👤 Personal Loan Calculator

Calculate EMI for your personal loan.

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What is a Personal Loan EMI Calculator?

Personal loans are the fastest way to raise cash in India for a wedding, medical emergency, or home renovation — no collateral needed, disbursed often within a day. That convenience comes at a cost: since the loan is unsecured, banks and NBFCs charge noticeably higher interest than home or car loans, typically between 10.5% and 24% per annum depending on your credit score and income. This calculator shows exactly what your monthly EMI, total repayment, and total interest outgo will be before you sign the loan agreement.

EMI Formula

EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]

Where P is the loan amount (principal), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the loan tenure in months.

Worked Example

Take a personal loan of ₹3,00,000 at 13% per annum for 3 years (36 months).

r = 13 ÷ 12 ÷ 100 = 0.01083 per month
EMI = 3,00,000 × 0.01083 × (1.01083)36 ÷ [(1.01083)36 − 1] ≈ ₹10,109

Over 36 months you'd pay a total of roughly ₹3,63,924, of which about ₹63,924 is interest — the price of quick, unsecured access to funds. Since there's no collateral backing the loan, lenders lean heavily on your credit score (CIBIL) and existing EMI obligations, so a score above 750 usually gets you the lower end of the rate band.

How to Use This Calculator

  1. Enter the Loan Amount you plan to borrow.
  2. Enter the Interest Rate quoted by your bank or NBFC (annual, %).
  3. Enter the Tenure in months.
  4. Click Calculate to see your EMI, total interest, and total payment.
💡 Tip: Prepaying even a small lump sum in the first year of a personal loan, when the interest component of each EMI is highest, cuts your total interest far more than the same prepayment made later in the tenure.

If you're weighing this against a loan backed by property or a fixed deposit, compare it with the EMI Calculator to see how a lower secured-loan rate changes the numbers.

📅 Last reviewed: July 2026 · Formulas verified against RBI/SEBI/IT Dept guidelines.