Central Tools

Free Loan Interest Calculator - Simple & Compound Interest

Calculate loan interest instantly. Free online calculator for simple and compound interest on loans, deposits, and investments.

Interest Formulas

Simple Interest
I = P × r × t / 100
Compound Interest
A = P(1 + r/100)^t, Interest = A - P
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Free Loan EMI Calculator - Calculate Monthly Payments Instantly

Calculate your Equated Monthly Installment (EMI) for any type of loan—personal, auto, or business. Understand your monthly commitment, total interest payable, and the total cost of your loan. Our calculator provides a clear visual breakdown and a full amortization schedule to help you manage your debt effectively.

Quick How-To Guide

  1. 1Enter the total "Loan Amount" you wish to borrow
  2. 2Enter the "Interest Rate" (%) offered by the bank or lender
  3. 3Set the "Loan Tenure" in months or years
  4. 4Review the calculated Monthly EMI and total repayment amount
  5. 5Scroll down to see the full repayment schedule and yearly interest totals

Why use our tool?

Instant EMI results—get your monthly payment amount as soon as you enter the loan details
Comprehensive breakdown—see the split between Principal amount and Total Interest
Amortization Schedule—view a month-by-month table of your loan repayment journey
Interest rate comparison—easily compare how a 1% change affects your monthly budget
Visual Charts—interactive pie charts show the ratio of interest vs. principal
Zero Tracking—we don't store your loan details; all data is processed on your device

Frequently Asked Questions

Find answers to common questions about using our tool, its features, and how it handles your data privacy.

EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.
Most modern loans use the "Reducing Balance" method. Interest is calculated on the outstanding principal at the end of each month. As you pay back the principal, the interest component of your EMI decreases over time.
No, this calculator focuses on the interest and principal. Banks often charge a 1-2% processing fee. You should subtract this fee from your disbursed amount or add it to your total cost calculation manually.
Yes! This calculator is universal. Whether it's a small personal loan, a car loan, or a business credit line, the math remains the same. Just ensure you enter the correct annual interest rate.
A shorter tenure means higher monthly EMIs but much lower total interest paid. A longer tenure makes the monthly payment more affordable but significantly increases the total interest cost over the life of the loan.
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