Personal Loan EMI Calculator
Planning a personal loan? Enter the amount, the interest rate on your offer and the tenure to see your monthly EMI before you apply. Personal loans are unsecured, so rates depend heavily on your credit score, income and employer — use the calculator to compare offers on the same basis.
- Monthly EMI
- ₹10,253
- Principal
- ₹3,00,000
- Total interest
- ₹69,118
- Total amount payable
- ₹3,69,118
How to use this calculator
- Enter the personal loan amount you need.
- Enter the interest rate from your offer (or a typical rate to estimate).
- Pick a tenure, usually between 12 and 60 months for personal loans.
- Compare the EMI and total interest across tenures before choosing.
How EMI is calculated
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Banks and NBFCs in India calculate EMIs on a reducing-balance basis: each month's interest is charged only on the principal still outstanding, so the interest part of your EMI falls over time while the principal part rises.
Here P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. For example, ₹5,00,000 at 12% a year for 36 months gives r = 0.01 and n = 36, so the EMI is about ₹16,607.
EMI on a ₹3,00,000 personal loan at an illustrative 14% p.a.
| Tenure | Monthly EMI | Total interest | Total payable |
|---|---|---|---|
| 12 months | ₹26,936 | ₹23,234 | ₹3,23,234 |
| 24 months | ₹14,404 | ₹45,693 | ₹3,45,693 |
| 36 months | ₹10,253 | ₹69,118 | ₹3,69,118 |
| 48 months | ₹8,198 | ₹93,501 | ₹3,93,501 |
| 60 months | ₹6,980 | ₹1,18,829 | ₹4,18,829 |
What decides your personal loan interest rate
Lenders price personal loans on risk. A higher credit score, a stable salaried job with a well-known employer, a lower existing EMI burden and a longer relationship with the bank all help you get a lower rate. Two people borrowing the same amount can be offered very different rates.
Always compare offers using the annual percentage rate (APR) shown in the Key Fact Statement, not just the headline interest rate, because the APR includes processing fees and other charges.
Frequently asked questions
Is the EMI shown here exactly what my lender will charge?
It is very close for a standard reducing-balance loan. Your actual EMI can differ slightly because of the disbursement date, broken-period interest for the first month and rounding. The exact EMI and repayment schedule are in the lender's Key Fact Statement.
Does the EMI include processing fees and GST?
No. Processing fees, documentation charges and GST on them are usually deducted from the loan amount at disbursal or paid upfront, so they do not change the EMI. They do raise the total cost of the loan, which is why lenders must show the annual percentage rate (APR) in the Key Fact Statement.
How can I reduce my EMI?
Choose a longer tenure, borrow a smaller amount or get a lower interest rate. A longer tenure lowers the EMI but increases the total interest you pay, so pick the shortest tenure whose EMI fits comfortably in your monthly budget.
What happens if I prepay part of the loan?
A part-prepayment reduces your outstanding principal. Lenders then either reduce your EMI or shorten the tenure. RBI does not allow foreclosure or prepayment charges on floating-rate loans to individuals for non-business purposes; fixed-rate loans may carry a charge set out in your loan agreement.