EMI and APR calculator
Enter the amount, interest rate, tenure and processing fee from your offer. See the EMI, total interest, GST on the fee, the money that reaches your account and the APR — the figure lenders must show in the Key Facts Statement.
See what the loan really costs
Enter the amount, rate, tenure and fee. We show the EMI, the money you receive and the APR, with the formula.
Empty fields are never replaced with an example.
How the EMI and APR calculator works
- Take the sanctioned amount. If the loan is ₹1,00,000 and ₹97,640 reaches your account, enter ₹1,00,000 and the fee; the calculator deducts the fee and GST itself.
- Enter the interest rate, not the APR. The APR is the result. Entering it as the rate would count the fees twice.
- Add the processing fee and GST. If your KFS shows one amount that already includes GST, enter it as the fee and set GST to 0.
- Compare with the KFS. A difference of a few hundredths of a percent comes from rounding. A larger one means a charge is missing.
Example: the RBI illustration
Illustrative example from the RBI KFS circular: ₹20,000 at 15% a year for 24 months, ₹400 of upfront charges.
EMI = ₹969.73; 24 EMIs = ₹23,273.59, of which ₹3,273.59 is interest. You receive ₹19,600, so the APR is 17.07%, not 15%.
Questions about EMI and APR
What is the difference between the interest rate and the APR?
The interest rate is charged on the outstanding loan. The APR is the annual cost of credit including interest and all other charges, such as the processing fee. RBI requires lenders to show the APR in the Key Facts Statement.
Why is my EMI the same every month while the interest goes down?
On a reducing-balance loan each EMI pays the interest for the month first and the rest reduces the principal. As the balance falls, more of each EMI goes to the principal. Open the repayment schedule in the result to see the split.
Is GST charged on interest?
GST applies to fees and charges such as the processing fee, not to the interest. Your KFS shows the GST amount.
Can I use this for a “flat rate” offer?
No. A flat rate charges interest on the original amount for the whole tenure, so it costs more than the same reducing-balance rate. Ask the lender for the reducing-balance rate or use the APR in the KFS check.