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Loan Calculator – EMI, Interest & Amortization Schedule Tool
Use our free Loan Calculator to calculate your monthly EMI, total interest, and overall repayment schedule for personal, home, or car loans. Simply enter your loan amount, interest rate, and loan term to get instant and accurate results.
What Is a Loan Calculator?
A Loan Calculator helps you determine how much you need to pay each month (EMI) for a loan based on the principal amount, interest rate, and tenure. It also provides a detailed amortization schedule showing the breakup of principal and interest payments over time.
Loan EMI Formula
Formula:
EMI = [P × R × (1 + R)ⁿ] / [(1 + R)ⁿ − 1]
- P = Principal Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n = Loan Tenure in Months
How to Use the Loan Calculator
- Enter the Loan Amount you plan to borrow.
- Enter the Interest Rate (annual percentage rate).
- Enter the Loan Term in months or years.
- Click “Calculate” to see your monthly EMI and full repayment schedule.
Example Calculation
Example: You take a ₹5,00,000 loan at 10% annual interest for 5 years.
| Parameter | Value |
|---|---|
| Loan Amount (P) | ₹5,00,000 |
| Interest Rate (R) | 10% per year (0.00833 per month) |
| Tenure (n) | 60 months |
| EMI | ₹10,624 |
| Total Interest | ₹1,37,466 |
| Total Payment (Principal + Interest) | ₹6,37,466 |
Amortization Example (First 3 Months)
| Month | EMI (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
|---|---|---|---|---|
| 1 | 10,624 | 6,257 | 4,167 | 4,93,743 |
| 2 | 10,624 | 6,309 | 4,115 | 4,87,434 |
| 3 | 10,624 | 6,362 | 4,062 | 4,81,072 |
Benefits of Using a Loan Calculator
- 📊 Instantly calculate EMI, interest, and total repayment.
- 💰 Plan your finances with accurate projections.
- 📆 View a complete amortization schedule.
- 🕓 Save time and avoid manual calculations.
- 🏦 Suitable for personal, home, car, and education loans.
Tips to Manage Your Loan Better
- Choose a shorter tenure to reduce total interest paid.
- Compare loan offers from multiple banks or lenders.
- Pay extra EMIs or part pre-payments to save on interest.
- Maintain a good credit score for lower interest rates.
Frequently Asked Questions (FAQ)
1. What is EMI?
EMI stands for Equated Monthly Installment — a fixed payment you make each month to repay your loan.
2. Does EMI include interest?
Yes. Each EMI includes both principal and interest portions.
3. What happens if I prepay my loan?
You can save interest by paying early, but some lenders charge a small prepayment fee.
4. Can I use this calculator for home or car loans?
Yes — it works for all types of loans including home, car, personal, and business loans.
5. Is the result 100% accurate?
Yes. It uses the standard EMI formula used by banks and financial institutions worldwide.
Final Thoughts
The Loan Calculator is an essential tool for smart financial planning. It helps you understand your repayment schedule, manage interest costs, and make informed decisions before taking any loan. Use it to plan your budget with confidence.
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