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Calculate EMI for home loans, personal loans, car loans, education loans & business loans with advanced prepayment planning and loan comparison
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A loan calculator is an essential financial tool that helps you calculate your monthly EMI (Equated Monthly Installment), total interest payable, and complete loan repayment schedule. Whether you're planning to take a home loan, personal loan, car loan, education loan, or business loan, our advanced calculator provides accurate calculations to help you make informed borrowing decisions.
Our comprehensive loan calculator goes beyond basic EMI calculation. It includes advanced features like prepayment planning, loan comparison, eligibility checking, and detailed amortization schedules. You can compare different loan scenarios, understand the impact of prepayments, and plan your loan repayment strategy effectively.
Choose from Home Loan, Personal Loan, Car Loan, Education Loan, Business Loan, or Mortgage Loan. Each type has preset parameters for typical interest rates and tenure ranges.
Input the loan amount you need (₹10,000 to ₹10 Crore). Use the slider or type the exact amount for precise calculations.
Enter the annual interest rate offered by your lender (typically 5% to 20% depending on loan type and your credit profile).
Select the loan repayment period in years. Longer tenure means lower EMI but higher total interest, while shorter tenure means higher EMI but lower total interest.
Configure prepayment amount and frequency, processing fees, and other charges to get a complete picture of your loan cost.
Instantly see your monthly EMI, total interest, payment breakdown, amortization schedule, and loan comparison charts.
Support for all major loan types including home, personal, car, education, business, and mortgage loans with preset parameters.
Detailed month-by-month and year-by-year breakdown of principal, interest, and outstanding balance. Export to CSV for records.
Compare two different loan offers side-by-side. Evaluate different interest rates, tenures, and prepayment scenarios.
Check your loan eligibility based on monthly income. Understand how much you can borrow while maintaining healthy finances.
Plan prepayments with flexible frequency options. See how much interest you can save and how early you can close your loan.
Interactive charts showing principal vs interest breakdown, payment schedule, and loan balance over time.
Long-term loans for purchasing or constructing property. Typically 15-30 years tenure with competitive interest rates starting from 8.5%.
Unsecured loans for any personal need. Quick approval with flexible tenure of 1-5 years and interest rates from 10.5%.
Auto loans for new or used vehicles. Typically 3-7 years tenure with vehicle as collateral and rates from 8.5%.
Student loans for higher education. Moratorium period available with tax benefits and rates from 9.5%.
Loans for business expansion or working capital. Flexible repayment options with rates from 11%.
Secured loans against property. Lower interest rates with longer tenure options starting from 8%.
A loan calculator is a financial tool that helps you calculate your monthly EMI (Equated Monthly Installment), total interest payable, and loan repayment schedule. It uses the loan amount, interest rate, and tenure to provide accurate calculations using the standard EMI formula.
EMI is calculated using the formula: 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 number of monthly installments (tenure in years × 12).
Our loan calculator supports all major loan types including Home Loans, Personal Loans, Car Loans, Education Loans, Business Loans, and Mortgage Loans. Each loan type has preset parameters for typical interest rates and tenure ranges.
You can reduce your EMI by: 1) Increasing the loan tenure (though this increases total interest), 2) Making a larger down payment to reduce principal, 3) Negotiating for lower interest rates, 4) Making regular prepayments, or 5) Considering balance transfer to a lender with lower rates.
Financial experts typically recommend keeping your total EMI obligations below 40-50% of your monthly income. This guideline helps ensure you have sufficient funds for other expenses, savings, and emergencies while maintaining a healthy financial position. However, the ideal ratio may vary based on individual circumstances.
Prepayments can be beneficial as they reduce the principal amount and total interest payable over the loan tenure. However, it's important to consider several factors: prepayment penalties charged by lenders, lock-in periods, opportunity cost of alternative investments, and potential tax benefits you might lose. Evaluate your specific situation before making prepayments.
Fixed interest rates remain constant throughout the loan tenure, providing predictable EMI payments. Floating rates vary with market conditions and can increase or decrease, affecting your EMI. Fixed rates offer stability while floating rates may offer lower initial rates.
Longer tenure reduces monthly EMI but significantly increases total interest paid. Shorter tenure means higher EMI but lower total interest. For example, a ₹50 lakh loan at 9% for 30 years costs ₹93 lakhs in interest, while 15 years costs only ₹43 lakhs.
Common documents include: Identity proof (Aadhaar, PAN), Address proof, Income proof (salary slips, ITR), Bank statements (6 months), Employment proof, Property documents (for secured loans), and photographs. Requirements vary by lender and loan type.
Credit score (CIBIL score in India) plays a significant role in loan approval decisions. Generally, scores above 750 are considered excellent and may qualify for better interest rates. Scores between 650-750 may receive approval but potentially with higher interest rates. Scores below 650 might face challenges in approval or may require additional collateral. However, approval criteria vary by lender and loan type.
Processing fees (0.5-2% of loan amount) cover application processing. Other charges include: prepayment penalties, late payment fees, documentation charges, legal fees, stamp duty, and insurance premiums. Always factor these into your total loan cost.
Yes, balance transfer (also called loan refinancing) allows you to move your existing loan to another lender that may offer better interest rates or terms. Before transferring, carefully evaluate transfer fees, processing charges, and calculate the potential savings. A balance transfer is typically beneficial if you can save at least 1-2% on interest rates and the savings outweigh the transfer costs.
CalcFinex provides accurate, reliable financial calculators trusted by millions of users worldwide. Our loan calculator uses industry-standard EMI calculation formulas verified by financial experts and complies with banking regulations set by the Reserve Bank of India (RBI).
Our calculations are based on the standard EMI formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), which is universally accepted by financial institutions. We regularly update our tools to reflect current market conditions and regulatory changes.
Disclaimer: This calculator provides estimates for informational purposes only. Actual loan terms, interest rates, and EMI amounts may vary based on lender policies, your credit profile, and current market conditions. Always consult with financial advisors and lenders for personalized advice.