See your monthly installment and a year-by-year repayment schedule for any loan.
What is the Loan EMI Calculator?
Before you take a car loan, home loan, bike loan or personal loan, you should know the monthly installment. This EMI calculator shows your equated monthly installment, the total interest you will pay and a year-by-year repayment schedule that splits each year into principal and interest.
Try different interest rates and tenures to see how they change the EMI and total cost – a longer tenure lowers the monthly payment but increases the total interest.
How to use the Loan EMI Calculator
- Enter the loan amount.
- Enter the annual interest rate from your bank or lender.
- Enter the tenure in years and review the EMI and schedule.
EMI formula
EMI = P × R × (1 + R)N ÷ ((1 + R)N − 1), where P is the loan amount, R the monthly interest rate (annual rate ÷ 12 ÷ 100) and N the number of months.
Example: 1,000,000 at 12% for 5 years → R = 0.01, N = 60 → EMI ≈ 22,244, total interest ≈ 334,667.
How to reduce your loan cost
- Make a bigger down payment to borrow less.
- Compare banks – even 1% lower interest saves a lot over many years.
- Prepay part of the loan when you can; it cuts the interest on the remaining balance.
- Choose the shortest tenure you can comfortably afford.
Fixed vs floating rate
With a fixed rate your EMI stays the same. With a floating (KIBOR/SOFR-linked) rate the EMI can change when the benchmark rate moves, so recalculate when rates change.
Frequently asked questions
Does the EMI include insurance and fees?
No. Processing fees, insurance and taxes are extra; ask your bank for the full cost.
What is a good EMI-to-income ratio?
Try to keep all loan payments under 30–40% of your monthly income.
Is this for Islamic financing too?
The monthly payment works the same way for rental-based financing, but the contract terms differ.
Why is most of my early EMI interest?
Interest is charged on the outstanding balance, which is highest at the start.
This loan emi calculator is 100% free, needs no signup and works on phones, tablets and computers. Your data is processed in your browser and never uploaded.
Last updated: · By NodifyTech