Work out your monthly EMI, total interest and total payment for any loan — with a year-by-year breakdown.
Free tool — the calculation happens in your browser. This is an estimate using the standard reducing-balance EMI formula; your bank's exact EMI may differ slightly.
Before you take a loan — for a car, a home, education or a personal need — you should know exactly what it will cost you every month, and how much of that is interest. This free loan and EMI calculator works it out in seconds: enter the loan amount, the interest rate and the tenure, and it shows your monthly EMI, the total interest you will pay, and the total amount you will repay. A year-by-year breakdown shows how much of each payment goes to interest and how much reduces the loan, so you can see why a longer loan costs more overall even when the monthly payment is smaller. Use it to compare offers from different banks, check whether a shorter tenure is affordable, or plan a part-payment. It is free, needs no sign-up, and runs entirely in your browser.
EMI is the Equated Monthly Instalment — the fixed amount you pay the bank every month until the loan is fully repaid. Each payment covers part of the interest and part of the loan itself.
Yes, the monthly EMI is lower, but you pay interest for more years, so the total amount you repay is higher. A shorter loan costs more per month but less overall.
With reducing balance interest, interest is charged only on the amount you still owe, so it falls as you repay. With flat interest, it is charged on the full loan amount for the whole tenure. Most banks use reducing balance — this calculator does too.
It is an accurate estimate based on the numbers you enter. The bank's final EMI can differ slightly because of processing fees, insurance or a different rate on the day you sign.
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