Loan Calculator
Plan any loan — see monthly payment and total interest cost.
Was this tool helpful?
Thanks for the feedback!
Use this loan calculator for any fixed-rate loan repaid in equal monthly instalments: a personal loan, an education loan, a home loan or an advance from your employer. Enter the loan amount, the annual interest rate and the tenure in years to get the monthly EMI, the total interest and the total amount repaid.
What the result shows
After you click Calculate, the monthly EMI appears in large type, followed by the principal, total interest, total payment and the tenure converted to months. Leaving the amount or tenure empty gives an error, while a 0% rate is allowed and simply divides the amount by the number of months, which is how a genuinely interest-free instalment plan works.
Example: ₹10 lakh for 20 years at 8.5%
- Monthly EMI: ₹8,678.23
- Total payment over 240 months: ₹20,82,775.76
- Total interest: ₹10,82,775.76, more than the amount borrowed
Look at the very first instalment. Interest for the month is 10,00,000 × 8.5% ÷ 12 = ₹7,083.33, so only ₹1,594.90 of the EMI reduces the loan. That split slowly reverses over the years, which is why the outstanding balance seems stuck at first and why early prepayments save the most interest.
Shortening the same loan to 15 years raises the EMI to ₹9,847.40, just ₹1,169.17 more a month, and cuts total interest to ₹7,72,531.20, a saving of ₹3,10,244.56.
The EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the annual rate divided by 12 and by 100, and n is the tenure in months. For a personal loan of ₹5,00,000 at 11%:
| Tenure | EMI | Total interest |
|---|---|---|
| 3 years | ₹16,369.36 | ₹89,296.91 |
| 5 years | ₹10,871.21 | ₹1,52,272.69 |
Why your lender's figure may differ
- Broken-period interest: interest for the days between disbursal and your first EMI date is often collected separately or added to the first instalment.
- Fees and bundled insurance: processing fees, GST on them and loan-protection insurance are sometimes added to the principal.
- Rounding: many lenders round the EMI up to the next rupee.
- Floating rates: the calculator assumes one rate for the whole tenure. When a floating rate rises, many lenders extend the tenure instead of raising the EMI, so ask which option applies to you.
- "No-cost EMI" offers: the interest is usually offset by a discount, but a processing fee and GST on the interest can still apply.
Part-prepayments are not modelled here; recalculate with the reduced balance and remaining years to see their effect. The figures are estimates to help you compare options, not financial advice. For vehicle purchases the Car Loan Calculator adds guidance on dealer quotes, and if the goal can wait, the Savings Goal Calculator shows what saving up instead would take. For a home loan, the Income Tax Calculator shows whether the old regime's deduction for interest, up to ₹2 lakh a year on a self-occupied house, makes it cheaper for you than the new regime.