KLOORAEMI Calculator: Monthly Loan Installment
See your monthly installment and what the loan really costs.
Quick answer: The EMI Calculator works out your monthly loan installment from the loan amount, yearly interest rate and tenure. It also shows total interest, total payment and a month by month schedule using the reducing balance method.
Payment schedule
How to use EMI Calculator
- Enter the loan amount.
- Enter the yearly interest rate.
- Enter the tenure in years or months.
- Press Calculate to see the EMI, total interest and schedule.
Features
- Reducing balance formula used by most banks
- Total interest and total payment
- Full month by month schedule
- Download schedule as CSV
Frequently asked questions
How is EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan, r is the monthly rate (yearly rate divided by 12 and 100) and n is the number of months.
Can I use it for a car loan or home loan?
Yes. It works for any fixed rate loan: car, home, personal or business.
Does it include bank fees?
No. Processing fees and insurance are extra, so ask your bank for the full cost.
What if the interest rate is 0?
The EMI is simply the loan amount divided by the number of months.