Loan EMI Calculator

A reducing rate charges interest only on what you still owe, so the interest falls as you repay. A flat rate charges interest on the full loan amount for the whole tenure, even though you're paying it down. That makes a flat rate far more expensive than it sounds: a 5-year loan at an 11% flat rate costs about the same as one at roughly 18.8% on a reducing rate. This calculator uses a reducing rate, so if a lender quotes a flat rate, ask for the reducing-rate equivalent.

Yes. The EMI formula is the same for any loan repaid in equal monthly instalments on a reducing balance. Just enter the loan amount, rate and tenure your lender offers.

For a home loan, use our home loan EMI calculator

Lenders usually offer lower interest rates to borrowers with higher credit scores (opens in new tab), especially for unsecured loans like personal loans. Even a 1 or 2 percentage point difference in the rate changes your EMI and total interest noticeably. Try a couple of rates in the calculator to see how much it matters.

A longer tenure lowers your EMI but increases the total interest you pay. A shorter tenure means higher EMIs but a cheaper loan overall. A sensible approach is to pick the shortest tenure whose EMI fits comfortably in your monthly budget.

Every extra rupee goes straight off what you owe, so it stops attracting interest. On a ₹5 lakh loan at 11% for 5 years, paying ₹2,000 extra a month clears the loan about 11 months early and saves around ₹31,000 in interest.

It depends on the loan. Many personal and car loans are fixed-rate and may carry prepayment or foreclosure charges, and some don't allow prepayment in the first few months or year. Check your loan agreement before you prepay, and compare any charge with the interest you'll save.

Many education loans have a moratorium: you don't pay EMIs while you study, and often for a short period after. Interest usually still builds up during that time and is added to the loan. The calculator assumes EMIs start straight away, so for an education loan, set the first EMI to when repayment begins and enter the amount you'll owe by then.

Some do, but many gold loans are repaid differently, for example by paying only interest each month and the loan amount at the end, or paying everything in one go at the end of the term. The calculator works for gold loans repaid through regular EMIs. For other repayment types, check the schedule with your lender.

Not always. With a no-cost EMI, the interest is usually offset by a discount you'd otherwise get, or you may still pay a processing fee and tax on the interest. Compare the total you'll pay with the price you'd pay upfront to see the real cost.

Lenders may round differently, charge interest for the days between the loan being paid out and your first EMI, or add processing fees or insurance to the loan. If your loan is floating-rate, the EMI or tenure can change when the rate does. The calculator uses the standard formula, so it should be close to your lender's figure.

No. The calculator covers the loan amount and interest only. Processing fees, documentation charges, insurance and GST on fees are extra, and can make a loan noticeably more expensive, so ask your lender for the full cost before you sign.

No. Nothing you enter in this loan EMI calculator is stored.