Loan EMI Calculator
Enter the loan amount, interest rate and tenure to see your monthly EMI, the total interest you will pay and the total amount payable — using the standard reducing-balance formula.
Assumes a fixed interest rate for the full tenure. Actual EMIs may vary with processing fees, insurance or a floating rate.
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Frequently asked
EMI uses the reducing-balance formula EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Each EMI covers interest on the outstanding balance plus a part of the principal.
Yes. Prepayment lowers the outstanding principal, so future interest is charged on a smaller balance. Depending on your lender, you can either reduce the EMI or shorten the tenure — reducing the tenure usually saves the most interest.
A fixed rate stays the same for the loan term, so your EMI is constant. A floating rate moves with a benchmark, so the EMI or tenure can change over time. This calculator assumes a single fixed rate for the whole tenure.
No. The calculator shows only the EMI on the principal and interest. Lenders may add processing fees, insurance or other charges, so your actual outgo can be higher.
OnGravy posts EMIs, splits principal and interest and keeps your loan ledgers in sync.
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