Personal Loan EMI Calculator
Instant results as you type.
₹
%
months
Monthly EMI
₹17,088.81
Total interest₹1,15,197.34
Total amount payable₹6,15,197.34
Interest as % of loan23.04%
For education and planning only. Your bank or lender’s actual figures can differ — fees, rounding, day-count conventions and local rules vary. Always confirm the final numbers with your provider before deciding.
A personal loan is quick, unsecured and expensive — rates typically run two to three times a home loan, precisely because the lender has no asset to fall back on. This calculator makes that cost concrete: the monthly EMI, the total interest, and what that interest adds up to as a share of the amount borrowed. Seeing that share is usually the moment people decide whether the loan is worth taking at all.
How to use it
- Enter the amount you need and the rate you have been offered.
- Set the tenure — personal loans usually run one to five years.
- Compare the total interest against the reason you are borrowing.
Examples
- 5 lakh at 14% for 3 years: 17,089 a month, and 1.15 lakh in interest — 23% of the loan.
- Stretching the same loan to 5 years lowers the EMI but raises total interest substantially.
Frequently asked questions
- Why is the personal loan interest rate so much higher?
- Because nothing secures it. A home loan is backed by the property and a car loan by the car, so the lender can recover value if repayment stops. A personal loan has only your promise, and the rate carries the cost of that risk. This is also why your credit score moves the rate so sharply on personal loans.
- Is a personal loan cheaper than credit card EMI?
- Usually yes, and often by a wide margin. Credit card interest commonly runs 36 to 42 per cent a year when a balance is revolving, against roughly 11 to 18 per cent for a personal loan. If you are carrying a card balance, calculating both here side by side generally makes the answer obvious.
- Can I foreclose a personal loan early?
- Usually, after a minimum number of EMIs — often six to twelve. Many lenders charge a foreclosure fee of two to five per cent of the outstanding, though this is waived on floating-rate loans by many banks. Compare that one-off fee against the interest you would still owe; early closure is very often worth it.
- What EMI can I actually afford?
- A common rule is that all your EMIs together should stay under 40 per cent of take-home pay, and a personal loan should sit well inside that because it is the least flexible debt to carry. If the EMI needs more than a quarter of your income, the loan is probably too large or the tenure too short.
- Does a personal loan affect my credit score?
- Yes, in both directions. The application itself causes a hard enquiry that dips the score slightly, and a high outstanding balance raises your credit utilisation. Paid on time, though, it builds repayment history and can improve the score over the life of the loan. Missed EMIs damage it quickly.