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Calculate your monthly loan payments (EMI), total interest, and view complete amortization schedule for home loans, personal loans, auto loans, and more.
Enter loan details to calculate your EMI and view payment breakdown
A loan calculator is a financial tool that helps you estimate your monthly EMI (Equated Monthly Installment) payments, total interest costs, and complete amortization schedule for different types of loans. It's an essential tool for financial planning that allows you to compare loan options, understand payment structures, and make informed borrowing decisions.
Our free online loan calculator supports various loan types including personal loans, home loans, auto loans, education loans, and business loans. It provides instant calculations with detailed breakdowns to help you plan your finances effectively.
Unsecured loans for various personal expenses including debt consolidation, medical emergencies, home improvements, weddings, or travel. These loans typically have higher interest rates but offer quick approval and flexible usage.
Long-term secured loans for purchasing residential or commercial properties. These loans offer the lowest interest rates as the property serves as collateral. Terms typically range from 15-30 years with tax benefits available.
Secured loans specifically for purchasing new or used vehicles. The vehicle serves as collateral, resulting in moderate interest rates. Loan terms typically range from 3-7 years with options for both individual and commercial vehicles.
Specialized loans for educational expenses including tuition fees, accommodation, books, and other study-related costs. These loans often offer favorable terms like grace periods, moratorium options, and tax benefits under Section 80E.
Loans for business purposes including startup funding, working capital, equipment purchase, or business expansion. Interest rates and terms vary based on business profile, credit history, and loan purpose.
Loan EMI calculation uses a mathematical formula that considers three key factors: Principal amount (P), Annual interest rate (R), and Loan tenure in months (N). The formula is: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where R is the monthly interest rate (annual rate/12).
The amortization schedule shows how each EMI payment is divided between principal repayment and interest payment. Initially, a larger portion goes toward interest, but as the loan progresses, more of your payment goes toward the principal amount.
Understanding this breakdown helps you make informed decisions about loan tenure, prepayments, and choosing between different loan offers. A longer tenure means lower EMI but higher total interest, while a shorter tenure means higher EMI but lower total cost.