How to Use the EMI Calculator

Last Updated: October 12, 2025

Visit the Nova Tools homepage and locate the "EMI Calculator" tool card in the Tools section. The card displays a calculator icon and the description "Calculate your loan EMI for FY 2025-26 based on principal, rate, and tenure." Click the card to open the calculator modal.

Clicking the tool card opens a modal titled "Advanced EMI Calculator (FY 2025-26)". This modal contains input fields for Loan Type, Loan Amount, Annual Interest Rate, and Loan Tenure. You can close the modal by clicking the "×" button in the top-right corner or clicking outside the modal.

Choose the loan type from the "Loan Type" dropdown: "Personal Loan" (default, 12% interest), "Car Loan" (8% interest), or "Home Loan" (7% interest). Selecting a loan type automatically sets the default interest rate, which you can modify later.

In the "Loan Amount (₹)" field, enter the principal loan amount in rupees (e.g., 1000000 for ₹10,00,000). Ensure the value is positive, as invalid inputs will trigger an alert.

In the "Annual Interest Rate (%)" field, enter the annual interest rate (e.g., 10 for 10%). This defaults to 12% for Personal Loan, 8% for Car Loan, or 7% for Home Loan, but you can adjust it. Use decimals if needed (e.g., 10.5). The rate must be positive to avoid errors.

In the "Loan Tenure (Years)" field, enter the loan duration in years (e.g., 5). The tenure must be positive to ensure accurate calculations.

Click the "Calculate EMI" button to compute your loan EMI for FY 2025-26. If all inputs are valid, the tool calculates the monthly EMI, total payable amount, and total interest using the EMI formula.

After calculation, a result section appears, showing:

• Monthly EMI: Your monthly installment (e.g., ₹22,244.55).
• Total Payable: Total amount paid over the loan tenure (e.g., ₹13,34,673).
• Total Interest: Total interest paid (e.g., ₹3,34,673).