Loan Calculator

How to use the Loan Calculator

1. Choose the loan type that best matches yours — this only affects labelling, not the math.
2. Enter the loan amount, interest rate and tenure.
3. See the monthly payment, total interest and total repayment instantly, with a year-wise schedule.

What is a loan calculator?

A loan calculator works out the fixed monthly payment on an instalment loan — personal, car, home or otherwise — based on the amount borrowed, the interest rate, and the repayment period. Most instalment loans use the same underlying repayment structure, so one calculator can handle all of them.

How the calculation works

Each monthly payment covers that month’s interest first, and the remainder reduces your outstanding balance. As the balance shrinks, less of each future payment goes to interest and more goes to principal — while the payment amount itself stays fixed for the full tenure.

Formula

Payment = [P × R × (1+R)^N] / [(1+R)^N − 1]

Where P is the loan amount, R is the monthly interest rate, and N is the number of monthly payments — the same formula used by the EMI Calculator.

Worked example

A ₹3,00,000 personal loan at 11% annual interest over 5 years results in a monthly payment of roughly ₹6,523, with total interest of about ₹91,364 over the loan term.

Understanding your result

• Monthly payment is the fixed instalment you’d pay every month.
• Total interest is the extra cost of borrowing, on top of the principal.
• Total payment is the true all-in cost of the loan.

Factors that affect the result

• Interest rate — personal loans typically carry higher rates than secured loans like home or car loans.
• Tenure — longer tenures lower the monthly payment but increase total interest.
• Loan amount scales the payment roughly proportionally.

Common uses

Borrowers use this calculator to compare monthly affordability across personal, car and other loan offers, and to see how tenure trades off against total interest before committing to a loan.

Important notes & limitations

This calculator assumes a fixed interest rate for the full tenure and doesn’t include processing fees or other charges. For a home loan specifically, larger amounts and longer tenures are common — always confirm final terms with your lender.