Free Loan & EMI Calculator

Instantly calculate monthly EMIs, total interest payable and view a complete amortization schedule. Works for home loan, car loan, and personal loan.

EMI Calculator Tool

Monthly EMI—
Total Interest—
Total Payment—
Show Amortization Table

Complete Guide to Loan EMI

Understanding EMI (Equated Monthly Installment) is essential before taking any loan. EMI is the fixed amount you pay every month to repay your loan. It has two components: principal (loan amount) and interest (cost of borrowing). This calculator helps you plan better by showing exact figures.

Formula for EMI

EMI = [P × r × (1+r)^N] / [(1+r)^N – 1]
  • P = Loan amount
  • r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
  • N = Number of months

Why Use an EMI Calculator?

  • Instant EMI calculation without manual formulas.
  • Breakdown of principal and interest via amortization schedule.
  • Compare loan offers easily.
  • Plan prepayments and savings.

Factors Affecting EMI

  1. Loan Amount: Higher loan means higher EMI.
  2. Interest Rate: A small rate change greatly impacts EMI.
  3. Tenure: Longer tenure reduces EMI but increases interest.
  4. Type of Loan: Secured loans like home loans have lower rates than personal loans.

Example Calculation

Loan: ₹10,00,000 | Interest: 12% | Tenure: 5 years

  • Monthly EMI: ₹22,244
  • Total Payment: ₹13,34,640
  • Total Interest: ₹3,34,640

Tips to Reduce EMI

  • Make higher down payments.
  • Choose shorter tenure to save interest.
  • Refinance if interest rates fall.
  • Prepay whenever possible.

Frequently Asked Questions (FAQs)

1. What is EMI?

EMI is a fixed monthly payment combining principal and interest.

2. Is EMI same every month?

Yes, though principal-interest ratio changes with time.

3. Can I use this calculator for home, car, and personal loans?

Yes, it works for all fixed-rate loans.

4. How does prepayment affect EMI?

Prepayment reduces outstanding balance, lowering interest.

5. Which loan has lowest EMI?

Home loans usually due to long tenure and lower interest rates.

6. Is this tool free?

Yes, 100% free with CSV export option.

7. Does credit score affect EMI?

Yes, higher scores get lower interest offers.

8. Can I download my amortization schedule?

Yes, in CSV format for offline use.

9. What if my interest is 0%?

EMI = Loan ÷ Months.

10. Is this calculation accurate?

Yes, based on standard formula used by banks.