Loan Calculator
Calculate monthly EMI, total interest, and total payment for any loan instantly.
How to Use
- 1
Enter loan amount
Type the total loan amount you need.
- 2
Set interest rate and tenure
Enter the annual interest rate and loan period in months.
- 3
View EMI breakdown
See your monthly EMI, total interest, and total payment.
How It Works
A general-purpose loan calculator for principal and interest only — enter any loan amount, interest rate, and tenure to instantly see your EMI, total interest, and total repayment, without needing to select a specific loan type first.
The EMI formula
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments. This is the standard amortizing-loan formula used across personal loans, vehicle loans, and most other fixed-rate installment loans.
What's not included
This calculator shows principal and interest only — it does not add property tax or insurance (use the Mortgage Calculator for home loans that need those), and it doesn't include processing fees or other loan-specific charges some lenders add separately.
Examples
₹3,00,000 personal loan at 12% for 3 years
r = 0.01 (12 ÷ 12 ÷ 100), n = 36. EMI ≈ ₹9,964/month. Total repayment ≈ ₹3,58,704, so total interest ≈ ₹58,704.
Same loan at a lower rate
The same ₹3,00,000 for 3 years at 9% instead of 12% gives an EMI of roughly ₹9,540/month — a small monthly difference, but total interest drops to about ₹43,440, roughly ₹15,000 less over the loan.
Common Use Cases
- Quickly comparing EMI across personal loans, vehicle loans, or any other fixed-rate installment loan
- Checking affordability before applying for a loan
- Seeing how much a lower negotiated interest rate actually saves in total interest
Tips
- For home loans specifically, use the Mortgage Calculator instead — it adds property tax and insurance for a more realistic total monthly cost.
- A small difference in interest rate has a bigger effect on total interest than it looks at first glance — always compare total interest paid across offers, not just the headline rate.
- Processing fees (often 0.5-2% of the loan amount) aren't included in the EMI calculation — factor them in separately as an upfront cost when comparing lenders.
Frequently Asked Questions
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