Free Online Loan EMI Calculator
Plan your finances effectively by calculating your Equated Monthly Installment (EMI) for home loans, car loans, personal loans, or any other type of loan. Our EMI calculator also shows you the total interest payable and the total amount you'll repay.
What is Loan EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full. With most common loan types, such as home loans, car loans, and personal loans, the EMI payment amount remains constant throughout the entire loan tenure.
The EMI formula is: P x R x (1+R)^N / [(1+R)^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual Rate / 12 / 100)
- N = Loan tenure in months
Why Use Our Free Loan EMI Calculator?
- Plan Your Finances: Know your monthly outgoings before taking a loan, helping you budget effectively.
- Compare Loan Offers: Easily compare EMI amounts for different loan amounts, interest rates, and tenures from various lenders.
- Understand Interest Costs: See the total interest you'll pay over the loan term, helping you understand the true cost of borrowing.
- Make Informed Decisions: Make better financial decisions by understanding the full repayment details.
- Quick & Accurate: Get instant and precise EMI calculations.
- User-Friendly: Simple inputs for loan amount, interest rate, and tenure (in years or months).
- Downloadable Summary: Save your EMI calculation for future reference.
How to Use the Loan EMI Calculator
- Enter Loan Amount: Input the total principal amount you plan to borrow.
- Enter Annual Interest Rate: Input the annual interest rate offered by the lender (e.g., for 8.5%, enter 8.5).
- Enter Loan Tenure:
- Input the duration of the loan.
- Select whether the tenure is in "Years" or "Months" from the dropdown.
- Calculate EMI: Click the "Calculate EMI" button.
- View Results: The calculator will display:
- Your **Monthly EMI**.
- The **Total Interest Payable** over the life of the loan.
- The **Total Payment** (sum of principal and total interest).
- Download Report (Optional): Click the "Download EMI Report" button to save a summary.