Question 1

What formula does the calculator use?

Accepted Answer

The tool uses the standard EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is number of months.

Question 2

Can it handle 0% interest loans?

Accepted Answer

Yes. For 0% interest loans, the calculator simply divides the principal by the number of months to show your monthly payment.

Question 3

Does it show an amortization schedule?

Accepted Answer

Currently, the tool shows EMI, total interest, and total payment for simplicity and speed. A detailed amortization schedule may be added in future versions.

Question 4

Can I use it for different types of loans?

Accepted Answer

Yes. The calculator works for any type of installment loan—home loans, car loans, personal loans, education loans, or business loans.

Question 5

How accurate are the calculations?

Accepted Answer

The calculations are mathematically precise using the standard EMI formula. However, actual loan terms may include additional fees or insurance that aren't reflected in this basic calculation.

Loan / EMI Calculator