Loan Calculator
Calculate EMI for any amortized, deferred or bond-style loan. See total interest, total payment and a full repayment schedule.
Fixed monthly payment covering principal + interest; the loan is fully repaid by maturity.
Bank starting rates as of August 2026. Actual rates depend on credit score and product. This is an estimate — confirm the actual rate with your bank before applying.
Monthly payment
$10,623.52
Total payment
$637,411.34
Over 60 months
Total interest
$137,411.34
Payoff note
Fully amortized
How it works
Amortized: EMI formula. Interest-only: monthly = P × r, principal at maturity. Deferred: lump sum = P × (1+r)ⁿ.
Example: ₹5,00,000 at 10% for 5 years → ₹10,624/month (standard).
Last updated: March 2026
How this calculator is verified
Checked by Rahim Virani on
- Flat vs reducing rate clearly labelled so the two are never conflated
- Prepayment reduces the outstanding principal before recalculating EMI
- Total interest cross-checked against the amortisation schedule sum
The full verification method is on our how we verify page. Found an error? Tell us and we will re-check it.
When to Use This Calculator
Use this loan calculator whenever a bank, NBFC or cooperative lender quotes you an EMI, because the quoted figure can be checked in seconds against your own amount, rate and tenure. It handles the three structures Indian lenders actually use: standard amortized personal loans, deferred-principal products that keep early EMIs low, and bond-style loans where interest is paid through the term and principal at the end. A teacher comparing a ₹5 lakh loan at 12% over 3 years against a 4-year term sees both the lower EMI and the higher total interest on the same screen. The repayment schedule shows each instalment's principal and interest split, which is what you need when planning prepayments or checking a bank statement.
How to Use This Calculator
- Step 1: Enter the amount you plan to borrow, such as a personal loan amount from your bank.
- Step 2: Enter the annual interest rate and the tenure in years or months.
- Step 3: Pick the repayment style the tool offers, such as normal amortization, deferred principal or bond-style payments, if your loan uses one.
- Step 4: Read the EMI, total interest and total payment, then scroll the repayment schedule to see every instalment's split.
Worked Example
A teacher in Kochi takes a personal loan of ₹5,00,000 at 12% per year for 3 years. Enter 500000 as the amount, 12 as the annual rate and 36 months as the tenure. The EMI works out to about ₹16,607 per month. Over the full term the total payment is about ₹5,97,858 and the total interest about ₹97,858. Checking the same loan over 4 years shows a lower EMI of about ₹13,167 but noticeably more total interest, so the schedule helps you pick the right balance.
Tips and Common Mistakes
- •Tip 1: Personal loans in India are amortized, so the interest portion of each EMI shrinks every month; check the schedule to see it.
- •Tip 2: Use the same tool to compare a shorter tenure and a lower rate side by side, since both changes cut the total interest.
- •Tip 3: For loans with processing fees, subtract the fee from the amount you actually receive, because the effective cost is higher than the quoted rate suggests.
- ✗Mistake 1: Entering a monthly rate when the tool asks for an annual rate, which roughly triples the computed interest.
- ✗Mistake 2: Assuming deferred-principal loans cost the same as regular ones; they postpone principal but usually add more total interest.
Frequently Asked Questions
What is the difference between amortized and interest-only loans?
An amortized loan is repaid through fixed EMIs covering principal and interest, so it ends at maturity. An interest-only loan requires interest payments each month, with the full principal due as a single payment at the end.
What is a deferred payment loan?
A deferred (bullet) loan has no monthly payments. Interest compounds on the principal, and the whole amount — principal plus accumulated interest — is repaid as one lump sum at maturity.
How do I calculate EMI on a personal loan?
Enter the loan amount, rate and tenure with 'Standard (EMI)' selected. The calculator shows the monthly EMI, total payment and total interest.
Why does total interest vary by loan type?
Because of when principal is repaid. Amortized loans reduce the balance every month, so interest accrues on a shrinking amount. Deferred loans keep the full principal outstanding, so interest compounds on the whole amount.
Are these rates current?
The preset buttons are illustrative Indian bank starting rates and are not a loan offer. Actual rates depend on your credit score, loan amount, tenure and lender — always confirm the final rate with the bank.
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