Personal Loan EMI Calculator
Estimate the monthly instalment (EMI) on a personal loan based on the loan amount, interest rate and tenure you enter. Personal loans are unsecured, so lenders typically charge materially higher interest rates than secured loans like home or car loans — use this calculator to see exactly what that means for your monthly outgo.
Fill in the form and select "Calculate" to see your results here.
What is the Personal Loan EMI Calculator?
This calculator works out the fixed monthly instalment (EMI) you would pay on a personal loan, given the loan amount, the annual interest rate, and the repayment tenure. Personal loans are unsecured — the lender has no collateral to fall back on — so they carry higher interest rates than secured loans like a home loan or car loan, and are usually repaid over a much shorter period, typically one to five years. Because the EMI is fixed for the life of the loan under a standard reducing-balance schedule, knowing it upfront helps you judge whether the loan fits comfortably into your monthly budget before you apply.
How to use this calculator
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate quoted by the lender (personal loan rates in India commonly range from around 10% to 24%, depending on your credit profile).
- Enter the loan tenure in years — most personal loans run from 1 to 5 years.
- Select "Calculate EMI" to see your monthly instalment, total interest payable, and total amount you'll repay over the tenure.
Formula
This is the standard reducing-balance EMI formula used by banks and NBFCs across India for fixed-rate instalment loans. Each EMI is split between interest (calculated on the outstanding balance) and principal repayment; the interest portion is highest in the early months and falls steadily as the balance reduces.
Example
Consider a personal loan of ₹3,00,000 at an interest rate of 14% per annum, repaid over a tenure of 3 years (36 months). The monthly interest rate works out to 14 ÷ 12 ÷ 100 = 0.011667. Applying the EMI formula gives a monthly instalment of approximately ₹10,252. Over 36 months, the total amount repaid is about ₹3,69,072, meaning total interest of roughly ₹69,072 — nearly 23% of the original loan amount, which illustrates why the interest rate and tenure matter so much on an unsecured loan.
Factors that affect your EMI
- Loan amount. A larger loan amount increases the EMI proportionally, all else being equal.
- Interest rate. Personal loan interest rates are risk-based — lenders price them based on your credit score, income stability, existing debt, and relationship with the bank. Even a 2-3 percentage point difference in the quoted rate can change your EMI and total interest noticeably, so it's worth comparing offers from multiple lenders.
- Tenure. A longer tenure lowers the monthly EMI but increases the total interest paid over the life of the loan, since more instalments are charged interest on a slowly-reducing balance.
- Processing fees and other charges. This calculator estimates the EMI on the principal amount only. Most lenders charge a processing fee (often 1-3% of the loan amount) deducted upfront, along with possible documentation or insurance charges — these affect your effective cost of borrowing but are not included in this EMI calculation.
Frequently Asked Questions
Personal loans are unsecured, meaning you don't pledge any collateral like property or gold. Since the lender takes on more risk if you default, they charge a higher interest rate to compensate — typically well above secured loan rates such as home loans.
No — a longer tenure reduces your monthly EMI but increases the total interest you pay over the life of the loan, because interest keeps accruing on the outstanding balance for a longer period. If you can afford a higher EMI, a shorter tenure usually costs less overall.
No. This calculator computes the EMI based purely on the loan principal, interest rate and tenure. Processing fees, documentation charges and insurance premiums are charged separately by lenders and vary widely, so factor them in separately when comparing loan offers.
Many lenders allow part-prepayment or full foreclosure of a personal loan, usually after a minimum lock-in period, sometimes with a prepayment charge. Paying down the principal early reduces the interest charged on the remaining balance, which can lower your total interest cost — check your loan agreement for applicable charges.
Lenders generally offer their best personal loan rates to applicants with a credit score of 750 and above, along with stable income and low existing debt. A lower score doesn't necessarily rule out approval, but it typically means a higher quoted interest rate.
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Calculations are estimates based on the information entered. They do not account for processing fees, insurance, prepayment charges, or changes to a floating interest rate, and are not a substitute for the amortization schedule provided by your lender. See our full disclaimer.