What is a loan / EMI calculator?
A loan or EMI calculator estimates what you will pay each month to repay a loan. EMI means equated monthly instalment: a regular payment that covers both part of the original amount borrowed and the interest charged by the lender. Enter the loan amount, annual interest rate and repayment period to see an estimated monthly payment, total interest and total amount repaid.
This calculator runs entirely in your browser. The figures you enter are not sent to a server, stored or shared. It is useful for personal loans, car finance, education loans and other fixed-rate loans with regular monthly repayments.
How to use this EMI calculator
- Enter the amount you plan to borrow in the loan amount field.
- Add the annual interest rate shown in the lender's offer.
- Enter the repayment term, then choose whether that number is in years or months.
- Review the monthly EMI, total interest and total repayment below the inputs.
- Try a shorter term, a lower rate or a different amount to compare possible repayment plans.
The results use the same currency unit as the loan amount you enter. For example, entering 100,000 gives results in that same currency, whether it is dollars, rupees, pounds or another currency.
How the monthly payment is calculated
For a standard fixed-rate repayment loan, each monthly payment is calculated from the principal, the monthly interest rate and the number of monthly payments. At the beginning of the loan, more of each payment goes toward interest. As the balance falls, more goes toward the amount borrowed. The payment itself stays the same when the interest rate and term are fixed.
The calculator converts the annual rate to a monthly rate and applies the standard amortisation formula. A zero-interest loan is handled separately by simply dividing the amount borrowed by the number of monthly payments. Actual lender schedules can vary slightly because of payment dates, fees, insurance, rounding or a variable interest rate.
Why compare loan repayments first?
The monthly payment alone does not show the full cost of borrowing. A longer term may reduce the monthly EMI but usually increases the total interest paid. A shorter term can cost more each month while reducing the total repayment. Comparing both figures helps you choose a payment that fits your budget and understand the trade-off before applying.
Use this estimate as a planning tool, then check the lender's official illustration for the exact rate, fees and repayment schedule before making a financial decision.