Personal Loan EMI Calculator
Find the EMI and total interest on a personal loan for any amount, rate and tenure, plus what a one-time prepayment would save. Free, in rupees.
Runs in your browser. Nothing is uploaded.
About the Personal Loan EMI Calculator
Personal loans are unsecured, so their rates are higher than home or car loans, and tenures are short, usually 1 to 5 years. Because of the high rate, interest adds up quickly, and the EMI is a large share of your monthly budget.
This calculator uses the standard amortisation formula that banks use for fixed-rate loans: interest is charged each month on the remaining balance, and each payment covers that interest plus a growing share of the principal. The yearly schedule shows how the balance falls over time. Try different rates and terms to see the trade-off: a longer term lowers the monthly payment but usually adds a lot more interest in total. The example uses ₹5 lakh at 12% for 3 years; replace it with your lender's offer. Check the processing fee and foreclosure charges too, since they are not part of the EMI.
How to use the Personal Loan EMI Calculator
- 1
Enter the amount you want to borrow, in any currency.
- 2
Enter the yearly interest rate and the term in years or months.
- 3
Read the monthly payment, total interest and total paid, and scroll the schedule to see the balance year by year.
- 4
Planning to prepay? Add an extra monthly amount, a yearly lump sum or a one-time payment, and choose whether to finish sooner or lower the EMI. The interest saved appears at once.
- 5
Switch the schedule to months for every EMI, or download it as a CSV file for Excel or Google Sheets.
Examples
500,000 at 12% for 3 yearsMonthly payment: 16,607.15
Total interest: 97,857.58
Total paid: 597,857.58Good to know
- Assumes a fixed rate, monthly payments and interest charged monthly at the yearly rate ÷ 12. Variable rates, interest-only periods and balloon payments are not modelled.
- Fees, insurance, taxes and early repayment charges are not included, so the real cost of a loan may be higher. Lenders’ quoted APR includes some of these.
- Results are rounded to two decimal places; the final payment absorbs any rounding difference.
Frequently asked questions
Can I prepay a personal loan?
Most lenders allow it after a lock-in of 6 to 12 EMIs, sometimes with a foreclosure fee of a few percent. Use the one-time prepayment field to see whether the interest saved is more than the fee.
What is an EMI?
An equated monthly instalment: the same payment every month for the whole term. Early payments are mostly interest; later ones are mostly principal.
How is the monthly payment calculated?
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months.
Should I use a prepayment to cut the tenure or the EMI?
Cutting the tenure saves more interest, because the balance falls faster while you keep paying the same EMI. Lowering the EMI frees up money each month but saves less. Try both in the calculator to see the difference for your loan.
Does a shorter term save money?
Usually, yes. The monthly payment is higher, but you pay interest for fewer months, so the total interest is lower.
Is anything I enter saved?
No. Calculations run on your device and nothing is stored or sent.
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