💼 Personal Loan
Personal Loan EMI Calculator
Your Monthly EMI
₹16,369
for 36 months
- Total Interest
- ₹89,297
- Total Payment
- ₹5,89,297
- Principal + Interest
Break-up of Total Payment
Download or share this calculation
The shared link opens with all your numbers pre-filled — handy for comparing offers with family or your bank.
Principal vs Interest Paid Each Year
EMI payments starting from …
EMI Payment Schedule
Tap a year to see its month-by-month breakdown.
| Year | Principal (A) | Interest (B) | Total Payment (A + B) | Balance | Loan Paid To Date |
|---|
What If the Interest Rate Changes?
Floating-rate loans move with RBI policy. See how your EMI shifts if the rate falls or rises by up to 2%.
9%
₹15,900
−₹469 / month
Interest: ₹72,395
10%
₹16,134
−₹236 / month
Interest: ₹80,809
11% · current
₹16,369
per month
Interest: ₹89,297
12%
₹16,607
+₹238 / month
Interest: ₹97,858
13%
₹16,847
+₹478 / month
Interest: ₹1,06,491
What is EMI?
An Equated Monthly Instalment (EMI) is the fixed amount you pay your lender every month until your loan is fully repaid. Each EMI has two parts: interest on the balance still outstanding, and a portion that reduces the principal. Because interest is charged on the outstanding balance, it takes up most of the EMI in the early months. As the balance falls, the interest part shrinks and more of each EMI goes towards the principal — even though the EMI itself never changes.
Personal loans are unsecured, so interest rates are higher and tenures shorter than home or car loans. Check the monthly EMI and the true interest cost before you accept an offer — and compare a few tenures to find the right balance.
EMI Formula
E = P × r × (1 + r)n ÷ [(1 + r)n − 1]
- E — EMI (monthly instalment)
- P — principal loan amount
- r — monthly interest rate = annual rate ÷ 12 ÷ 100 (10.5% p.a. → 0.00875)
- n — loan tenure in months
Example: borrow ₹10,00,000 at 10.5% a year for 10 years (120 months). EMI = 10,00,000 × 0.00875 × (1.00875)120 ÷ [(1.00875)120 − 1] = ₹13,493. Over 120 months you pay ₹16,19,220 in total, of which ₹6,19,220 is interest. Doing this by hand for every combination of amount, rate and tenure is slow and error-prone — the calculator above does it instantly and also builds the full repayment schedule.
Personal Loan EMI Example
For a ₹5 lakh personal loan at 11% for 3 years, the EMI is ₹16,369 and total interest is ₹89,297.
Stretching the same loan to 5 years drops the EMI to ₹10,871, but total interest jumps to ₹1,52,273 — roughly ₹63,000 more. A lower EMI is easier on monthly cash flow, yet the shorter tenure is far cheaper overall.
How to Use This EMI Calculator
- 1Choose the loan type — Home, Personal or Car.
- 2Set the loan amount, annual interest rate and tenure with the sliders, or type exact values in the boxes. Switch tenure between years (Yr) and months (Mo).
- 3For car loans, pick EMI in arrears or EMI in advance.
- 4Read your monthly EMI, total interest and total payment, plus the principal-vs-interest break-up chart.
- 5Set the month of your first EMI and choose calendar-year or financial-year view to see the payment schedule. Tap any year to expand it month by month.
- 6Download the schedule as PDF or Excel, or share a link with all your numbers pre-filled.
Planning for Floating Rates
You decide the loan amount and tenure, but on a floating-rate loan the interest rate moves with RBI policy and your lender's benchmark. Before you commit, check two scenarios:
- Rates fall 1–3%: your EMI drops, or you can keep the same EMI and close the loan sooner.
- Rates rise 1–3%: could you still pay comfortably? On a long home loan, even a 2% rise noticeably increases the EMI for the rest of the tenure.
The “What If the Interest Rate Changes?” panel above shows both cases for your numbers. Plan for the worst case and treat the best case as a bonus.
Tips to Lower Your Personal Loan Cost
- Borrow only what you need — personal loan interest is charged on the full amount from day one.
- A good credit score (750+) usually gets you a noticeably lower rate; compare offers from your salary bank first.
- Check the processing fee and foreclosure charges, not just the headline rate.
- Prefer the shortest tenure you can afford — the interest saving is significant at personal-loan rates.
Frequently Asked Questions
What is a typical personal loan tenure?＋
Most banks and NBFCs in India offer personal loans for 1 to 5 years, and some extend to 6 or 7 years for salaried borrowers with strong profiles. This calculator supports tenures up to 7 years.
Are personal loan interest rates fixed or floating?＋
Personal loans are usually fixed-rate, so your EMI stays the same for the whole tenure. That makes the EMI shown here a reliable planning figure, apart from any fees your lender adds.
Can I prepay or foreclose a personal loan?＋
Many lenders allow foreclosure after a minimum number of EMIs (often 6–12), sometimes with a foreclosure charge of a few percent of the outstanding balance. The year-wise balance in the schedule above shows roughly how much you would need to close the loan at any point.
How much personal loan EMI can I afford?＋
As a rule of thumb, keep all your EMIs together under 40–50% of your monthly take-home income. Lenders apply a similar check (called FOIR) when they decide how much to lend you.
More Calculators
Figures are indicative and calculated using the standard reducing-balance method. Your lender's actual EMI, fees and schedule may differ. This page is for information only and is not financial advice.