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

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

Monthly Payment

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

Total Interest Payable

Interest Payable

The loan interest payable is how much interest you will pay to the lender for the loan tenure.

Total Payment

Total Payment

The total payment is how much you will owe in loan payments which includes principal and interest.

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 is issued against collateral pledged by the applicant. Upon non-payment of the loan, the lender can liquidate the asset and compensate for the dues. As a result, the interest rates for secured loans are usually lesser than the unsecured loans.

secured personal loan
unsecured personal loan

Unsecured Personal Loan

Unsecured loans are issued against the borrower's creditworthiness and not against collateral, as in secured loans. As the risk for the lender is higher in this type of loan, the interest charged is generally on the higher side.

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.

home equity loan
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. These loans are only offered to those who intend to purchase an automobile on an EMI basis.

Student Loan

Student loans are offered to help students pursue higher education. These are offered by both federal agencies and by private players. Some private players offer student loans in addition to federal aid to help students fund gaps if federal aid is insufficient.

student loan
Mortgage Home 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 The Type Of Loan

You must decide if you would like to take a loan by pledging collateral or through your intrinsic creditworthiness. Using collateral would mean high risk but lower interest rates, while unsecured loans place the risk on the lenders. The decision on whether you pay less interest by taking a high-risk loan or pay more on a low-risk loan is important and decides the nature of 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. You should also consider checking the additional charges or the processing fee.

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?

Interests are generally calculated using the simple interest method and the compound interest method. Most loans use the compound interest method to calculate the amount of interest you need to pay. Compound interest represents the principal amount after the compounding period, and the same is mathematically expressed as A=P(1 + r/n)^nt.

What Is The Difference Between A Fixed Interest Rate and A Floating Interest Rate?

Fixed interests remain unchanged throughout the loan tenure, whereas floating interest rates are prone to fluctuations based on market factors in an economy.

The lender and borrower usually agree upon fixed interests at the negotiation time, and no third parties are involved in this arrangement. On the other hand, floating interest rates are usually altered by changes in the government’s fiscal policies, and lenders or borrowers have no say in their fluctuations.

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

A good credit score demonstrates that you have a strong credit history and can repay the loan. Lenders examine your credit score before approving your loan application if you meet the minimum credit score requirement set by them. A good credit score fetches you credit at a reasonable interest rate, although some lenders also lend money despite poor credit scores on exorbitant interest rates.

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 you should know. Loans for persons with no credit may have high-interest rates and fees, and lenders may need you to pledge an asset (such as a car or a home) as collateral to secure the loan.

Do I get tax benefits on Loans?

While personal loans do not benefit from tax deductions, other forms of loans, such as mortgages, student loans, and business loans, can deduct the interest paid on the principal amount.

It must be noted that tax breaks can only be availed for the loans mentioned above if the borrower matches the eligibility criteria.

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.