Loan Calculator
Use the free Toolslelo Loan Calculator to estimate your monthly EMI, total interest and total repayment amount for a loan. Enter your loan amount, interest rate and repayment period to get an instant estimate.
Calculate Your Loan
How to Use the Loan Calculator
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the loan tenure in years.
- Click Calculate Loan.
- Your estimated EMI and repayment details will appear.
What Is a Loan EMI?
EMI stands for Equated Monthly Instalment. It is the regular payment made by a borrower towards a loan and generally includes both principal and interest.
Loan Calculation Formula
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
Here, P is the loan principal, r is the monthly interest rate and n is the total number of monthly payments.
Frequently Asked Questions
Does a longer loan tenure reduce EMI?
Generally, yes. However, extending the tenure can increase the total interest paid over the life of the loan.
Does a higher interest rate increase EMI?
Yes. With the same loan amount and tenure, a higher interest rate generally results in a higher EMI.
Is this Loan Calculator free?
Yes. The Toolslelo Loan Calculator is free to use online.
Note: Results are estimates. Actual loan payments may vary according to the lender, fees, charges and repayment terms.
