Loan EMI Calculator
Estimate the monthly EMI for a personal, home or car loan before you apply. Final interest rate, eligibility and sanction are decided solely by the lender.
Loan details
Picking a type just fills in typical starting numbers below — adjust freely.
Illustrative only, using reducing-balance interest. Actual rate, eligibility, fees and approval are decided solely by the lender via Andromeda Sales and Distribution Private Limited — not by Phoneme Quant.
How EMI is calculated
Your Equated Monthly Instalment (EMI) is calculated so that a fixed payment each month clears both principal and interest by the end of the tenure, using the standard reducing-balance formula. Early instalments are interest-heavy; later ones repay more principal, even though the EMI amount itself stays flat.
Two levers matter most for affordability: a longer tenure lowers the monthly EMI but increases total interest paid, while a shorter tenure raises the EMI but reduces the total cost of the loan.
Frequently asked questions
No. Loan enquiries are referred through Andromeda Sales and Distribution Private Limited, and the relevant bank or NBFC independently decides eligibility, interest rate, sanction and disbursal. This calculator uses the rate you enter, not a quoted offer.
Banks price loans based on your credit score, income, existing obligations and the specific scheme, and may add processing fees or insurance that change the effective cost. Treat this calculator as a starting estimate, not a final figure.
Most personal, home and car loans in India use reducing balance interest, where interest is charged only on the outstanding principal each month — that's what this calculator uses. A flat rate charges interest on the full original amount throughout, which works out more expensive for the same quoted rate.
Most lenders allow part-prepayment or foreclosure, which can meaningfully cut total interest — ask the lender directly about charges and process once your loan is referred through Andromeda.