" vs "CARD". Separate.
What I will not do on this page
I will not ingest your account. No login. No scraping the bank. You type, I compute.
I will not promise the next reset. Repo can move. Your spread can move. Run the tool again when the SMS comes.
I will not bake a insurance product into the default. Defaults are 5,00,000, 9 percent, 60 months. Change them.
I will not call this a sanction. Eligibility is a different tool. This is only the monthly hit if that principal, rate, and months are true.
Estimate. Official amortization from the lender wins. If you are signing tomorrow, believe the lender PDF, then use this page to sanity-check the three inputs they used.
When a relationship manager says the EMI is "around 10,000", run it. Around is a fog. ₹10,379 is a number you can argue with. ₹10,512 with a policy is also a number. Now you see the policy.
That is all I wanted from this page when I built it. A second screen. Not a court.
If your gap is small, leave it. If your gap is wild, fix the box, then look at insurance and broken period. In that order. I still do it in that order, every time my own EMI SMS looks rude.