Premium Loan Calculator
Calculate your monthly payments and total loan cost
| Total Loan Amount | $25,000.00 |
| Total Payment | $28,732.80 |
| Payoff Date | May 2028 |
Loan Calculator – Free EMI & Interest Calculator
Our Loan Calculator is a free online tool designed to help you calculate the monthly EMI (Equated Monthly Installment), total interest, and total repayment amount for different types of loans. Whether you are planning to take a personal loan, home loan, car loan, or business loan, this calculator provides accurate results instantly.
What is a Loan Calculator?
A loan calculator is a financial tool that helps you estimate your monthly repayment schedule before applying for a loan. It uses basic inputs like loan amount, interest rate, and loan tenure to calculate the EMI and total payable amount.
How to Use the Loan Calculator?
- Enter the Loan Amount you wish to borrow.
- Enter the Rate of Interest offered by the bank or lender.
- Enter the Loan Tenure in months or years.
- Click Calculate to get EMI, total interest, and repayment details.
Formula Used in Loan Calculator
The EMI is calculated using the standard loan formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where: P = Loan Amount (Principal) R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100) N = Loan Tenure in Months
Example Calculation
Suppose you take a loan of ₹5,00,000 at 10% annual interest for 5 years:
- Loan Amount = ₹5,00,000
- Interest Rate = 10% (0.0083 monthly)
- Tenure = 60 months
- Monthly EMI ≈ ₹10,624
- Total Repayment ≈ ₹6,37,440
- Total Interest ≈ ₹1,37,440
Why Use Our Loan Calculator?
- ✅ Accurate EMI and interest calculations
- ✅ Saves time compared to manual calculations
- ✅ Helps in financial planning before applying for a loan
- ✅ Works for personal loans, car loans, home loans, and business loans
- ✅ 100% free and online, no registration required
Common Use Cases
- ✔️ Calculate EMI for personal loans
- ✔️ Estimate monthly payment for car loans
- ✔️ Check total repayment for home loans
- ✔️ Business owners calculating loan repayment plans
- ✔️ Students learning about financial mathematics
Frequently Asked Questions (FAQs)
1. What is EMI in loans?
EMI (Equated Monthly Installment) is the fixed amount you pay monthly towards loan repayment, including both principal and interest.
2. Does the Loan Calculator show exact bank EMI?
It gives an accurate estimate based on inputs, but banks may vary slightly depending on fees and conditions.
3. Can I calculate both short-term and long-term loans?
Yes, you can use it for any tenure — from a few months to several years.
4. Is this tool free to use?
Yes, the Loan Calculator is 100% free and does not require registration.
5. Does it work for all loan types?
Yes, you can use it for personal loans, car loans, education loans, business loans, and mortgages.
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Conclusion
The Loan Calculator is a must-have tool for anyone planning to take a loan. With accurate EMI calculations, total interest, and repayment insights, it simplifies your financial planning. Use it today to make informed borrowing decisions and manage your finances smartly.