Personal Loan EMI Calculator
Find out what a personal loan will really cost before you sign — the monthly EMI, the total interest, and the full amount you will repay.
Example values shown — replace them with your own loan details. Estimates only, not financial advice. Rates are examples — actual rates vary by lender and profile, so verify with your lender.
How the EMI is worked out
Personal loans are usually charged on a reducing balance: each month the interest is calculated on the principal still owed. EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), with r as the monthly rate (annual ÷ 12 ÷ 100) and n the number of months.
Costs beyond the EMI
The interest rate is not the whole price. Lenders commonly add a processing fee (often a percentage of the loan), taxes on that fee, and sometimes insurance or documentation charges. Ask for the full schedule of charges and compare loans on total cost, not just the headline rate.
Some lenders quote a flat rate. A flat rate is not comparable to a reducing-balance rate — its effective cost is considerably higher — so always ask for the reducing-balance (effective) rate.
Keeping a personal loan cheap
Because personal loans are unsecured, rates are typically higher than for home or car loans. Borrow only what you need, choose the shortest tenure your budget can carry, and prepay when you can. Use the prepayment calculator to see how much an extra payment each month would save.
Frequently asked questions
Why are personal loan rates higher than home loan rates?
Personal loans are unsecured — there is no property or vehicle backing them — so lenders price in more risk. Rates also vary with your credit score, income and employer.
Can I prepay a personal loan?
Usually yes, but terms differ. Some lenders charge a prepayment or foreclosure fee, especially in the early months. Check your loan agreement before paying extra.
What happens if I miss an EMI?
You may be charged late-payment fees and interest on the overdue amount, and repeated delays can lower your credit score. If you expect trouble paying, contact your lender early.
Is a longer tenure better?
A longer tenure lowers the EMI but increases the total interest. Change the tenure above to compare the EMI and total interest side by side.
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Estimates only, not financial advice. Rates are examples — actual rates vary by lender and profile, so verify with your lender. Calculator app, not a financial advisor.