Loan Calculator
Calculate EMI, total interest, and total payment for home, car, personal, and education loans.
Swipe to choose a calculation typeChoose a calculation type
Enter the total cost, down payment, interest rate, and tenure.
Total cost
Down payment
Annual interest rate
Loan tenure
How is loan EMI calculated?
EMI stands for Equated Monthly Instalment. For loans that involve a down payment, such as home and car loans, the down payment is first subtracted from the total cost to get the loan principal.
Here, P is the loan principal (loan amount after down payment), R is the monthly interest rate, and n is the total number of monthly payments.
Choosing the right loan tenure
Shorter tenure
A shorter tenure increases the monthly EMI but reduces the total interest paid over the life of the loan.
Longer tenure
A longer tenure lowers the monthly EMI, making it easier on monthly cash flow, but increases the total interest paid overall.
Down payment
For home and car loans, a higher down payment reduces the loan principal, which lowers both the EMI and the total interest.
FAQ
Frequently asked questions
How is a home or car loan EMI different from a personal loan EMI?
Home and car loans typically involve a down payment, so only the remaining amount is financed. Personal loans are usually unsecured with no down payment, so the full amount is financed. Education loans may be unsecured or secured depending on the lender, loan amount, and borrower profile.
Does a larger down payment reduce my EMI?
Yes. A larger down payment lowers the loan principal, which directly reduces both your monthly EMI and the total interest paid over the loan tenure.
Which loan type usually has the lowest interest rate?
Home loans often have lower rates than unsecured personal loans because they are secured against property, but actual rates vary by lender, borrower profile, loan amount, and market conditions. Some lenders may also require a margin contribution on education loans.
Does this calculator include processing fees or insurance?
No. This calculator estimates EMI using the loan amount, interest rate, and tenure only. Processing fees, insurance, taxes, and other charges are not included.