## Introduction

The multi-purpose loan calculator is a 4-in-1 calculator that aims to answer your questions such as:

- How much is the monthly payment – aka EMI – for my loan?
- How much money can I afford to borrow?
- How long will it take to repay my loan?
- How much interest would I have to pay for an item (electronic gadgets, furniture, household appliances etc.) that I purchased under a “low EMI” scheme?

These four calculators aim to address all the above questions, and more, with an easy-to-use and intuitive interface that provides instantaneous answers.

It is also important to understand the **Loan APR** concept before using these calculators. Banks charge more than just the interest rate on loans. When obtaining a loan, lenders charge various kinds of non-refundable fees including processing fees and documentation charges. The loan APR factors in these one-time costs associated with borrowing. Loan APR, which is expressed as a yearly percentage rate, represents the true cost of your loan after taking into account the loan interest rate plus the fees & charges that you pay when getting a loan. Loan APR is a more complete measure that reflects the net effective cost of your loan on a yearly basis. For the banks, it represents their internal rate of return (IRR) on the loan.

If you pay ₹ 1600/- as processing fees for a computer worth ₹ 40,000/- under a zero percent EMI scheme with a tenure of 6 months, your loan APR is 14.15%. i.e., you are effectively paying 14.15% interest on the loan.

## EMI Calculator

This calculator is available on the homepage of our website and is provided again here for your convenience. Enter the amount you wish to borrow along with the interest rate and tenure to determine your EMI. You can also change the start date for the EMI payment schedule. Interest rates offered by different banks may vary and you will be able to quickly determine your monthly payment under all scenarios.

## Loan Amount Calculator / Loan Affordability Calculator

If you are planning to purchase your dream home or car, you must be wondering how much money you can afford to repay without overburdening yourself. It depends on how much EMI (i.e., monthly payment) you can pay and for how long. If you have an idea about how much EMI you can pay every month, then it will be easier for you to know how much you can afford. Enter the amount of EMI that you can pay every month, the interest rate charged by your bank and the preferred tenure, the loan amount calculator will tell you how much you can afford to borrow. Read more about factors that influence the amount you can borrow.

## Loan Tenure Calculator

If you are planning to refinance your loan at a lower rate, you have the option to either reduce your EMI or loan tenure. In case you choose the latter option, you can quickly estimate how much time is required to repay your refinanced loan.

If you are planning to make a partial pre-payment on an existing loan, you can determine the remaining tenure on the outstanding principal amount using this calculator.

## Interest Rate Calculator

It has become common these days to purchase high-end electronic gadgets, furniture and household appliances (such as fridge, TV, washing machine etc.) using installment loans. Manufacturers and sellers lure buyers with low EMI payments and buyers fall into the trap without understanding the interest rate for such loans. Given the loan amount (i.e., item price), EMI and tenure, this calculator helps you estimate the interest rate on such loans.

Wonderful site.

PLEASE INTIMATE INTEREST RATE ON PERSONAL LOAN AGAINST FD IN THE BANK (SBI)

Awesome, I have created something less awesome

http://akshayakadidal.blogspot.com/2013/12/advantage-homeloan.html

Hi Team,

This site is rally freaking awesome like how I trying to create a dashboard like same kind of information but for my business purpose. Trying to develop using Dot Net with VB. Could you suggest me on this, please…

Suppose i want to pay off a bigger amount of the loan in the midst of the tenure. How will I calculate the same?

Extra payments (aka prepayment) option is currently not available. I will add another calculator with this feature shortly.

When can we expect the option of prepayment you had mentioned in your comments..? Must say that really is a wonderful tool to find out/ simulate various loan options before finally deciding for the best suitable option… thanks for uploading the same and hope to find the additional option soon..

I am currently working on an Android app. Once that is complete, I will add the prepayment calculator. Thanks for the kudos.

Poornima,

will your android calculator take care of future disbursement and prepayment? I am charged full EMI but loan is partially disbursed.

Also, how do you account for first EMI when the difference between first disbursement and first EMI is less than a month.

when it is coming?

Poornima great work this is an excellent calculation please provide the same in an excel sheet with graphs and eagerly looking for pre-partpayment calculator.

Why there is difference in EMI amount when one calculates by using EMI formula and by using EMI calculator? Example: Loan amount: Rs. 5,65,000/=, Rate of Interest: 13.75%p.a., Tenure: 60 months. By using formula, EMI is Rs 13,073.45, while by your Calculator it is Rs. 12, 856/=. Kindly explain.

I guess you probably used ROI 13% instead of 13.75% for your calculation using EMI formula. Calculating EMI manually is error prone and that’s why we built this handy EMI Calculator.

Please provide the prepayment option so that if I will pay the additional amount the EMI will be reduce accordingly

Coming soon…

HEY I WANT TO CALCULATE EMI ON MY 2WHEELER LOAN WITH FLAT ROI AND ADVANCE EMI PAID

Thanks for pointing me to this. This is more practical with more details. Very helpful.

hi please help me calculate principal and interest for every year using javascript for loop dynimic.

I want to purchase a camera for Rs. 27500. How much will be the EMI and total interest for 1 year. Interest rate of 0.99% per month i.e. 11.88% per year

i want this set of calculators, please share the links to download this one. urgent please..

Your plug-in is amazing just wonder their is no such option to change the currency. How can I change the currency?

what is the formulae: how to calculate for 1 lakh rupees 24% per annum for every 3 years compound basis

If the amount paid is more than emi. Then period for payment is not calculable.

I HAVE TO PAY EMI FOR 3YRS IF I CLOSE IT BY 12 MONTHS FOR AMT 220000. AT 13% INT WHAT AMT SHOULD I PAY

please provide the formula to calculate the tenure

I have availed 18 Lakh Housing Loan in the year 2011, and I am paying 20000 every month till now and now the current balance statement shows that I need to pay 14 Lakh, If I pay 7 Lakh down payment to bank what will be the interest amount will reduce and much balance amount should I pay.

I have applied for LAP and EMI provided to me from bank is in structured format with a six months moratorium. total loan amount is 1.33 CR for a tenure of 30 months. first 6 installments are moratorium and remaining 24 are same installments. How to calculate effective ROI. ?

Calculate the interest amount for the 6th EMI on a loan of 2 lakh for 12 months at an interest rate of 12.5% (interest paid at the end of each month)

Your web interface is the best, any plans for an iOS app?

Awesome utility. thank you

This is the best calculator ever! I’ve lost count of the no. of times I’ve visited here and been absolutely blown over by the clarity of thought, detailing and user friendliness of this Dashboard. In fact, this is a one-stop shop for everything we ever want to know about our home loans. And also to understand the finer dynamics of how it all works. Even a minor change in interest rate or increase in EMI can have a such drastic impact on the tenure and interest paid component of the loan.

I have been using this dashboard to guide me on how long and how much should I be pre-paying to ensure that my interest remains just over the tax-friendly/tax free limit.

Cheers!