Personal Loan Calculator — EMI & Interest Cost

Enter Parameters

Adjust sliders or type values directly

Personal Loan Amount

Annual Interest Rate

Tenure (in Months)

months

Real-time Calculation Ready

Adjust parameters to see instant results

AI Summary & Key Formula

Personal Loan Calculator Quick Reference

0ms Client-Side 100% Private

Quick Answer

A personal loan calculator gives the monthly EMI on an unsecured loan with the reducing-balance formula EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), where r is the monthly rate and n the tenure in months. For example, ₹3,00,000 at 14% a year over 36 months costs ₹10,253 a month and ₹69,118 in interest, about 23% of the amount borrowed. Use it to compare lender quotes before applying; it assumes a fixed rate and leaves out processing fees, GST and insurance, which raise the true cost.

How This Calculation Works

Values calculate dynamically in real-time as you enter figures or adjust sliders.
The equation on the right is exactly what the calculator runs — check any result by hand.

Core Equation

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
Where:
  P = Loan principal
  r = Monthly interest rate = Annual rate / 12 / 100
  n = Tenure in months

Total Interest = EMI × n − P
Cost Ratio = Total Interest / P × 100%

How to Use the Personal Loan Calculator

Quick 3-step guide for accurate and fast calculations

STEP 01

Enter your personal loan amount

In the Personal Loan Calculator, fill in Personal Loan Amount, Annual Interest Rate and Tenure (in Months).

STEP 02

Read your monthly payment (emi)

The Personal Loan Calculator instantly shows Monthly Payment (EMI), Total Interest Amount, Total Repayment Amount and Average Monthly Interest, updating as you type.

STEP 03

Compare scenarios

Change Annual Interest Rate to see how it affects Monthly Payment (EMI), then check the formula below to verify the math.

Specific Instructions:

Enter the loan amount you need, the annual interest rate quoted by your lender and the tenure in months (6–84). The calculator instantly computes your monthly EMI, total interest, total repayment and average monthly interest. To compare offers, change the rate or tenure and note how the EMI and total interest move.

Personal Loan Calculator Formula

The Personal Loan Calculator uses the following formula, calculated in your browser as you change the inputs:

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1) Where: P = Loan principal r = Monthly interest rate = Annual rate / 12 / 100 n = Tenure in months Total Interest = EMI × n − P Cost Ratio = Total Interest / P × 100%

Sources:

Worked Example: Personal Loan Calculator

Loan: ₹3,00,000 | Rate: 14% p.a. | Tenure: 36 months Monthly rate r = 14 / 12 / 100 = 0.01167 EMI = 3,00,000 × 0.01167 × (1.01167)³⁶ / ((1.01167)³⁶ − 1) ≈ ₹10,253 Total repayment: ₹3,69,118 | Interest cost: ₹69,118 (23% of principal)

Calculations run in your browser — your inputs are never stored on our servers.Formula sources & methodology

Guide

How EMI Is Calculated: The Formula Explained with Examples

EMI is calculated with the formula EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments. For example, a ₹20,00,000 loan at 8.5% for 20 years has an EMI of about ₹17,356, and you repay roughly ₹41.66 lakh in total, of which about ₹21.66 lakh is interest.

Frequently Asked Questions — Personal Loan Calculator

What factors affect personal loan interest rates?

The key factors are your CIBIL/credit score (750+ gets the best rates), your income stability and employer profile (salaried employees at listed companies get lower rates), existing debt-to-income ratio, loan amount and tenure requested, and your relationship with the lender (existing customers often get preferential rates).

Is it better to take a personal loan or use a credit card?

For amounts above ₹50,000 with a repayment plan of more than 3 months, a personal loan is almost always cheaper. Credit cards charge 30–42% p.a. on revolving balances, while personal loans are typically 10–18% p.a. Convert high-interest credit card debt to a personal loan to significantly reduce interest cost.

Can I prepay a personal loan without penalty?

Most banks charge a prepayment penalty of 1–4% of the outstanding principal if you prepay within 6–12 months of the loan start. After that lock-in period, many lenders allow prepayment free of charge (RBI guidelines encourage this). Always check the specific foreclosure clause in your loan agreement before prepaying.