Calculate your exact monthly EMI, total interest, and full repayment schedule for home loans, car loans, and personal loans in India. Use this free, accurate tool for financial planning.
💰 Monthly EMI & Loan Interest Calculator
Frequently Asked Questions (Loan & EMI)
How is the Monthly EMI calculated?
The EMI (Equated Monthly Installment) is calculated using the formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where P is the Principal Loan Amount, i is the monthly interest rate, and n is the total number of months.
Should I choose a short or long loan tenure?
A shorter tenure means higher monthly EMI but much lower total interest payment. A longer tenure means lower EMI but much higher total interest. Always choose the shortest tenure you can comfortably afford.
How does Prepayment affect my total interest?
Prepayment (paying extra amount towards the loan principal) reduces the total number of days interest is charged, resulting in significant savings on the overall loan cost.
What is Amortization?
Amortization is the process of paying off a debt over time in regular installments. This schedule shows how much of your monthly EMI goes toward the interest and how much goes toward the principal.