Loan & EMI Calculator
Calculate your monthly loan instalment, total interest, and total repayment amount.
Years
Months
Frequently Asked Questions
What is EMI?
EMI stands for Equated Monthly Instalment — the fixed amount you pay each month to repay a loan over a set period. It includes both a principal repayment component and an interest component.
How is EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months.
Does a longer loan term mean lower EMI?
Yes — a longer term reduces your monthly EMI, but you pay significantly more total interest over the life of the loan. A shorter term has higher monthly payments but a lower total cost.
What is the difference between total payment and total interest?
Total payment is everything you pay back (principal + all interest). Total interest is just the extra cost of borrowing — total payment minus the original loan amount.
Can I use this for a 0% interest loan?
Yes. If you enter 0 as the interest rate, the calculator divides the principal equally across the loan term — showing a true interest-free repayment schedule.
Loan & EMI Calculator — Know Your Monthly Payment Before You Borrow
Before taking any loan — whether for a home, car, education, or personal use — the most important number to understand is your monthly EMI (Equated Monthly Instalment). This is the fixed amount you pay every month until the loan is fully repaid. Getting it wrong can mean overextending your budget and financial stress for years.
Our Loan & EMI Calculator uses the standard compound interest formula to give you three critical figures instantly: your monthly EMI, the total amount you will repay over the full term, and the total interest you will pay to the lender. The difference between the total repayment and the principal is what borrowing actually costs you.
The EMI formula is: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly instalments. This formula accounts for compound interest — meaning interest is charged on the outstanding balance each month, not the original principal.
Use this calculator before visiting a bank or lender so you can negotiate from a position of knowledge. Compare what happens when you change the loan term: a longer term reduces your monthly EMI but dramatically increases total interest paid. A shorter term costs more each month but saves a significant amount in interest over the life of the loan.
Common uses: checking affordability before applying for a mortgage, comparing car finance offers, planning business loan repayments, and understanding the true cost of buy-now-pay-later schemes.
How to Use the Loan & EMI Calculator
- Enter the total loan amount you want to borrow.
- Enter the annual interest rate offered by the lender.
- Enter the loan term in years and/or months.
- Your monthly EMI, total payment, and total interest appear instantly.
- Adjust the term or rate to compare different scenarios.
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