What Is a Loan Calculator?
A loan calculator helps estimate the monthly payment, total interest and total amount payable for a loan based on the loan amount, interest rate and repayment period.
How to Use the Loan Calculator
Enter the amount you want to borrow, the annual interest rate and the loan tenure in years. Then click the Calculate EMI button.
The calculator will show an estimated monthly EMI, total interest and total payment.
EMI Formula
The standard EMI formula used by this calculator is:
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Here, P is the principal loan amount, r is the monthly interest rate and n is the total number of monthly payments.
Loan Calculator Example
Suppose you borrow ₹5,00,000 at an annual interest rate of 8.5% for 5 years. Enter these values into the calculator to estimate the monthly EMI and total interest payable.
What Does the Calculator Show?
- Monthly EMI
- Total loan payment
- Total interest
- Loan amount
- Loan tenure
Important Note
The results provided by this calculator are estimates for informational purposes. Actual loan payments may differ because of lender-specific interest rates, fees, taxes, insurance, processing charges and other terms.
Frequently Asked Questions
What is EMI?
EMI stands for Equated Monthly Instalment. It is the regular payment made towards repaying a loan.
Does a higher interest rate increase EMI?
Generally, yes. For the same loan amount and tenure, a higher interest rate generally results in a higher EMI and higher total interest.
Does a longer loan tenure reduce EMI?
A longer tenure generally reduces the monthly EMI, but it can increase the total interest paid over the life of the loan.
Is this loan calculator free?
Yes. Toolveta's loan calculator is free to use and does not require registration.
Can I use this calculator on mobile?
Yes. The calculator works on mobile phones, tablets and desktop computers.