This free EMI calculator helps you find your monthly loan installment (EMI), the total interest you will pay, and the total amount you will return to the lender. It works for car loans, home loans, personal loans and business loans.
1. Enter the loan amount. 2. Enter the yearly interest rate. 3. Enter the loan duration in years. 4. Click "Calculate EMI" to see your monthly payment, total interest and total payment.
EMI = P × r × (1 + r)n / ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (yearly rate divided by 12 and by 100), and n is the number of months.
For a loan of 500,000 at 12% yearly interest for 3 years, the monthly EMI is about 16,607. Over 36 months you pay around 597,900 in total, of which about 97,900 is interest.
This calculator gives an estimate using the reducing balance method. The final installment may differ depending on your bank's policy, fees and the type of financing, so always confirm the exact figure with your bank.