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Global · Any Currency · Credit Score Support · Amortization Included
EMI Loan Calculator
Calculate your monthly loan instalment (EMI), total interest paid, and amortization breakdown. Works globally for home, car, personal, and business loans.
Last reviewed: May 13, 2026 · Uses reducing balance method · Formula: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1)
Step By Step
How to Use This Calculator
5 steps
- Select your currency and country profile.
- Enter loan amount, annual interest rate, and tenure in years.
- Choose a loan type preset or adjust the rate manually.
- Enter your credit score if available — the calculator adjusts the rate for your tier.
- Review EMI, total interest, total payment, and the amortization schedule.
Worked Example
Example Calculation (Car Loan)
Use this sample to sanity-check your inputs and understand what the final result represents.
- 1Loan amount: ৳500,000
- 2Annual rate: 11.5%
- 3Tenure: 5 years (60 months)
Final Result
Monthly EMI: ৳10,994 · Total interest: ৳159,640 · Total payment: ৳659,640
Methodology
Formula Used
This section explains the calculation logic, assumptions, and source material used to make the result more trustworthy and easier to verify.
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1)
P = principal · r = monthly rate (annual ÷ 12) · n = total months
For credit score markets: effective rate = base rate ± score tier adjustment.
Credit Score Systems by Country
These five markets use formal credit bureaus. The calculator applies a rate adjustment based on your score tier — verified against each bureau's published ranges.
| Country | Scoring System | Score Range | Good Score |
|---|---|---|---|
| USA | FICO | 300–850 | 670+ |
| Canada | Equifax / TransUnion | 300–900 | 660+ |
| United Kingdom | Experian | 0–999 | 721+ |
| Australia | Equifax AU | 0–1200 | 622+ |
| Singapore | CBS Score | 1000–2000 | 1911+ |
Source: myFICO, FCAC Canada, Experian UK, Equifax AU, Credit Bureau Singapore.
Smart Loan Planning Tips
- 1A 10–20% down payment reduces principal, EMI, and total interest — it has a compounding effect across the whole tenure.
- 2Even a 0.5% rate reduction on a 20-year home loan saves more than a year's worth of payments in total interest.
- 3Shorter tenure means higher EMI but much lower lifetime interest. Run both scenarios before deciding.
- 4Keep your total monthly EMI obligations below 40% of net income — this is the standard debt-to-income guideline used by most banks.
- 5Check your credit report for errors before applying — a disputed item incorrectly lowering your score can cost you a higher rate.
- 6Get quotes from at least two lenders. Rate differences of 0.5–1% are common and are worth negotiating on large or long-tenure loans.
Sources & References
Bangladesh Bank — Consumer Loan Guidelines ↗
Bangladesh Bank BRPD Circular — standard reducing balance method required for consumer lending.
FICO Score — myFICO ↗
Official FICO score ranges (300–850) and good score threshold (670+) used for US credit tier adjustments.
Financial Consumer Agency of Canada ↗
Canadian credit score ranges (300–900) and score tier definitions used in this calculator.
Credit Bureau Singapore ↗
CBS Score ranges (1000–2000) for Singapore credit tier used in this calculator.
Last verified: May 2026
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan. Each payment covers both principal and interest. Early instalments are weighted more towards interest; the principal share grows each month as the outstanding balance reduces.
How is EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This calculator uses the reducing balance method — the same method used by most regulated lenders.
What loan types are supported?
Home loan, car loan, personal loan, and SME/business loan. Each type loads a typical rate range as a starting point — you can override with your lender's actual rate.
Which currencies are supported?
BDT, USD, EUR, GBP, INR, AED, SAR, SGD, CAD, and AUD. Select your currency before entering the loan amount.
Which countries have credit score support?
USA (FICO), Canada (Equifax/TransUnion), UK (Experian), Australia (Equifax AU), and Singapore (CBS). The calculator adjusts the effective rate based on your score tier — lower scores attract a rate premium, higher scores a discount.
What is an amortization schedule?
The amortization schedule shows the month-by-month breakdown of each payment — how much goes to interest and how much reduces the principal. It also shows the remaining balance after each payment.
Flat rate vs reducing balance — what's the difference?
Flat rate calculates interest on the original principal for the entire tenure. Reducing balance calculates interest only on the outstanding amount each month. Reducing balance is significantly cheaper. This calculator uses reducing balance — verify which method your lender uses before signing.