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🏦 Loan / EMI Calculator

Calculate your monthly EMI, total interest, and full loan cost. Works for all loan types and countries. Know your numbers before you sign anything!

✏️ Enter Your Values
✨ Your Result
Result
🦉Owl's Explanation
🏦
Fill in the values on the left
and click Calculate! ✨

🤔 How Does This Tool Work?

Our Loan Calculator uses the standard EMI formula used by banks worldwide:

EMI = P x r x (1+r)^n / ((1+r)^n - 1)

  • P = Principal loan amount
  • r = Monthly interest rate (annual rate / 12 / 100)
  • n = Total number of monthly payments (years x 12)

It shows your monthly EMI, total repayment amount, and total interest paid so you understand the true cost of your loan.

📚 Related Article
What is EMI and How Does It Work? →
Read Article →
❓ FAQ
What is EMI?▼
EMI stands for Equated Monthly Instalment — the fixed amount you pay to the bank every month to repay a loan, including both principal and interest.
How is EMI calculated?▼
EMI = P x r x (1+r)^n divided by ((1+r)^n - 1), where P is the loan amount, r is monthly interest rate, and n is total months. Our calculator does this instantly!
Why does total repayment exceed the loan amount?▼
Because the bank charges interest for lending you money. Longer loan terms mean more total interest paid. Shorter terms cost more per month but far less in total interest.
Can I reduce my EMI by paying extra?▼
Yes! Extra payments reduce your principal, which reduces future interest. Even one extra payment per year saves significant money over the loan life.
What is a good interest rate?▼
It varies by country, lender, and your credit score. In Sri Lanka, personal loan rates typically range from 10% to 22% per year. Always compare multiple lenders before committing.
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