Personal Loan EMI Calculator

A personal loan is typically an unsecured retail loan for medical expenses, travel, home renovation, education top-ups or debt consolidation. Because there is usually no collateral, interest rates are higher than home or car loans, and tenures are shorter — commonly one to five years.

This calculator estimates monthly EMI, total interest and total repayment so you can check whether a personal loan fits your monthly budget before you apply.

EMI = [P × r × (1+r)ⁿ] / [(1+r)ⁿ − 1]

P = loan principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months. Most Indian personal loans use this reducing-balance formula.

Worked example: ₹5,00,000 at 12% p.a. for 3 years (36 months) → EMI and total interest appear in the results panel. Use the rate on your offer, which often depends on credit score and income.

The year-wise table shows principal and interest paid each year and the remaining balance. Expand month-wise breakup for instalment-level cash-flow planning. On short personal loan tenures, interest still front-loads but the loan amortizes faster than a home loan.

Lenders must disclose APR, processing fees and foreclosure terms clearly. Prepayment charges and lock-in periods vary by product — read the key fact statement. Compare total cost, not only the monthly EMI, when evaluating offers.

For most salaried borrowers, personal loan interest is not tax-deductible. If the loan is used for a purpose that attracts a specific deduction under the Income Tax Act, treatment may differ — obtain advice for your facts.

Unsecured personal loans are faster to obtain but usually cost more than home or car loans. For a general EMI estimator, use the EMI calculator.

Anyone checking affordability before applying, comparing 2- vs 3-year tenures, or estimating interest cost for debt consolidation. Enter the sanctioned rate and net disbursed amount (after fees if deducted upfront) for a closer estimate.