Loan EMI Calculator
Calculate the monthly EMI, total interest and repayment schedule for any loan.
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About the Loan EMI Calculator
Planning a car loan, home finance or personal loan? Enter the amount, interest rate and term to see your Equated Monthly Instalment (EMI) — the fixed amount you pay each month — plus how much of your total repayment is interest.
The yearly schedule shows how each year's payments split between principal and interest and how the balance falls over time. It works with any currency.
How to use the Loan EMI Calculator
- Enter the loan amount.
- Enter the annual interest rate quoted by the bank.
- Enter the term and choose years or months.
- Press Calculate EMI.
Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P = loan amount (principal)
- r = monthly interest rate = annual rate ÷ 12 ÷ 100
- n = number of monthly payments
If the rate is 0%, EMI = P ÷ n. This is the standard reducing-balance method: interest is charged each month on the amount still owed.
Examples
- 1,000,000 at 14% for 5 years: EMI ≈ 23,268, total interest ≈ 396,095, total paid ≈ 1,396,095.
- 500,000 at 12% for 2 years: EMI ≈ 23,537, total interest ≈ 64,882.
Frequently asked questions
Will my bank’s EMI match exactly?
It should be very close for standard reducing-balance loans. Banks may add processing fees, insurance or use slightly different day counts, so always confirm with your lender.
Does this work for Islamic (Shariah-compliant) car or home finance?
Many Islamic financing products use a rental or profit rate that produces similar monthly payments, but the structure differs. Use the result as an estimate and check the bank’s own schedule.
What is a flat rate?
A flat rate charges interest on the original amount for the whole term, so the real cost is higher than the same reducing-balance rate. This calculator uses reducing balance.