Loan Amount
Percent %
years

Monthly EMI:

Principal amount:

Total interest:

Total amount:

# Free Loan Calculator » Calculate Loan Emi Online

A loan calculator is a simple online tool. With the help of which you can easily calculate the EMI of the loan.

In this new era, who does not take a loan to buy a car, a house or any other important item. To calculate the EMI of the loan, we are providing you this tool absolutely free of cost, with the help of this tool you can calculate the loan very easily.

Note: Please suggest new features or report any error, to help us improve this website.

## What is Loan Calculator?

Loan is a financial deal in which money is given to a person and institute the person has to return the amount with interest in the future. To calculate this future amount, a loan calculator is required. And this tool is absolutely free.

Where does a loan go, to buy something, to do some important work, to increase business, whether it is financial help taken from a bank or any financial institution for any personal work. In return, the customer returns the entire loan amount along with interest as EMI to the bank or finance company. To calculate this loan, we have made this loan calculator, with the help of this you can easily calculate the loan.

## How To Use Loan Calculator?

It is very easy to use the Loan calculator. I have given some steps below, with the help of these steps you can calculate SIP very easily.

• Step 1: First of all you have to select the currency (This is optional.)
• Step 2: Enter the loan amount you want to borrow. This is the principal amount.
• Step 3: Input the interest rate as the annual percentage rate.
• Step 4: Input time period.

With the help of these steps, you can easily calculate your Loan Emi, that too for free.

### How deos a Loan calculator work?

A loan calculator work on the following formula.

E = [P x R x (1+R) ^N] / [(1+R) ^N-1]

In the above formula

 E EMI or loan amount . P Principal amount. R Rate of interest. N Loan tenure.

For example, If a x person avails a loan of \$1000,000 at an annual interest rate of 6% for a tenure of 96 months (8 years), then his EMI will be calculated as under.

If rate of interest is 6% p.a. then r = 6/12/100 = 0.005.

EMI= 1000,000 * 0.005 * (1 + 0.005)120 / ((1 + 0.005)120 - 1) = 13,141.

The total amount payable will be \$13,141 * 96 = \$1,261,577. Principal loan amount is \$1000,000 and the Interest amount will be \$261,577.

### Loan Calculator Features.

Some of the features of the loan calculator tool are as follows:

• Easy to use.
• In this, you can select different types of currency with the help of select box. Sorry if you don't have the currency of your country, if you want to add, then contact.
• For ease, you can easily increase or decrease the value with the help of slider on Principal Amount, Rate of interest, Loan tenure.
• In Return, we have told you with the help of Google chart, with the help of which you can easily know your return and your total interest.

#### FAQs

What is loan?
Where does the loan go only if there is financial help taken from the bank or any financial institution.
What are the types of loans?
Different types of loans.
1. Home Loan
2. Personal Loan
3. Loan against Insurance Policy
4. Gold Loan
5. Property Loan
6. PPF Loan
7. Car Loan
8. Education Loan
9. Loan against Securities
10. Peer-to-Peer loan (P2P loan)