Work out your monthly loan EMI, interest, and amortization schedule, and compare up to three loan offers with processing fees.
An EMI is the fixed monthly instalment you pay on a loan, made up partly of interest and partly of repaying the amount you borrowed. When you are shopping for a home, car, or personal loan, the single number that decides whether it fits your budget is that monthly figure, and it is not obvious from the loan amount alone. This calculator turns the loan amount, interest rate, and tenure into a clear EMI, the total interest you will pay, and a full month-by-month breakdown of how the balance shrinks.
You type the principal you want to borrow, the annual interest rate the lender quotes, and the tenure in months or years. The EMI appears immediately, along with the total of all payments and how much of that is pure interest. Because it also compares up to three offers side by side and lets you add processing fees, you can see past a tempting low rate that hides a heavy fee, and judge the offers on their true cost.
The maths uses the standard reducing-balance EMI formula, where the monthly rate is the annual rate divided by twelve and the instalment is sized so the loan clears exactly at the end of the tenure. Early on most of each payment is interest and only a little chips at the principal, which flips as the loan ages. As a rough illustration, a longer tenure lowers the monthly EMI but raises the total interest, sometimes dramatically, because the balance sits accruing interest for more years. The amortization schedule makes that trade visible line by line.
Use this when you want to know the real monthly commitment before you sign, or when two lenders quote figures that are hard to compare in your head. If your question is instead about how much interest you would save by paying a lump sum into an existing loan, a prepayment calculator is the better fit, since it models a one-time extra payment against the remaining schedule.
It fits several moments. A first-time home buyer can find the tenure that keeps the EMI within a comfortable share of income. A car buyer can weigh a three-year loan against a five-year one. Someone juggling offers from three banks can rank them by total cost including the processing fee rather than by headline rate alone.
The calculation happens entirely on your device, so your loan figures are never uploaded or stored anywhere. There is no account to create and nothing to pay, and the only practical limit is your own device's memory, which handling a few loans and a schedule will not strain. Lenders may round or apply charges slightly differently, so treat the EMI as an accurate estimate and confirm the final figure in your sanction letter.
Stretching the loan over more months means the outstanding balance keeps earning interest for longer, so you pay more interest in total even as each monthly payment shrinks. The calculator shows both numbers so you can see the trade rather than just chasing the lowest EMI.
The processing fee is a one-time charge on top of the interest, so including it reveals the true cost of a loan that advertises a low rate but recovers margin through fees. When comparing offers, the one with the lowest EMI is not always the cheapest once the fee is counted.
Yes, it uses the reducing-balance method that almost all retail loans follow, where interest each month is charged only on the remaining principal. This is why your interest portion falls and your principal portion rises as the schedule progresses.
The amortization schedule breaks every instalment into its interest and principal parts and shows the outstanding balance after each one. That lets you check where you stand at, say, year three of a twenty-year loan.
The calculation assumes a single fixed rate for the whole tenure. If your rate is floating, rerun the numbers whenever the rate resets to get an updated EMI and schedule for the remaining term.
It will be very close, though banks may differ by a rupee or two because of rounding conventions or the exact day count they use. Always confirm the binding figure against the sanction letter before budgeting to the last rupee.
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