Loan Calculator
Calculate the monthly EMI, total interest, and total repayment for any type of loan using the standard reducing-balance formula — works for personal, business, vehicle, or any other fixed-rate installment loan.
- Free to use
- Accurate results
- No registration required
- Works on all devices
Your result
₹6,642.86
Monthly EMI
AI explanation
Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)Worked example
₹2,00,000 loan at 12% for 3 years
| Field | Value |
|---|---|
| Loan amount | 200000 |
| Interest rate (per annum) | 12 |
| Loan tenure (months) | 36 |
| Monthly EMI | 6642.86 |
| Total interest payable | 39142.96 |
| Total payment (principal + interest) | 239142.96 |
Assumptions
- Uses the standard reducing-balance (amortizing) EMI formula, the same math used for home, personal, vehicle, and most other fixed-rate Indian retail loans.
- Assumes a fixed interest rate for the full tenure.
- Does not include processing fees, insurance, or other lender charges.
Frequently asked questions
Can I use this for any type of loan?
Yes — this generic calculator works for any fixed-rate, reducing-balance installment loan. For a loan-specific version with tailored defaults and guidance, use the dedicated personal, business, vehicle, gold, or education loan calculators.
What is a reducing-balance loan?
Interest is charged only on the outstanding principal, which shrinks with every EMI payment — so the interest portion of each EMI decreases over time while the principal portion increases, even though the EMI itself stays constant.
Does this work for a loan with a flat interest rate instead?
No. Some gold loans and older-style loans use a flat rate calculated on the original principal for the full tenure, which produces a different EMI than the reducing-balance method used here. Check your loan agreement for the interest method used.
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Sources
- Reserve Bank of India — Fair Practices Code for Lenders — Reserve Bank of India. Effective 01-05-2015, reviewed 12-09-2026.
This calculator provides an estimate based on the standard reducing-balance formula and does not include lender-specific fees or charges. Actual EMI offered by a bank or NBFC may differ.
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