1 Enter loan details
ℹ️ Ask your bank or lender for the rate. Reducing-balance method — a bank's fees and terms may change the final figure slightly.
2 Your monthly instalment
to pay each month (EMI)
| Month | EMI | Principal | Interest | Balance |
|---|
How to use
- Enter the loan amount, yearly interest rate and the duration.
- See your monthly instalment, total interest and total payment on the right.
- Press "Show month-by-month list" to see each month's principal and interest.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r the monthly rate (annual ÷ 12 ÷ 100) and n the number of months — the reducing-balance method.
Will it match my bank exactly?
Often yes, but processing fees, insurance, flat-rate methods or instalment-date rules can change the bank's final figure slightly. Ask for a written schedule before deciding.
What if the rate is zero?
The loan is simply divided equally across the months.
What happens if I extend the tenure?
The monthly EMI falls but total interest rises. Compare both before choosing.