A loan is a long-term financial commitment. Borrowing ₹50 lakh at 9% for 20 years means paying back nearly ₹1.08 crore in total - more than double the principal. Understanding exactly what a loan costs before signing is the difference between a comfortable EMI and a financial strain.

Six Loan Calculators

EMI Calculator - The most-used loan calculator in India. Uses the reducing-balance formula EMI = P × r × (1+r)^n / ((1+r)^n − 1) and includes a full month-by-month amortisation schedule showing principal vs. interest for every payment.

Personal Loan Calculator - Personal loans are unsecured and typically carry higher rates (11–24% p.a.). Quickly assess affordability and total interest cost for short-to-medium tenure borrowing.

Auto Loan Calculator - Car loans typically run 3–7 years at 8–12% p.a. Enter on-road price, down payment, rate, and tenure to find your monthly EMI and total interest.

Mortgage Calculator - Home loans up to ₹10 crore and 30-year tenure. Shows how a 0.5% rate change affects your monthly outflow and lifetime interest cost.

Loan Comparison Calculator - Compare two loan offers side-by-side: different principals, rates, tenures, or processing fee structures. Shows which offer costs less in total - not just which has the lower EMI.

Loan Prepayment Calculator - Shows the interest saved and tenure reduction from a lump-sum part-prepayment on an existing loan. Critical for anyone deciding whether to use a bonus or maturing investment to pay down debt.

Key Concepts

Reducing Balance vs. Flat Rate - Indian banks use the reducing-balance method for all EMI loans. Each EMI first covers interest on the outstanding balance; the rest reduces principal. Flat-rate loans charge interest on the full original principal for the entire tenure - a 10% flat-rate is approximately 18% on a reducing-balance basis.

How to choose - Start with the EMI Calculator to assess affordability. Then use the Loan Comparison Calculator when you have offers from multiple banks. If you already have a loan, run the Loan Prepayment Calculator whenever you have surplus funds.

Frequently Asked Questions

What is the EMI formula used?

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 tenure in months. This is the standard reducing-balance formula used by all scheduled banks in India. See it in action on the EMI Calculator.

Should I prepay my home loan or invest the surplus?

If your loan rate exceeds your expected post-tax investment return, prepayment wins. At 9% home loan rate, prepayment is a guaranteed 9% return - better than most FDs. Use the Loan Prepayment Calculator to see the exact numbers for your situation.

How does a longer tenure affect total cost?

A longer tenure reduces your EMI but dramatically increases total interest. For a ₹30 lakh loan at 9%: 10-year tenure = ~₹15.8 lakh total interest; 20-year tenure = ~₹36.4 lakh. Compare scenarios instantly with the EMI Calculator.

Which calculator helps when choosing between two bank offers?

Use the Loan Comparison Calculator - it puts both offers side-by-side and shows total interest paid, total cost, and monthly EMI difference. A lower EMI is not always a better deal if it comes from a longer tenure.