Calculate your monthly loan payments (EMI), total interest, and view the complete amortization schedule.
Quick Presets
Loan Details
Loan Tenure
Calculation Method
Interest calculated on remaining balance (most common)
Enter Loan Details
Enter the loan amount, interest rate, and tenure to calculate your EMI
Example: Rs. 1,000,000 vehicle loan at 12% for 5 years
Sample Inputs
Loan AmountLKR 1,000,000
Interest Rate12% p.a.
Tenure60 months
MethodReducing Balance
Monthly Rate12% ÷ 121% per month
EMI Formula AppliedP×r×(1+r)^n/((1+r)^n-1)LKR 22,244
Total Payment22,244 × 60LKR 1,334,640
Total Interest1,334,640 - 1,000,000LKR 334,640
Monthly EMILKR 22,244
What This Calculator Does
This calculator computes your monthly loan installment (EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest) and provides a complete amortization schedule. It supports both reducing balance and flat rate methods, helping you understand exactly how much you'll pay over the loan tenure.
Calculates EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest for any loan amount and tenure
Supports reducing balance and flat rate methods
Shows total interest payable over loan tenure
Provides yearly amortization breakdown
Includes preset templates for common loan types
Inputs and Assumptions
Loan AmountThe principal amount you want to borrow (e.g., LKR 2,000,000)
Interest RateAnnual interest rate offered by the bank (e.g., 12% p.a.)
TenureLoan repayment period in months or years (e.g., 60 months)
Calculation MethodReducing balance or flat rate (e.g., Reducing Balance)
Assumptions
- Interest rate remains constant throughout tenure
- No processing fees or insurance included
- No prepayments or late payments
- EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest paid on the same date each month
Frequently Asked Questions
EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest (Equated Monthly Installment) is a fixed payment made by a borrower to a lender each month. It consists of both principal and interest. The formula is: EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is number of months.
Reducing balance calculates interest on the outstanding principal, which decreases each month. Flat rate calculates interest on the original loan amount throughout the tenure. Reducing balance results in lower total interest paid and is more common for home and vehicle loans.
You can reduce EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest by: 1) Increasing the loan tenure (but this increases total interest), 2) Making a larger down payment, 3) Negotiating a lower interest rate, 4) Making prepayments to reduce principal, or 5) Refinancing at a lower rate.
Financial experts recommend keeping total EMIs (all loans combined) below 40-50% of your monthly income. Banks typically use a 50-60% FOIR (Fixed Obligation to Income Ratio) as the maximum limit for loan approval.
Yes, most loans allow prepayment. You can either reduce your EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest amount while keeping the tenure same, or keep EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest same and reduce tenure. Some banks charge prepayment penalties (typically 2-5% of prepaid amount), so check your loan terms.
Interest rates depend on: loan type (home loans have lower rates than personal loans), loan amount, tenure, your credit score (CRIBCredit Information Bureau — Sri Lanka’s credit bureau — banks check your report before lending report in Sri Lanka), income stability, existing debt obligations, and the bank's base rate/policy.
EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest = P × r × (1+r)^n / ((1+r)^n - 1). P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly installments. For example, a Rs. 1M loan at 12% p.a. for 5 years: r = 1% per month, n = 60, giving EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest = Rs. 22,244. The formula ensures each payment is equal, with interest decreasing and principal increasing over time.
An amortization schedule shows the breakdown of each EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest into principal and interest components over the loan tenure. In the early months, most of the EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest goes toward interest. As the principal reduces, more of each payment goes toward principal. This helps you understand the true cost of borrowing and plan prepayments strategically.
As of 2025, typical rates: Home loans 9-13% p.a., vehicle loans 12-16%, personal loans 18-28%, credit card 28-36%, and leasing 14-18%. Rates vary by bank, loan amount, and your credit profile. Government sector employees may get preferential rates. Always compare offers from multiple banks before committing.
CRIBCredit Information Bureau — Sri Lanka’s credit bureau — banks check your report before lending (Credit Information Bureau) maintains your credit history in Sri Lanka. A good CRIBCredit Information Bureau — Sri Lanka’s credit bureau — banks check your report before lending report with timely payments improves loan approval chances and may get you lower interest rates. Defaults or late payments can lead to rejection. Check your CRIBCredit Information Bureau — Sri Lanka’s credit bureau — banks check your report before lending report annually — you're entitled to one free report per year through crib.lk.
EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest specifically refers to equal monthly payments where both principal and interest portions are combined into a fixed amount. An installment is any periodic payment, which may not be equal. In a flat-rate loan, installments may vary. EMIEquated Monthly Installment — the fixed monthly loan repayment covering principal and interest always refers to the reducing balance method where payments are equal throughout the tenure.
Disclaimer: This calculator provides estimates only. Actual EMI may vary based on processing fees, insurance, and other charges. Please consult your bank or financial institution for exact loan terms.
