Loan & EMI Calculators 2026

Understanding loans and EMI

A loan lets you borrow money and repay it over time with interest. EMI (Equated Monthly Installment) is the fixed amount you pay each month. It includes both principal and interest. Knowing your EMI before you borrow helps you plan your budget and compare offers from different lenders.

EMI calculation formula

The standard formula for EMI is: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the principal (loan amount), R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the tenure in months. This formula is used for reducing-balance loans, which is the norm for home loans, car loans, and personal loans.

Typical loan interest rates

Tips for lower EMI and total interest

• Make a larger down payment to reduce the principal.
• Improve your credit score to get a lower interest rate.
• Compare rates and fees from multiple banks and lenders.
• Choose a shorter tenure if you can afford a higher EMI to save on total interest.
• Make prepayments when possible to reduce principal and interest.

Debt-to-income and eligibility

Lenders often cap your total monthly debt payments (including the new loan) at 40–50% of your gross monthly income. This is your debt-to-income ratio (DTI). Keeping EMIs within 30–35% of take-home pay is a comfortable target for many. Use our debt-to-income calculator to check your ratio before applying.

Use our loan calculators

Use our free EMI calculator, home loan calculator, car loan calculator, personal loan calculator, student loan calculator, loan payoff calculator, amortization calculator, and debt-to-income calculator. Enter your loan amount, interest rate, and tenure to get instant results. No signup required. Each calculator includes a guide and FAQs.