Loan EMI Calculator
Calculate your Equated Monthly Installment (EMI) for any loan — personal, car, or education.
About This Tool
The Loan Calculator computes your monthly EMI (Equated Monthly Installment), total repayment amount, and total interest for any fixed-rate installment loan — personal loans, car loans, student loans, or business loans.
EMI Formula: EMI = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of installments. The EMI stays constant throughout the loan, but the share going toward interest vs. principal shifts each month.
How to Use
- Enter the Loan Amount (principal you want to borrow).
- Enter the Annual Interest Rate as a percentage.
- Select a Loan Duration preset (12, 24, 36, 48, 60, or 84 months) or enter a custom term.
- Click Calculate to see your EMI, total payment, total interest, and interest percentage.
Use Cases
Consumers use this tool to compare loan offers before signing — a lower interest rate or longer term both change the monthly payment significantly. Car buyers compare 36-month vs 60-month financing options. Students estimate monthly repayments before accepting a student loan. Small business owners calculate whether a business loan's monthly cost fits within projected cash flow.
FAQ
- What is EMI? — EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan, covering both principal and interest.
- Does a longer loan term reduce total cost? — No. A longer term reduces monthly payments but increases the total interest paid over the life of the loan.
- What interest rate should I enter? — Enter the annual interest rate (APR) shown in your loan offer. The calculator converts it to a monthly rate internally.