Loan (EMI) Calculator

Calculate your equated monthly installments (EMI) for various types of loans like personal, mortgage, auto, and student loans, among others.


Loan Repayment Graph & Table

The graph below shows the year-on-year breakdown of the principal, interest, and balance amount.

The table below shows a further breakdown from year-on-year to monthly payments of the principal and interest amount, along with the balance amount to be repaid.

year Principal Interest Total payment Balance Loan Paid To Date

Why Should You Use Our Calculator?

Easy To Use
Accessible For All
Requires Minimum Details
Assist with financial planning
Available For Free

This article will further guide you to understand the basics of loans, types of loans, and more. Let’s get started!

Why Should You Use Our Calculator?

How Does This Loan Calculator Work?

Our loan calculator computes your EMI for the entire loan tenure by taking some basic information like loan amount, interest rate, and loan tenure. We have listed all the terminologies used in the calculator to help you understand the tool better.

Parameters required to calculate:

loan amount

Loan Amount

We need the loan amount you wish to borrow or have borrowed as a loan to calculate your EMI.

loan rate

Interest Rate

This is the rate of interest you may have to pay or have agreed to pay on the principal amount, which is also required to calculate your EMI.

loan tenure

Loan Tenure

Loan tenure is the number of years you may need to close your loan, and this is also a requirement in this calculation.

Factors displayed in the result:


Loan EMI

This value shows how much you will have to pay as equated monthly payment (EMI)


Total Interest Payable

This value shows how much of the amount you pay will be serviced as interest in your loan tenure


Total Payment

This value shows the total amount you may end up paying in your loan tenure (this includes interest and principal amount)

Different Types Of Loans

Here, we have listed some details about the most common types of loans that can help you understand them better. Take a look:

Secured Personal Loan

The secured personal loan can assist you in paying for medical costs, consolidating debt, or financing a major investment. These are offered by banks, credit unions, and internet lenders. However, before applying for one, browse to compare interest rates, collateral requirements, and return conditions.

secured personal loan
unsecured personal loan

Unsecured Personal Loan

Unsecured loans do not require security for issuing the loans. These are something that many lenders in the nation provide to their clients. Numerous reputable banks provide consumers with personal loans and business loans. Several other lenders provide consumers with short-term wage advances or fast loans.

Home Equity Loan

Home equity is often offered as HELOC and functions more like a credit card. It is usually called the home equity line of credit (HELOC). It allows you to repay the loan using the available credit line. Typically, the interest rate is flexible and based on indexes, such as the prime rate.

auto loan

Auto Loan

Auto loans are secured loans in which the vehicle serves as collateral. Lenders provide it for new and used automobiles, two-wheelers, and commercial vehicles.

Student Loan

Student loans are financial aid used to help students pursue higher education in the United States. The government offers various types of loans, including repaying loans, defaulted loans, loan forgiveness, grants, and programs.

student loan

Mortgage (Home Loan)

Homebuyers looking to invest in a property usually pick a mortgage that best suits their needs. One can pick from various types of mortgages, such as conventional mortgages, fixed-rate mortgages, FHA loans, USDA loans, etc.

Average Interest Rates

The table below shows the average interest rates on different types of loans:

Loan Type- Avg Interest Rate
Secured Personal Loan- 9.5% - 30%
Unsecured Personal Loan- 10% - 32%
Home Equity Loan - 7.12%
Auto Loan - 4.3% - 8.6%
Student Loan - 5.8%

Things To Consider Before Opting For A Loan

When applying for a loan it can be beneficial for you to plan and calculate your payments. We have created a checklist that will help you get started. Take a look:

Plan As Per Your Budget

It's a good idea to determine what you can afford to pay as monthly installments if you require or wish to take out a loan. You would not want to commit to a monthly payment that will be difficult for you to make. Additionally, evaluate whether you qualify for a loan and, if so, determine how much they offer you.

Make A Decision On Your Collateral

If you wish to opt for a secured loan, deciding whether you want to put up collateral is extremely important. Secured loans often offer lower rates of interest, but they involve risk. In exchange for the loan, you put up securities, such as your car or home. The lender may seize your property if you fail to pay your loan.

Compare Offers

It is advisable to look around and evaluate loan offers from several lenders. If feasible, you can check your expected rate by applying for prequalification. It can indicate loan rates and terms without putting a formal query on your credit reports.

While comparing various offers and plans, you must also consider checking the additional charges or the processing fee. Usually, banks charge some sort of amount when giving a loan. So, it’s better to clarify the same before committing to anything.

Is Taking A Loan Worth It?

Opting for a loan can be worthwhile, depending on the loan's objective and the repayment plan. You must ensure that you have done ample research on your selected loan type. Moreover, you can use our loan calculators to get better insights about the financial commitment you may require to make by getting a loan.


How to calculate the loan interest rate?

There can be different ways to calculate the interest rates depending on your type of loan. For instance, If you take $1,000 from a bank and pay $60 in interest over a year, your quoted interest rate is 6%. Here's how it works:

Simple Interest Loan Effective Rate = Interest/Principal = $60/$1,000 = 6%

What are the types of interest?

There are typically three types of interest: simple or regular interest, accrued interest, and compounding interest.

What do I need to know about my credit score before applying for the loan?

Lenders will examine your credit score to determine your creditworthiness. It is more likely for a lender to approve your loan application if your credit score is closer to 900 points. A good credit score demonstrates that you have a strong credit history and can repay the loan.

What is the principal of a loan?

The principal of a loan is the outstanding amount of the borrowed money and is not inclusive of interest.

What to do if I need a loan but have no credit?

Without credit, it is possible to qualify for a loan, but there are certain risks to be aware of. Loans for persons with no credit may have high-interest rates and fees, and lenders may need you to put up property (such as a car or a home) as collateral to secure the loan.

Do I get tax benefits on Loans?

Tax deductions can assist with several educational expenditures. Tuition for college, primary, and secondary education are included in these costs. You are not required to pay tax on educational aid payments received from your employer that are less than $5,250.