Loan EMI Calculator

Loan EMI Calculator

Loan EMI Calculator

Calculate your monthly EMI, total interest, and view complete amortization schedule for home, car, personal, and education loans

Home Loans Car Loans Personal Loans Education Loans
Year 1 Year 2 Year 3 Year 4 ₹
₹
Min: ₹10,000 Max: ₹1,00,00,000
%
Min: 5% Max: 20%
Yrs
Mos
Min: 1 Year Max: 30 Years

Your Loan EMI Results

See your monthly payment and total costs

Monthly EMI

₹0

Principal Amount

₹0

Total Interest

₹0

Total Amount

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Loan Amortization Schedule

Total Principal
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Total Interest
₹0
Total Payment
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Number of Payments
0
Year Principal Paid Interest Paid Total Payment Balance

Monthly Breakdown

How to Use This Loan EMI Calculator

  1. 1

    Select Loan Type

    Choose the appropriate loan type: Home Loan, Car Loan, Personal Loan, or Education Loan. This will set a default interest rate typical for that loan type.

  2. 2

    Enter Loan Amount

    Input the principal amount you wish to borrow. Use the slider or enter the value directly in the input field.

  3. 3

    Specify Interest Rate

    Enter the annual interest rate offered by your lender. This rate significantly impacts your EMI and total interest paid.

  1. 4

    Set Loan Tenure

    Choose how long you'll take to repay the loan, either in years or months. A longer tenure reduces EMI but increases total interest.

  2. 5

    Calculate & View Results

    Click the "Calculate EMI" button to see your monthly EMI, total interest payable, total payment, and visual breakdown of your loan.

  3. 6

    Explore Repayment Schedule

    View the complete amortization schedule by clicking "Amortization Schedule" button. Toggle between yearly and monthly views for detailed repayment information.

How EMI Calculation Works

EMI Formula

The EMI is calculated using the formula:

EMI = [P × R × (1+R)^N]/[(1+R)^N-1]

Where:
P = Principal loan amount
R = Monthly interest rate
N = Number of monthly installments

Amortization Process

Every EMI payment consists of two parts: principal repayment and interest payment. In the initial years, a larger portion of your EMI goes toward interest. As you continue making payments, more of your EMI goes toward reducing the principal amount.

This breakdown is clearly visualized in the amortization schedule, showing how your loan balance decreases over time.

Key Insights

  • • A longer loan tenure reduces your EMI but increases total interest paid
  • • Even a small change in interest rate can significantly impact your total repayment
  • • Making partial prepayments can reduce your interest burden substantially
  • • Different loan types typically have different interest rate ranges

Frequently Asked Questions

EMI (Equated Monthly Installment) is the fixed amount you pay to the lender each month until the loan is fully repaid. It includes both principal and interest components.

EMI is calculated using the formula: EMI = [P × R × (1+R)^N]/[(1+R)^N-1], where P is the loan amount, R is the monthly interest rate (annual rate÷12÷100), and N is the number of monthly installments.

Loan tenure has a significant impact on your EMI amount and total interest paid:

- A longer loan tenure (more years) results in lower monthly EMIs but higher total interest paid over the loan period.
- A shorter loan tenure means higher monthly EMIs but lower total interest outgo.

You can use our calculator to experiment with different tenures and find the right balance between affordable EMIs and reasonable interest costs.

An amortization schedule is a complete table of periodic loan payments showing the amount of principal and interest that comprise each payment, so that the loan will be paid off at the end of its term.

Early in the schedule, most of each payment goes toward interest. As the loan matures, larger portions go toward paying down the principal. The amortization schedule helps you understand how your loan balance decreases over time.

There are several ways to reduce your loan EMI:

1. Opt for a longer loan tenure (though this increases total interest paid)
2. Make a larger down payment to reduce the principal loan amount
3. Look for loans with lower interest rates or refinance your existing loan
4. Consider a balance transfer to a lender offering better terms
5. Negotiate with your lender for better interest rates based on your credit score or relationship

Both fixed and floating interest rates have their pros and cons:

Fixed Rate:
- EMI remains constant throughout the loan tenure
- Provides certainty for budgeting
- Usually higher than initial floating rates
- Beneficial when interest rates are expected to rise

Floating Rate:
- Changes with market fluctuations
- Initially lower than fixed rates
- May increase or decrease over loan tenure
- Beneficial when interest rates are expected to fall

Choose based on your risk appetite and market interest rate outlook.

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