What is a Loan Interest Calculator?
It shows how much interest you will pay on a loan and what your EMI will be, based on the loan amount, interest rate and tenure. With it you can:
- Know your EMI, total interest and total repayment instantly.
- Compare EMI-based (reducing balance) and simple interest loans.
- See how extra payments cut your interest and tenure.
- View a full year-wise and payment-wise amortization schedule.
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How is the interest calculated?
EMI loan: EMI = P × r × (1+r)n / ((1+r)n − 1), where P is the principal, r the periodic rate and n the number of payments.
Simple interest: Interest = P × Rate × Years / 100
Frequently Asked Questions
What is a loan interest calculator?
It estimates your EMI, total interest and total repayment from the loan amount, interest rate and tenure.
What is the difference between EMI loan and simple interest?
An EMI loan charges interest on the reducing balance, so interest falls with each payment. Simple interest is charged on the full principal for the whole tenure.
How do extra payments help?
Extra payments reduce the principal faster, which lowers the total interest and can shorten the tenure.
Is the processing fee included in total repayment?
No. The processing fee is shown separately and is usually paid upfront to the lender.
Is the result final?
No. It is an estimate. Actual EMI and charges depend on lender policy, credit score and documentation.