A free online loan calculator that works for personal, home, education, business or any other fixed-rate loan. Enter the principal, interest rate and tenure to get the monthly EMI, total interest and a year-wise repayment schedule.
Personal loans 10–24%, gold 8–18%, education 8–14%
Monthly EMI
₹10,871
Total Interest
₹1,52,273
Total Payment
₹6,52,273
Principal vs. Interest
Indicative numbers based on the standard reducing-balance EMI formula. Final EMI from your lender may vary slightly due to processing fees, GST and the exact disbursement date.
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Every loan in India - home, car, personal, business, gold, education - uses the same underlying EMI math. The differences across loan types are in the rate band, tenure norms, processing fees, prepayment policies and tax treatment, not in the formula. A loan calculator is the universal tool that lets you compare any two loans on equal footing: pick the right principal, rate and tenure for each, and the EMI tells you exactly how much will leave your bank account every month for the duration.
Indian retail loan rates in 2026 typically range from 8.4-9.5% for home loans, 9-12% for car loans, 10-15% for education loans, 12-22% for personal loans, and 18-42% for credit-card cash advances. The same ₹5 lakh principal can produce wildly different EMIs depending on which bucket it falls into. Before signing any loan agreement, plug the exact rate, processing fee and tenure into this calculator - it's the single best filter for whether you should accept or negotiate the offer.
Enter the loan amount you want to borrow.
Set the annual interest rate offered by the lender.
Pick the loan tenure in years.
See your monthly EMI, total interest and total payment instantly.
Open the schedule to view how your payments split into principal and interest each year.
The calculator uses the standard reducing-balance EMI formula. Each month a small fraction of the EMI goes towards interest on the outstanding principal, and the rest reduces the principal. Early in the tenure, most of the EMI is interest. Towards the end, almost the entire EMI is principal.
EMI = P × r × (1+r)^n / ((1+r)^n − 1)
The closed-form EMI formula is derived from the annuity present-value equation. The lender treats your loan as a stream of equal future payments, discounts each payment back to today at the monthly rate, and sets the sum equal to the principal. Solving for the payment gives the EMI. This is the standard 'monthly reducing balance' method that all RBI-regulated lenders are required to use for transparency.
Non-banking lenders (NBFCs) and some used-car or gold-loan products sometimes quote 'flat-rate' interest, which is mathematically simple interest spread over the tenure. A flat 7% loan over 5 years is actually about 13% on a reducing-balance basis - nearly double. Always convert flat rates to reducing-balance equivalents using a factor of ~1.85 before comparing across lenders.
Processing fees, GST on processing fees, insurance premiums bundled into the loan, and one-time documentation charges together can add 1-3% to the effective cost of the loan. The headline EMI from this calculator doesn't include these - for the all-in cost comparison, use the APR calculator on this site, which folds upfront charges into the effective rate.
EMI ≈ ₹16,847. Total payable ₹6,06,492. Total interest ₹1,06,492 - over 21% of the principal in interest over just 3 years. If the same ₹5 lakh comes as a 5-year loan at 12% (which often happens with a slightly larger tenure offered to lower the monthly EMI), the EMI drops to ₹11,122 but total interest jumps to ₹1,67,323. Lower EMI, higher total cost.
EMI ≈ ₹23,353. Total interest ₹7,41,888. Education loans have an additional layer: principal repayment starts after the course completion + moratorium (typically 6-12 months after course ends), but interest starts accruing from disbursement. Banks add the accrued interest to the principal at moratorium end, so the effective EMI is computed on a larger base than the original disbursement.
Any fixed-rate loan: personal, home, car, education, gold, business or top-up. The math is identical - the only thing that changes is the typical rate band.
Floating-rate loans use the same formula at any given moment. Re-run the calculator after each rate revision to see the updated EMI.
Processing fees are a one-time outflow paid upfront. They do not affect the EMI but increase your total cost. Add them separately to the loan-amount field if you are financing the fee, or treat them as additional cash outflow.
GST is applied on processing fees and certain charges, not on interest itself.
Total interest = (EMI × number of months) − loan amount.
Most lenders allow part-prepayment on floating-rate loans without penalty. Use the calculator to compare a fresh tenure or fresh EMI after a prepayment.
Indian financial products - home loans, fixed deposits, mutual funds, NPS, insurance - each carry their own quirks: monthly reducing balance vs flat-rate interest, quarterly vs monthly compounding, indexation on capital gains, the choice between the old and new tax regime. We design every finance calculator to use the formula that an Indian bank, AMC, or insurer would actually use, and to surface the assumptions in plain English so you can audit the result against your own statement.
Use this calculator alongside the EMI, SIP and inflation calculators to plan your money holistically. A standalone EMI number means little until you compare it with your in-hand salary, your existing debt-to-income ratio, and the impact of inflation on the real cost of the loan. The related-tool grid below makes it one click to chain these analyses together.
The Loan Calculator is part of the Finance suite on Online Calculator Tools, alongside 6 related calculators. All tools share the same UI patterns, the same privacy-first rendering (nothing is sent to a server), and the same commitment to showing the formula and assumptions behind every result.
