Loan EMI Calculator
Calculate your monthly EMI, total interest and total repayment for your loan.
Loan EMI Calculator
Use the iToolsEra Loan EMI Calculator to estimate your monthly EMI, total interest and total repayment based on the loan amount, interest rate and tenure.
Loan Summary
| Loan Amount | ₹0 |
|---|---|
| Interest Rate | 0% |
| Loan Tenure | 0 Years |
Principal vs Interest
The chart shows how the total repayment is divided between principal and interest.
Outstanding Loan Balance
The chart shows the estimated outstanding loan balance over the repayment period.
Loan Prepayment Calculator
See how making an additional part-payment could reduce your EMI or shorten your remaining loan tenure.
Year-wise Repayment Summary
Annual breakdown of principal, interest and outstanding balance.
| Year | Total Payment | Principal Paid | Interest Paid | Closing Balance |
|---|
Monthly Amortization Schedule
Monthly principal, interest and outstanding balance.
| Month | EMI | Principal | Interest | Balance |
|---|
What is a Loan EMI Calculator?
A Loan EMI Calculator helps you estimate the monthly installment you may need to pay for a loan based on the loan amount, interest rate and repayment tenure.
You can change the loan amount, interest rate and tenure above to understand how these factors affect your monthly EMI, total interest and total repayment.
How is EMI Calculated?
For a standard reducing-balance loan, EMI can be calculated using the following formula:
Where P is the principal loan amount, r is the monthly interest rate and n is the total number of monthly installments.
Example Calculation
Suppose you borrow ₹10,00,000 at an annual interest rate of 8.5% for 20 years.
Under the standard reducing-balance calculation, the estimated monthly EMI is approximately ₹8,678. The total interest over 20 years is approximately ₹10.83 lakh.
Factors That Affect Your EMI
- Loan Amount: A larger principal generally results in a higher EMI.
- Interest Rate: A higher interest rate generally increases both EMI and total interest.
- Loan Tenure: A longer tenure generally reduces the monthly EMI but can increase the total interest paid.
Loan EMI Calculator for Different Banks
The standard EMI calculation can generally be used for loans offered by major Indian banks. Bank-specific differences such as interest rates, fees, eligibility criteria, prepayment rules and special loan features can affect the actual cost of borrowing.
iToolsEra will gradually add bank-specific loan information so that users can select a bank and use its applicable parameters while keeping the same core calculation engine.
EMI, Loan Tenure and Total Interest
A longer loan tenure can reduce the monthly EMI, but it can also increase the total interest paid over the life of the loan. A shorter tenure generally increases the monthly EMI while reducing the number of months over which interest is charged.
Use the calculator to compare different combinations of loan amount, interest rate and tenure rather than judging a loan only by its monthly EMI.
When Is a Loan EMI Calculator Useful?
A loan EMI calculator is useful when you want to estimate a monthly repayment before comparing loan scenarios. You can change the amount, interest rate and tenure to see how each assumption affects the estimated EMI, total interest and total repayment.
Helpful Guides
Learn how to use this tool for common real-world tasks.
Frequently Asked Questions
A longer tenure spreads repayment across more months, which can reduce the monthly EMI. However, interest is calculated over a longer repayment period, so the total interest can be higher.
Compare both. EMI tells you the estimated monthly payment, while total repayment shows the estimated principal plus interest over the selected tenure. Looking at both gives a more complete picture of the scenario.
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