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Loan Calculator: Calculate EMI, Interest & Repayment Schedule Online

Loan Calculator: Calculate EMI, Interest & Repayment Schedule Online

Q: 9. How can I compare different loan offers?

Use Vedantu's loan calculator to compare different loan offers by inputting the interest rate, loan amount, and tenure for each offer. This allows for a quick side-by-side comparison of EMIs and total repayment costs, helping you make an informed decision.

Q: 10. Can I use this calculator for different types of loans?

Yes, Vedantu's loan calculator is designed to be versatile. While specific loan terms might vary, the underlying principles of loan calculations remain consistent. You can use this calculator for various loans, such as personal loans, car loans, and home loans, by inputting the respective loan details.

How to Calculate EMI Using a Loan Calculator – Formula, Steps & Examples

Loan Amount (₹): Annual Interest Rate (%): Loan Tenure (Years):

What is Loan Calculator?

A loan calculator is an interactive tool that helps users figure out how much they need to pay every month (EMI) when borrowing money for personal, car, education, or home loans. It breaks down repayments into principal and interest.

This calculator lets you instantly estimate monthly payments, total interest, and full repayment over time, making financial planning clear and simple.

Formula Behind Loan Calculator

The EMI is calculated using this formula: EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1], where P = principal, r = monthly rate, and n = total months. This computes fixed monthly payment, covering both principal and interest.

Loan EMI Conversion Table

Loan Amount	Annual Rate	Tenure (yrs)	Monthly EMI (₹)	Total Interest (₹)
₹1,00,000	10%	5	2,124	27,440
₹2,00,000	8%	3	6,261	25,396
₹5,00,000	9%	10	6,338	2,60,505

Steps to Use Loan Calculator

Enter the loan amount, interest rate, and loan tenure in years.
Click "Calculate" to get EMI, total payment, and interest.
Scroll down to see a sample amortization schedule.

Why Use Vedantu’s Loan Calculator?

Vedantu’s loan calculator gives instant and accurate loan repayment details. You simply fill three fields to get EMI, interest, and payment schedule in seconds.

It's free, mobile-friendly, and works great for students, parents, and professionals comparing personal, car, or education loans. The clear output builds your understanding—perfect for money and academic decisions.

Applications of Loan Calculator

Use this calculator to plan home purchases, car EMIs, education loan budgeting, or personal loans. It helps you compare offers and see your exact repayment commitment.

It’s useful for family budgeting, exam fee loans, and practical interest calculations in math projects. For related math help, check our simple interest explainer and percentage calculator.

FAQs on Loan Calculator: Calculate EMI, Interest & Repayment Schedule Online

1. How is loan EMI calculated?

The Equated Monthly Installment (EMI) is calculated using a formula that considers the principal loan amount, the interest rate, and the loan tenure. It's a complex formula that accounts for both principal repayment and interest accumulation over the loan period. Vedantu's loan calculator simplifies this by performing the calculations instantly, giving you a clear picture of your monthly payments and total repayment cost.

2. What is the formula for loan calculation?

The core formula for calculating EMI is: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P is the principal loan amount, R is the monthly interest rate (annual interest rate divided by 12), and N is the loan tenure in months. Our loan calculator handles this complex formula for you, providing immediate results.

3. How to calculate monthly payment on a loan?

To calculate your monthly loan payment (EMI), you need the loan amount, interest rate (annual), and loan term (in years or months). You can use the complex formula mentioned above or, more conveniently, use Vedantu's free online loan calculator. Simply input the required details, and it will calculate your EMI instantly.

4. How much does a 10 lakh loan cost?

The total cost of a 10 lakh loan depends entirely on the interest rate and the loan's tenure. A longer repayment period will result in higher total interest payments, while a higher interest rate will also increase the overall cost. To find the exact cost, use Vedantu's loan calculator and input the specific interest rate and loan duration.

5. What is the total interest on my loan?

The total interest paid on your loan is the difference between the total amount repaid and the principal loan amount. This is easily calculated using Vedantu's loan calculator. The calculator clearly shows the breakdown of principal and interest components throughout the repayment schedule, allowing you to see the total interest paid over the loan's lifespan.

6. What is a loan amortization schedule?

A loan amortization schedule is a detailed table showing the breakdown of each payment over the loan's life. It shows how much of each payment goes towards principal repayment and how much goes towards interest. Vedantu's loan calculator generates a clear amortization schedule, helping you visualize your repayment progress.

7. How do extra payments affect my loan?

Making extra payments on your loan reduces the principal amount faster, leading to lower overall interest paid and a shorter repayment period. Vedantu's loan calculator can help you simulate the impact of extra payments, showing you how much you can save in interest and time.

8. What is the difference between simple and compound interest in loans?

Simple interest is calculated only on the principal amount, while compound interest is calculated on both the principal and accumulated interest. Most loans use compound interest, meaning interest charges build up over time. Vedantu's loan calculator uses the standard compound interest calculation for accurate EMI determination.

9. How can I compare different loan offers?

Use Vedantu's loan calculator to compare different loan offers by inputting the interest rate, loan amount, and tenure for each offer. This allows for a quick side-by-side comparison of EMIs and total repayment costs, helping you make an informed decision.

10. Can I use this calculator for different types of loans?

Yes, Vedantu's loan calculator is designed to be versatile. While specific loan terms might vary, the underlying principles of loan calculations remain consistent. You can use this calculator for various loans, such as personal loans, car loans, and home loans, by inputting the respective loan details.

11. What factors affect my EMI?

Your EMI is primarily affected by three key factors: the loan amount (principal), the interest rate, and the loan tenure. A higher loan amount or interest rate leads to a higher EMI. A longer loan tenure results in a lower EMI but higher overall interest paid. You can explore these relationships using Vedantu's loan calculator.