🏦 Finance Tool
EMI Calculator
Calculate your monthly loan EMI (Equated Monthly Installment), total interest, and view a complete year-by-year amortization schedule for any loan type.
🏦 Loan Type
⚙️ Loan Parameters
Smart Loan Tips
📉 Lower rate = big savings
Even a 0.5% rate reduction on a ₹50L home loan over 20 years saves ₹4–6 lakhs in interest. Always compare lenders.
📅 Shorter tenure = less interest
A 15-year loan pays significantly less total interest than a 20-year loan, though monthly EMIs are higher.
💰 Prepay when possible
Making extra principal payments in early years has the biggest impact on total interest paid — the earlier the better.
📊 Check real APR
Compare Annual Percentage Rate (APR) not just the nominal rate. APR includes fees and gives the true cost of borrowing.
FAQ
EMI stands for Equated Monthly Installment. It is the fixed amount you pay to the lender every month until the loan is fully repaid. Each EMI covers both interest and principal components.
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = number of monthly installments (tenure in months).
An amortization schedule is a complete table of loan payments showing the portion of each payment that goes toward interest and principal, and the remaining balance after each payment.