Loan EMI Calculator
How to Use the Calculator
Using the calculator is simple. Just follow these steps:
Loan Amount: Enter the total amount you wish to borrow. You can either type the number or use the slider for a quick estimate.
Annual Interest Rate (%): Input the yearly interest rate the bank is offering you.
Loan Tenure (Years): Set the total duration in years for which you want to take the loan.
Calculate: Click the "Calculate EMI" button to see your results instantly.
Interpreting the Results
Once you calculate, you'll see a summary with these key terms:
Monthly EMI: This is the fixed amount you need to pay to the bank every single month until your loan is fully paid off.
Total Interest: This is the cost of borrowing. It's the total extra money you'll pay over the entire loan period, on top of the original loan amount. A lower number is always better.
Total Payment: This is the sum of the original loan amount and the total interest. It's the grand total you will have paid by the end of the loan tenure.
Pie Chart: This gives you a quick visual breakdown of your total payment, showing how much of it is the actual loan (Principal) versus the interest cost.
Understanding the Downloaded Text File
The downloaded the .txt file is your Amortisation Schedule. It provides a detailed, month-by-month table of your entire loan repayment journey. Here's what each column means:
Month: The payment number (from 1 to the last month of your tenure).
Interest: The portion of your monthly EMI that covers the interest cost for that specific month. You'll notice this amount is higher at the beginning of the loan.
Principal: The portion of your EMI that actually reduces your outstanding loan amount. This amount increases as you progress through the loan term.
Ending Balance: The remaining loan amount you still owe after making that month's payment. This will become zero after your final EMI payment.
