The EMI Calculator on Nova Tools helps you calculate your monthly loan installment (EMI) for FY 2025-26. It estimates monthly EMI, total payable amount, and total interest based on the loan amount, annual interest rate, and tenure for personal, car, or home loans.
The tool supports three loan types: Personal Loan (default interest rate: 12%), Car Loan (8%), and Home Loan (7%). You can select the loan type from a dropdown, and the interest rate will automatically adjust to the default value, which you can modify as needed.
The annual interest rate depends on the loan type and lender. The tool provides default rates (Personal: 12%, Car: 8%, Home: 7%) based on typical market rates. Check with your lender for the exact rate, as it may vary based on credit score, loan terms, or market conditions.
The tool uses the standard EMI formula to provide accurate estimates based on your inputs. However, actual EMIs may vary due to additional fees, variable interest rates, or prepayments. For precise loan planning, consult your lender. Contact our support team via the Contact Us page for assistance.