EMI Calculator for Education, Home and Car Loans

An EMI figure on its own hides the real cost of a loan. This calculator shows the instalment, how the total splits between principal and interest, what each year of repayment looks like, and how the numbers move if the tenure were a year or two shorter or longer. Presets for five loan types start you at typical amounts, rates and tenures before you type the figures from your sanction letter.

Education loans get specific treatment. Repayment usually begins after the course plus a grace period, and interest keeps accruing through that moratorium. The tool computes it as simple interest on the sanctioned amount, which is how most public sector banks apply it, and lets you choose whether it is added to the loan or paid as it falls due.

It suits students and parents weighing a bank education loan, new recruits planning a two-wheeler or home loan on a government salary, and anyone who wants the full schedule as a CSV for a bank meeting.

1. Pick a loan type on the left (Education, Home, Car, Two-wheeler or Personal); the amount, rate and tenure reset to that preset.
2. Drag the sliders or type the loan amount, the annual interest rate and the tenure, switching tenure between years and months with the chips.
3. For an education loan, set the moratorium in months and tick or untick Add moratorium interest to the loan.
4. Read the monthly EMI, the donut split of principal and interest, and the total interest and total repayment lines.
5. Check the What-if panel to compare the EMI and interest for tenures 12 and 24 months shorter or longer.
6. Open the repayment schedule, expand a year or switch to Monthly, and press CSV to download every month's row.

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n - 1), where P is the principal at the start of repayment, r is the annual rate ÷ 12 ÷ 100, and n is the number of monthly instalments. If the rate is zero the EMI is P ÷ n. Each month the interest charged is the outstanding balance × r and the rest of the EMI goes to principal. The final instalment clears whatever balance remains, so it can differ from the others by a few rupees.

Moratorium interest = loan amount × annual rate × moratorium months ÷ 1200. With the box ticked, that amount is added to the loan and the EMI is computed on the larger principal. Unticked, the EMI stays on the original amount and the accrued interest is shown as paid during the course and added to the totals.

• Loan amount: slider from ₹10,000 to ₹50 lakh (₹2 crore for home), or any figure typed in the box.
• Interest rate: 4% to 24% per year in steps of 0.05.
• Tenure: 1 to 30 years, or 6 to 360 months; switching units converts the value.
• Moratorium: 0 to 84 months, Education preset only, reset to 0 when you pick another loan type.
• What-if tenures: the current tenure minus 24, minus 12, plus 12 and plus 24 months, skipping anything under 6 months.

Hypothetical: the Education preset, ₹8,00,000 at 9.5% a year for 7 years, so n = 84. The monthly rate is 9.5 ÷ 12 ÷ 100 = 0.0079167, and (1 + r)^84 = 1.9394. EMI = 8,00,000 × 0.0079167 × 1.9394 ÷ (1.9394 - 1) = ₹13,075. In month 1 the interest is 8,00,000 × 0.0079167 = ₹6,333, so ₹6,742 goes to principal and the balance drops to ₹7,93,258. Over 84 months the interest adds up to ₹2,98,316 and the total repaid is ₹10,98,316, with interest at 27% of the total and 37% of the loan amount.

Now add a 24-month moratorium with the capitalise box ticked. Accrued interest = 8,00,000 × 9.5 × 24 ÷ 1200 = ₹1,52,000, so the principal at repayment start is ₹9,52,000. The EMI becomes ₹15,559, total interest over the 84 instalments is ₹3,54,996, and the total repaid is ₹13,06,996. Untick the box and the EMI stays at ₹13,075, the ₹1,52,000 appears as paid during the course, and the total repaid is ₹12,50,316. Paying the interest as it falls due costs ₹56,680 less overall here.

The large figure is the monthly EMI, with the tenure, rate and any moratorium restated under it. The donut shows interest as a share of everything you repay, and the Total interest card restates it as a percentage of the original loan amount, which is the number to quote when comparing two offers. Loan-free by adds the tenure and moratorium to today's date at 30.44 days a month, so it is an approximate month, not a contractual date.

In the What-if panel, green means that tenure saves interest compared with your current one and amber means it costs more. The schedule lists principal, interest, paid and closing balance by year; click a year to expand its months, or switch to Monthly.

• Comparing offers on EMI alone. A longer tenure always lowers the EMI and always raises total interest.
• Ignoring the moratorium when comparing banks. Two loans at the same rate can differ by tens of thousands of rupees depending on whether course-period interest is paid or capitalised.
• Entering a flat rate as if it were a reducing rate. Some dealers and NBFCs quote two-wheeler and personal loans flat, which costs far more than the same number on reducing balance.
• Leaving the tenure unit on years after typing a number of months; the hint under the slider shows the instalment count.

The EMI matches the standard reducing-balance formula to the rupee for a fixed rate and a single disbursement. It leaves out processing fees, insurance, stamp duty, prepayment, step-up EMIs and floating-rate resets, each of which changes the real cost. The moratorium interest is simple interest on the full sanctioned amount; a bank that disburses in semester tranches or compounds during the moratorium will show a different figure, so confirm with the sanction letter. Everything runs in your browser; no figures leave the page.

The figure in the sanction letter is the one that binds. Use this schedule to understand it and to compare offers, and ask the bank for its own amortisation statement before signing.