Business
Loan & EMI Calculator
Calculate monthly loan repayments (EMI), total interest, and total cost from amount, rate, and term.
About this tool
A loan calculator works out your monthly repayment (EMI) on a loan, plus the total interest you'll pay over its life. Enter the amount you're borrowing, the annual interest rate, and the term in years — the calculator shows what you'll pay each month and what the loan costs in total.
What an EMI is
EMI stands for Equated Monthly Instalment — a fixed amount you pay every month until the loan is cleared. Early payments are mostly interest; later ones are mostly principal, but the monthly figure stays the same. This makes budgeting predictable.
How it's calculated
The standard formula is EMI = P · r · (1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of months. The calculator does this for you and also totals the interest so you can see the true cost of borrowing.
Tips before you borrow
- Compare the total repaid, not just the monthly figure — a longer term lowers the monthly payment but raises total interest.
- Even a small drop in the interest rate can save a lot over the full term.
- Check whether the quoted rate is reducing-balance (as used here) or flat, as flat rates cost more than they appear.
All figures are estimates calculated in your browser. Need the tax on a purchase instead? Use the VAT Calculator.
Frequently asked questions
What is EMI?
EMI means Equated Monthly Instalment — the fixed amount you repay each month on a loan until it is fully paid off, covering both interest and principal.
How is the monthly payment calculated?
Using the standard amortisation formula EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months.
Does a longer term mean a cheaper loan?
No. A longer term lowers the monthly payment but increases the total interest you pay. Always compare the total repaid, not just the monthly figure.
Is this a reducing-balance or flat-rate calculation?
It uses reducing-balance (amortised) interest, where interest is charged on the outstanding balance. Flat-rate loans cost more for the same headline rate.
Are the results exact?
They are accurate estimates. A lender may apply fees, insurance, or rounding that slightly change the actual figures.
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