I don't really understand how inflation is going to happen if people already have too many loans?
Central banks printing money is one thing, but for that money to go into circulation it's quite another,
since there are not that many people able to take new loans and hence, help the newly printed money
go into circulation and ultimately cause inflation. I'd say that for the time being, it is only banks
that are being helped to remain afloat.
But then, I'm no expert and I am always willing to learn from more knowledgeable people.
You're on the right track. To properly calculate or predict inflation, you need to factor not just the money supply but also the velocity of money. If you Google "velocity of money" it should give you more than enough information.