What formula is used?

EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the principal, r the monthly rate and n the number of months. It assumes a monthly reducing balance.

How accurate is the result?

It is a mathematical illustration based on the numbers you enter. Real products add fees, taxes, rounding rules and changing rates, so use it for planning and confirm with your bank, adviser or accountant.

Can I use a currency other than rupees?

Yes. Choose a currency to change the symbol and digit grouping. Amounts are not converted between currencies.

Are my figures stored?

No. The calculation runs in your browser and the numbers are not sent, saved or logged.

EMI and Loan Calculator - Free Online Tool

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Calculate the monthly EMI, total interest and yearly schedule for any loan.