How to use it
- Enter the loan amount and choose your currency.
- Set the yearly interest rate.
- Enter the tenure in years or months.
- Read the EMI and download the schedule if you need it.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of months.
Does a longer tenure save money?
It lowers the EMI but raises the total interest you pay. Compare the total payable for different tenures to see the trade-off.
Are processing fees included?
No. Add any processing fee, insurance or other charges separately when comparing loans.