Personal Loan EMI Calculator
A personal loan is quick and collateral-free, which makes it tempting — but it is also one of the most expensive ways to borrow, with rates often between 11% and 24% per annum. This personal loan EMI calculator helps you see past the easy approval to the real cost. Enter the loan amount, the interest rate, and the tenure, and it shows your monthly EMI, the total interest, and the total repayment. Because personal loans are unsecured, lenders price in extra risk, so the interest can add up fast over a three- to five-year term. Use the calculator to check whether the EMI fits your budget and whether a cheaper alternative might serve you better.
60 months
Monthly EMI
₹11,377
Total Interest
₹1,82,592
Principal
₹5,00,000
Total Payment
₹6,82,592
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹5,960 | ₹5,417 | ₹4,94,040 |
| 2 | ₹6,024 | ₹5,352 | ₹4,88,016 |
| 3 | ₹6,090 | ₹5,287 | ₹4,81,926 |
| 4 | ₹6,156 | ₹5,221 | ₹4,75,770 |
| 5 | ₹6,222 | ₹5,154 | ₹4,69,548 |
| 6 | ₹6,290 | ₹5,087 | ₹4,63,258 |
| 7 | ₹6,358 | ₹5,019 | ₹4,56,900 |
| 8 | ₹6,427 | ₹4,950 | ₹4,50,473 |
| 9 | ₹6,496 | ₹4,880 | ₹4,43,977 |
| 10 | ₹6,567 | ₹4,810 | ₹4,37,410 |
| 11 | ₹6,638 | ₹4,739 | ₹4,30,772 |
| 12 | ₹6,710 | ₹4,667 | ₹4,24,063 |
About the Personal Loan EMI Calculator
A personal loan EMI calculator estimates the fixed monthly instalment on an unsecured loan using the reducing-balance method. It accounts for the borrowed amount, the annual rate, and the tenure to reveal both the monthly EMI and the total interest cost.
Why it is useful
Personal loans are marketed on speed and convenience, rarely on cost. This tool puts the cost front and centre, helping you decide how much to borrow, over what tenure, and whether a secured loan or your savings would be cheaper. Seeing the total interest often changes the borrowing decision entirely.
How the calculation works
The calculator uses EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) on the reducing balance. Because personal-loan rates are high, the interest portion of each early EMI is large, so borrowing more or for longer increases the cost quickly.
Key inputs explained
- Loan amount: The unsecured sum you wish to borrow.
- Interest rate: Annual rate, typically 11–24% depending on profile and lender.
- Tenure: Repayment period, usually 1 to 5 years.
Example calculation
Inputs
- Loan amount
- ₹5,00,000
- Interest rate
- 14% p.a.
- Tenure
- 4 years (48 months)
Calculation breakdown
- Monthly rate
- 14 ÷ 12 ÷ 100 = 0.011667
- Number of EMIs
- 48
- EMI formula
- P × r × (1+r)^48 ÷ ((1+r)^48 − 1)
You repay about ₹6.56 lakh in total, so interest is roughly ₹1.56 lakh on a ₹5 lakh loan — a reminder that unsecured borrowing is costly.
Benefits
- Reveals the true cost of an easy-to-get loan.
- Helps you size the loan to a manageable EMI.
- Lets you compare lenders before sharing your documents.
Limitations
- Processing fees (often 1–3%) and GST are charged separately.
- The lowest advertised rate may not apply to your profile.
- Does not account for prepayment or foreclosure penalties.
Tips
- Borrow only what you need — the interest is unforgiving.
- A stronger credit score can shave several percentage points off the rate.
- Compare against a top-up home loan or gold loan, which are often cheaper.
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About this calculator
The Personal Loan EMI Calculator is built and maintained by the PaisaBot team. All calculations run instantly in your browser using established financial formulas, and we use high-precision arithmetic to keep the results reliable.
Data accuracy: Interest rates, tax slabs, and scheme rules are updated periodically, but figures can change with RBI, government, and lender revisions. Always confirm the latest rates with your bank or an official source before acting.
Educational purpose: This tool is provided for general information and financial education only. It does not constitute investment, tax, or legal advice. For decisions specific to your situation, please consult a qualified financial advisor.