Loan EMI calculator

What will this loan really cost you?

Your monthly EMI, the interest over the whole loan, and what prepaying or a rate change would do. Rates come from each bank’s own page.

years
% a year
Prepayments and fees
A bonus or part of it, paid with every 12th EMI.
When I prepay
% of the loan
Shows the yearly cost with the fee included (APR).

Reducing balance, monthly instalments, rate ÷ 12 each month. Leaves out insurance, stamp duty and other charges. A floating rate changes over the loan.

Your monthly EMI

—

—Loan repaid
—Total interest
—Total you repay
Loan repaid so farInterest paid so farStill owed

If the rate moves

Year-by-year repayment schedule
YearLoan repaidInterestPrepaidStill owed

An estimate, not an offer. Your bank sets your rate from your credit score, income and the loan; check the Key Facts Statement before you sign.

Rates we read

From banks’ own pagesEvery rate links to the page we read it from, with the date.
Stays on your deviceNo sign-up. Nothing you type is sent anywhere.
Nothing to sell youWe don’t take loan applications or earn from lenders.

Questions people ask

How is the EMI worked out?

On a reducing balance with monthly instalments, the way Indian banks quote it: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the yearly rate ÷ 12 ÷ 100 and n the number of months. Each month's interest is charged on what you still owe, so early EMIs are mostly interest and later ones mostly repay the loan.

Is it better to prepay to cut the term or to cut the EMI?

Cutting the term saves more interest, because the balance stays smaller for longer and you stop paying sooner. Cutting the EMI lowers the monthly bill instead. Put your prepayment in the calculator and pick either option to see the difference in rupees. The RBI does not let banks charge a prepayment penalty on floating-rate loans that individuals take for non-business purposes; a fixed-rate loan may carry one, so check your loan agreement.

What happens to my EMI when the repo rate changes?

A floating loan's rate is the bank's benchmark (usually its repo-linked rate) plus a spread fixed when you borrow. When the benchmark moves, your rate moves at the next reset. Many banks keep the EMI the same and change the number of months, so a rise can quietly add years. The calculator shows both: the EMI change, and how much longer the loan runs if the EMI stays.

Why is the rate I'm offered different from the published rate?

Banks publish a range, and your credit score, income, loan amount and the property or vehicle decide where in it you land. A published rate is not an offer. Before you sign, ask for the Key Facts Statement: it shows the annual percentage rate (APR), the yearly cost with fees included.

Does RateScan.in earn anything from loans?

No. We don't take loan applications, pass on your details, or get paid by lenders. What you type in this calculator stays in your browser.

Before you borrow

Compare FD rates →Prepay or invest? See what your spare money could earn instead.Crorepati calculator →Plan what you save once the EMI is gone.All calculators →FD, RD, PPF, post office schemes and more.