Principal
The loan amount you typed. It does not change inside this calculator.
Planning tool
Estimate your monthly EMI
Enter a loan amount, an interest rate you are considering, and a tenure in months. The estimate uses the reducing-balance formula. It is not an offer from Moneymind Fintech.
Estimate
Enter an amount, interest rate and tenure to see an estimated instalment. Final EMIs depend on approved loan terms.
How to read the result
Three figures sit next to the monthly instalment.
Total interest
The extra you would pay over the tenure at the rate you entered, if EMIs stay constant.
Total repayment
Principal plus interest. Compare this across tenures, not only the monthly EMI.
Limits of this tool
- It ignores processing fees, insurance and other charges.
- It assumes a fixed rate and equal monthly instalments.
- Prepayment, floating rates and moratoriums are not modelled.
- A lender’s EMI can differ even if you enter the same inputs.
Useful next pages
- Personal loans — unsecured borrowing for personal expenses
- Home loans — longer tenures are common; try them in the calculator
- Car loans — estimate before you visit a dealer
Calculator questions
Which formula does this use?
The standard reducing-balance EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where r is the monthly rate and n is the number of months. If the rate is zero, the principal is split evenly.
Why do you not fill in the interest rate?
A rate on this page would look like a Moneymind offer. Enter a rate you are considering or one a lender has already quoted to you.
Can I use this for credit cards?
Card interest is usually calculated differently. Treat this tool as a loan EMI estimate, not a card billing estimate.