Loan EMI Calculator
This calculator helps you determine your monthly EMI (Equated Monthly Installment) based on your loan amount, interest rate, and tenure. It also provides a detailed breakdown of your repayment schedule and visualizes your loan journey with an interactive timeline chart.
Free Loan EMI Calculator
Loan EMI
Total Interest Payable
Total Payment
(Principal + Interest)
Loan EMI Calculation Across Scenarios
Loan EMIs (Equated Monthly Installments) can be calculated differently depending on financial systems and payment conventions. This calculator uses the most common method, where EMI is determined based on the loan amount, interest rate, and tenure. For instance, a loan with equal monthly repayments ensures consistent budgeting and financial planning.
In some cases, variations in EMI calculation methods arise:
- Reducing Balance Method: Interest is charged on the outstanding loan amount, leading to a decreasing EMI over time.
- Flat Rate Method: Interest is calculated on the total loan amount, resulting in fixed EMIs throughout the tenure.
Handling Partial Months and Variations
Loan repayment schedules sometimes involve partial months or uneven interest periods due to disbursement dates or other factors:
- For loans disbursed on Feb. 20 with the first EMI on Mar. 20, the full month’s interest is charged.
- For loans disbursed on Feb. 28 with the first EMI on Mar. 31:
- If Feb. 28 to Mar. 28 is treated as one month, interest is calculated accordingly.
- If Feb. 28 to Mar. 31 is treated as a partial month, adjustments are made.
This calculator follows the standard reducing balance method for accurate EMI calculations and financial planning.