Free Loan Calculator – Work Out Your Monthly EMI Instantly
Enter your loan amount, interest rate and tenure to instantly see your monthly EMI, total interest payable and total repayment amount — calculated right in your browser.
Works for personal, home, car or education loans · No account needed · Your numbers are never stored
Three fields, one instant breakdown
No account, no downloads and no confusing settings — just the numbers your lender would ask for anyway.
Add amount, rate and tenure
Type in how much you want to borrow, the annual interest rate offered, and how long you'll take to repay it.
We run the standard EMI formula
Your instalment is calculated using the same reducing-balance formula banks and lenders use.
See your EMI and total cost
Get your monthly EMI, total interest payable, and total amount you'll repay over the full tenure.
What a loan calculator actually shows you
A loan calculator estimates your Equated Monthly Instalment (EMI) — the fixed amount you'd pay every month to repay a loan, combining both principal and interest. It's calculated using the reducing-balance method: 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 total number of monthly instalments.
Beyond the monthly figure, the calculator also shows your total interest payable over the full loan term and the total amount you'll eventually repay — which together make it easier to compare offers from different lenders or test how a shorter tenure changes your cost.
| Loan Type | Typical Tenure | What it's usually for |
|---|---|---|
| Personal Loan | 1 – 5 years | Unsecured borrowing for personal expenses, no collateral required. |
| Home Loan | 10 – 30 years | Financing the purchase or construction of a property, secured against it. |
| Car Loan | 1 – 7 years | Financing a vehicle purchase, usually secured against the car itself. |
| Education Loan | 5 – 15 years | Covering tuition and related costs, often with a moratorium period. |
Three things that move your monthly payment
A higher loan amount increases your EMI in direct proportion, since you're financing more principal. A higher interest rate raises both your EMI and the total interest you'll pay over the loan's life. A longer tenure lowers your monthly EMI by spreading repayment over more months, but it usually increases total interest paid — so the "cheapest" monthly payment isn't always the cheapest loan overall.
Running a few different tenures through the calculator above is a quick way to see this trade-off for your own numbers before you commit to an offer.
Built to be quick, private and accurate
Instant results
Your EMI, total interest and total repayment appear the moment you hit calculate — no page reload.
Completely free
No account, no email, no payment details — just open the page and use it.
Mobile friendly
The calculator resizes cleanly on phones and tablets, so it works wherever you check it.
Any loan type
Use it for personal, home, car or education loans — the formula stays the same.
Nothing is stored
Your loan amount, rate and results stay in your browser and are never saved or shared.
Standard formula
Uses the same reducing-balance EMI formula lenders use, so results are consistent and comparable.
Questions people ask about loan calculators
How is monthly EMI calculated?
EMI uses the formula 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 monthly instalments.
What's the difference between flat rate and reducing balance interest?
Reducing balance interest is charged only on the outstanding amount, so it falls as you repay. A flat rate charges interest on the full original amount for the whole tenure, which usually costs more overall.
Does a longer loan tenure reduce total cost?
No — a longer tenure lowers your monthly EMI but increases total interest paid, since interest accrues over more months.
Is this calculator accurate for all loan types?
It uses the standard reducing-balance EMI formula that applies to personal, home, car and education loans, though your actual lender may add processing fees or other charges not reflected here.
Can I use this to compare two loan offers?
Yes — run each offer's amount, rate and tenure through the calculator separately and compare the EMI and total interest figures side by side.
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