Loan Calculator
Calculate EMI, Interest & Plan Your Loan Strategy
Calculate your loan EMI, total interest, and generate a detailed amortization schedule. Perfect for home loans, personal loans, and car loans with prepayment options to save money.
Quick Presets
Loan Details
How It Works
The loan calculator uses standard financial formulas to calculate your EMI, total interest, and amortization schedule:
- Monthly EMI using reducing balance method
- Total interest and principal breakdown
- Impact of prepayments and extra payments
- Complete amortization schedule
The calculator supports both reducing balance and flat rate calculations for accurate results.
Loan Types
Common Uses
- • Calculate monthly EMI before applying
- • Compare different loan scenarios
- • Plan prepayment strategies
- • Understand total interest costs
- • Generate amortization schedules
- • Assess loan affordability
Loan Examples
See how different loan types compare with typical interest rates and terms
Home Loan Example
First-time home buyer
Car Loan Example
New car purchase
Personal Loan Example
Emergency medical expenses
Business Loan Example
Small business expansion
Prepayment Impact Examples
See how extra payments can significantly reduce your loan burden
Home Loan with Monthly Extra Payment
Without Prepayment
With Prepayment
Car Loan with Lumpsum Prepayment
Without Prepayment
With Prepayment
Interest Rate Impact Comparison
How different interest rates affect your loan for ₹20,00,000 over 15 years
| Interest Rate | Monthly EMI | Total Interest | Total Amount | Difference |
|---|---|---|---|---|
| 7.5% | ₹18,599 | ₹13,47,820 | ₹33,47,820 | Base |
| 8.5% | ₹19,686 | ₹15,43,480 | ₹35,43,480 | +₹1,95,660 |
| 9.5% | ₹20,804 | ₹17,44,720 | ₹37,44,720 | +₹3,96,900 |
| 10.5% | ₹21,951 | ₹19,51,180 | ₹39,51,180 | +₹6,03,360 |
* Even a 1% difference in interest rate can cost lakhs over the loan tenure
Practical Tips
Maximize Savings
- • Start prepayments early in the loan tenure
- • Use annual bonuses for lumpsum prepayments
- • Increase EMI by 10-15% annually with salary hikes
- • Choose shorter tenure if you can afford higher EMI
- • Consider loan refinancing if rates drop significantly
Avoid Common Mistakes
- • Don't borrow beyond 40% of your monthly income
- • Avoid taking loans for depreciating assets unnecessarily
- • Don't ignore processing fees and hidden charges
- • Avoid missing EMI payments as it affects credit score
- • Don't take multiple loans simultaneously without planning
What is a Loan Calculator?
A loan calculator is a financial tool that helps you determine your monthly EMI (Equated Monthly Installment), total interest payable, and loan amortization schedule. It uses mathematical formulas to calculate loan payments based on principal amount, interest rate, and loan term.
Key Features
- • EMI calculation for any loan type
- • Interest rate comparison
- • Prepayment impact analysis
- • Detailed amortization schedule
- • Multiple loan scenarios
- • Visual payment breakdown
Benefits
- • Budget planning and preparation
- • Compare different lenders
- • Understand total cost of borrowing
- • Plan prepayment strategies
- • Make informed financial decisions
- • Loan eligibility assessment
Frequently Asked Questions
Understanding Loan Terms
Key Terminology
Principal: The original loan amount borrowed
Interest Rate: Annual percentage charged on the loan
EMI: Equated Monthly Installment payment
Tenure: Duration of the loan repayment period
Prepayment: Extra payment to reduce principal
Loan Factors
• Higher loan amount = Higher EMI
• Higher interest rate = Higher EMI
• Longer tenure = Lower EMI, Higher total interest
• Shorter tenure = Higher EMI, Lower total interest
• Prepayments = Reduced interest & tenure
Tips for Smart Borrowing
Before Taking a Loan
- • Check your credit score and improve if needed
- • Compare interest rates from multiple lenders
- • Calculate EMI to ensure it fits your budget
- • Consider loan tenure vs. total interest trade-off
- • Factor in processing fees and other charges
During Loan Repayment
- • Never miss EMI payments to maintain good credit
- • Make prepayments when you have surplus funds
- • Consider increasing EMI with salary increments
- • Monitor interest rates for refinancing opportunities
- • Keep loan documents and payment records safe