Understanding repayment obligations is crucial when you plan to take a loan, whether for a home, car, education, or personal needs. Our Online Loan Calculator is designed to help you quickly calculate your Equated Monthly Instalments (EMI), total interest payable, and repayment schedule based on the loan amount, interest rate, and tenure. This tool helps you make smart borrowing decisions by showing the complete financial picture upfront.
Loan Calculator
Monthly EMI: -
Total Interest: -
Total Payment: -
Why use a Loan Calculator?
An Online loan calculator is essential for:
- EMI Calculation: Know your monthly outflow instantly.
- Total interest and repayment: See how much you’ll pay over the life of the loan.
- Comparison: Test different interest rates and tenures to find the most affordable option.
- Financial planning: Avoid over-borrowing and plan your budget efficiently.
How the Online Loan Calculator works
- Enter Loan Details:
- Loan Amount (Principal)
- Annual Interest Rate (%)
- Loan Tenure (months or years)
- Calculation 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 (annual rate ÷ 12 ÷ 100)
- n = Total number of monthly instalments
- Instant Results:
- The calculator displays:
- Monthly EMI
- Total interest payable
- Total amount payable (Principal + Interest)
- Optionally, an amortisation schedule
Example Calculation
For a ₹10,00,000 home loan at 8% annual interest for 20 years:
- Monthly interest rate: 0.08 ÷ 12 = 0.00667
- Total instalments: 20 × 12 = 240
- EMI ≈ ₹8,364/month
- Total interest ≈ ₹10,07,360 over the loan term
Key Tips for Borrowers
- Prepayments save money: Making extra payments reduces interest.
- Longer tenure vs. shorter tenure: Longer tenures lower EMI but increase total interest.
- Credit score matters: A better score can help negotiate lower interest rates.
- Compare lenders: Use our Loan Calculator to test different offers before finalising.
Some Useful Calculators:
- EMI Calculator (/emi-calculator)
- FD Calculator (/fd-calculator)
- Investment Calculator (/investment-calculator)
- SIP Calculator (/sip-calculator)
External link:
- RBI Loan Guidelines – for official lending and interest rate norms.
FAQs
Q1. What is a Loan Calculator?
A: It’s a tool to estimate your EMI and total repayment based on loan amount, tenure, and interest rate.
Q2. Can I use it for any loan type?
A: Yes, it works for personal, home, car, education, or business loans.
Q3. Does it include processing fees?
A: Standard calculators usually exclude fees; you can add them manually.
Q4. What if I make prepayments?
A: The EMI remains the same, but the tenure or interest reduces. Use calculators that allow prepayment simulations.
Q5. Is it accurate?
A: It’s highly accurate for fixed-rate loans. For floating rates, results may vary as rates change.