What is EMI and how is it calculated?

EMI stands for Equated Monthly Installment. It's the fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMI is calculated using the formula: [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal loan amount, R is the monthly interest rate, and N is the number of monthly installments.

What types of loans can I calculate with this tool?

Our loan calculator supports four main types: Personal Loans (unsecured loans for personal expenses), Home Loans (mortgage loans for property purchase), Car Loans (auto loans for vehicle purchase), and Education Loans (loans for educational expenses). Each type has typical interest rates and maximum terms pre-configured for accuracy.

How does the affordability analysis work?

The affordability analysis uses the 40% rule, which recommends that your EMI should not exceed 40% of your gross monthly income. Our calculator shows the recommended monthly income needed for your calculated EMI and provides budget allocation suggestions including EMI, other expenses, savings, and discretionary spending.

Can I calculate loans in different currencies?

Yes, our calculator supports multiple currencies including Indian Rupee (INR ₹), US Dollar (USD $), Euro (EUR €), and British Pound (GBP £). All calculations and displays automatically adjust to your selected currency, making it useful for international users or those planning loans in foreign currencies.

What is an amortization schedule?

An amortization schedule is a complete table of periodic loan payments showing the amount of principal and interest that comprise each payment until the loan is paid off. Initially, a larger portion of each payment goes toward interest, while later payments have a larger portion going toward principal. This schedule helps you understand how your loan balance decreases over time.

How accurate are the loan calculations?

Our loan calculator uses standard financial formulas and includes all major components of loan repayment. The calculations are accurate for planning purposes, though actual loan terms from lenders may vary based on credit score, loan-to-value ratio, processing fees, and other factors not included in this basic calculation.

Can I save and share my loan calculations?

Yes, you can save your calculations to local history for future reference, copy detailed results to clipboard, or share them with family members or financial advisors. All calculations are stored locally on your device and can be cleared at any time for privacy.

What payment frequencies are supported?

Our calculator supports three payment frequencies: Monthly (most common for personal loans), Quarterly (common for some business loans), and Yearly (for annual repayment plans). The EMI amount adjusts automatically based on your selected frequency to give you accurate repayment calculations.

Personal Loan Calculator

Calculate your Equated Monthly Installment (EMI), total interest, and payment schedule for personal loans

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Loan Calculator

Select Loan Type

Currency

Payment Frequency

Loan Amount (INR)

Quick select:

₹

Interest Rate (% per annum)

Loan Term

Loan Types & Rates

💳

Personal Loan

Unsecured loans for personal expenses

10.5%

Max 7 years

🏠

Home Loan

Mortgage loans for property purchase

8.5%

Max 30 years

🚗

Car Loan

Auto loans for vehicle purchase

Max 7 years

🎓

Education Loan

Loans for educational expenses

7.5%

Max 15 years

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Calculation History

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Loan Tips & Guidelines

EMI Affordability

Keep EMI under 40% of your monthly income. Consider all expenses before taking a loan.

Credit Score Impact

Maintain a credit score above 750 for better interest rates and loan approval chances.

Prepayment Benefits

Consider prepaying your loan to reduce total interest. Check for prepayment charges first.

Tax Benefits

Home and education loans offer tax deductions under Section 80C and 80E of Income Tax Act.

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Personal Loan Calculator

Loan Calculator

Loan Types & Rates

Calculation History

Loan Tips & Guidelines

EMI Affordability

Credit Score Impact

Prepayment Benefits

Tax Benefits

Frequently Asked Questions

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