Loan EMI Calculator Online
Use this free Loan EMI Calculator to calculate your monthly EMI, total interest payable, total payment and a complete month-wise amortization schedule. Works for home loans, car loans, personal loans, education loans and business loans. You can even export the EMI schedule to CSV for further analysis.
Loan EMI Calculator Input Form
ℹ️ This EMI calculator is for estimation only. Actual EMI, charges and schedule may differ as per your lender’s terms.
EMI Summary
EMI Breakdown – Month-wise Principal & Interest
Enter loan details above and click Calculate EMI to view the month-wise amortization schedule.
| Month | EMI | Interest | Principal | Balance |
|---|
How to Use This Loan EMI Calculator
This EMI calculator is designed to be simple yet powerful. It not only shows your monthly EMI, but also generates a full month-wise schedule with principal and interest split.
- Enter your loan amount in rupees (₹).
- Enter the annual interest rate offered by your bank or lender.
- Select the loan tenure in years or months and fill in the value.
- Optionally add processing fee and one-time prepayment.
- Click Calculate EMI to view the EMI summary and amortization schedule.
- Use Export CSV to download the complete schedule for Excel or Google Sheets.
How is Loan EMI Calculated?
EMI (Equated Monthly Installment) is calculated using a standard formula used by banks and financial institutions.
Standard EMI Formula
EMI = [P × R × (1+R)N] / [(1+R)N − 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- N = Loan tenure in months
In the beginning of the loan, a larger portion of your EMI goes towards interest. Over time, the interest portion reduces and the principal portion increases. The amortization schedule generated by this calculator shows this month-by-month split clearly.
Why Use Devine Tools Loan EMI Calculator?
This EMI calculator is built to help you make smarter borrowing decisions by giving you full transparency into your repayments.
- Full amortization schedule: See how each EMI is divided between principal and interest.
- Prepayment impact: Add a one-time prepayment and instantly see the effect on your balance.
- Processing fee support: Include processing fees in your total cost of borrowing.
- CSV export: Download the EMI schedule as a CSV file for Excel or further analysis.
- Any loan type: Works for home, car, personal, education, and business loans.
- Free & unlimited: Use it as many times as you like, with no login or signup.
Loans You Can Calculate with This EMI Tool
This EMI calculator supports almost any fixed-rate loan including:
- Home Loans / Mortgage – long-term housing finance with tenures up to 30 years.
- Car Loans / Auto Loans – loans for new or used vehicles.
- Personal Loans – unsecured loans for expenses like travel, weddings, or emergencies.
- Education Loans – loans for higher studies in India or abroad.
- Business Loans – working capital or term loans for small and medium businesses.
Note: This calculator assumes a fixed interest rate. For floating rate loans, use the current rate to estimate your EMI.
Smart Tips for Managing Your Loan EMI
1. Keep EMI Affordable
Try to keep your total EMIs below 40% of your monthly income so that you can comfortably manage other expenses and savings.
2. Choose Tenure Carefully
Longer tenure = lower EMI but higher total interest. Shorter tenure = higher EMI but much lower interest. Use this calculator to compare options side-by-side.
3. Use Prepayments Wisely
Even a small one-time prepayment can reduce your outstanding principal and save significant interest over the loan tenure. Check your lender’s prepayment rules before paying extra.
4. Compare Interest Rates
A difference of even 0.5% in interest rate can save you a lot in the long run. Compare multiple lenders before finalizing your loan.
Loan EMI Calculator – FAQs
How is EMI calculated?
EMI is calculated using the standard formula EMI = [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 months.
What is an amortization schedule?
An amortization schedule is a month-wise table that shows each EMI, how much of it goes to interest, how much goes to principal, and the remaining loan balance after each payment.
Can I export the EMI schedule?
Yes. After you calculate EMI, click the Export Schedule as CSV button to download the full month-wise schedule in CSV format. You can open it in Excel or Google Sheets.
Is this loan calculator free to use?
Yes. The Devine Tools Loan EMI Calculator is completely free, with no registration or hidden charges.
Can I use this calculator for different types of loans?
Absolutely. You can use it for home, car, personal, business, and education loans as long as the interest rate is fixed.
Will my actual EMI be exactly the same?
In most cases it will be very close, but lenders may include additional fees, insurance, or rounding differences. Always confirm the final EMI with your bank or NBFC.
Planning a new loan? Use the Devine Tools Loan EMI Calculator to understand EMIs, interest costs, and repayment schedule before you apply.