Loan EMI calculator
Monthly instalment, total interest and how each year of payments splits between interest and the loan itself.
Year by year table
What each year of EMIs pays off
How EMI is worked out
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r the monthly rate (yearly rate ÷ 12) and n the number of months. Early EMIs are mostly interest because interest is charged on the whole loan still unpaid. As the loan shrinks, more of each EMI goes to the principal.
Read the Key Fact Statement
Since 1 October 2024, banks and NBFCs must give you a Key Fact Statement before you sign a retail loan. It shows the annual percentage rate (APR), which adds fees to the interest, and a full repayment schedule. A lender cannot charge a fee that is not in the statement without your consent. Compare loans on APR, not the headline rate.
Interest on a loan is exempt from GST. GST of 18% applies to the processing fee and other charges.
Guides
Questions
Is a shorter tenure better?
A shorter tenure means a higher EMI but much less total interest. Pick the shortest tenure whose EMI you can pay comfortably every month.
What is APR?
The annual percentage rate is the yearly cost of the loan including interest and all fees. RBI requires lenders to show it in the Key Fact Statement.
Does prepaying help?
Prepaying cuts the principal, so later interest falls. Check the prepayment or foreclosure charge in your loan terms first.
Sources
For illustration only. Your lender's schedule may differ slightly because of the date the loan starts and how it rounds. Saifu does not offer or link to loans.
Spot a mistake on this page? Tell us