Personal Loan EMI Calculator
See what a personal loan costs each month before you apply. Move the sliders, or type an amount like 5 lakh.
Your loan
Your monthly EMI
₹5 lakh · 36 months · 9% p.a.
- Principal₹5,00,000
- Interest₹72,395
- Total amount payable
- ₹5,72,395
We'll carry ₹5 lakh over 36 months into the form.
Example: For a loan of ₹5,00,000 at 9% p.a. for 36 months, the EMI is ₹15,900 and the total amount payable is ₹5,72,395 (interest ₹72,395), excluding processing fee and taxes.
How your balance comes down
Early payments are mostly interest. The principal falls faster in the later years.
- Outstanding principal
- Interest paid so far
Year-wise repayment schedule
| Year | Principal paid | Interest paid | Closing balance |
|---|---|---|---|
| 1 | ₹1,51,966 | ₹38,833 | ₹3,48,034 |
| 2 | ₹1,66,220 | ₹24,577 | ₹1,81,814 |
| 3 | ₹1,81,814 | ₹8,985 | ₹0 |
Monthly EMI ₹15,900. Total interest ₹72,395. Total payable ₹5,72,395.
What is a personal loan EMI?
EMI stands for equated monthly instalment: the fixed amount you pay your lender on the same date each month until the loan is repaid. Each EMI covers that month's interest and part of the loan itself.
A personal loan has no collateral, so the rate depends mainly on your income, employer and credit score. The calculator opens at the lowest rate we currently list, 8% p.a. Yours may be higher.
How the EMI is calculated
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P is the loan amount.
- r is the monthly interest rate: the yearly rate ÷ 12 ÷ 100.
- n is the number of monthly instalments.
A worked example
- P = ₹5,00,000
- r = 9 ÷ 12 ÷ 100 = 0.007500
- n = 36 instalments
Example: For a loan of ₹5,00,000 at 9% p.a. for 36 months, the EMI is ₹15,900 and the total amount payable is ₹5,72,395 (interest ₹72,395), excluding processing fee and taxes.
How to lower your EMI
Choose a longer tenure
Stretching ₹5 lakh from 36 months to 5 years lowers the EMI from ₹15,900 to ₹10,379 a month. The cost is ₹50,355 more in interest over the loan.
Prepay when you can
A lump sum cuts the balance that interest is charged on. You can keep the EMI and finish sooner, or keep the end date and pay less each month.
Try the prepayment calculatorBorrow a little less
Every ₹1 lakh you borrow adds about ₹3,180 to the monthly EMI at these terms. A larger down payment or a smaller loan lowers it directly.
The same loan over different tenures
A longer tenure lowers the EMI and raises the interest. Here is the loan the calculator opens with, over three tenures.
| Tenure | Monthly EMI | Total interest | Total payable |
|---|---|---|---|
| 36 months | ₹15,900 | ₹72,395 | ₹5,72,395 |
| 5 years | ₹10,379 | ₹1,22,751 | ₹6,22,751 |
| 7 years | ₹8,045 | ₹1,75,741 | ₹6,75,741 |
We are here to answer
all your questions
Equated monthly instalment. It is the fixed amount you pay your lender each month. Part of it is interest and the rest repays the loan, and the interest share shrinks as the balance falls.
A common rule is to keep all your EMIs together under about half of your take-home pay. Lenders apply a similar limit when they decide how much to lend, so a higher EMI can also mean a smaller approved amount. Try the eligibility calculator.
Most banks and NBFCs quote a reducing-balance rate, which is what this calculator uses. A flat rate charges interest on the full amount for the whole tenure, so it looks lower than it is. If you are quoted a flat rate, ask for the reducing-balance rate before you compare.
No. The calculator shows the EMI on the loan amount alone. Processing fees, GST and any insurance are charged separately, or added to the loan if you choose to finance them. Your lender's Key Fact Statement lists every charge.
Lenders round the EMI to the nearest rupee and settle the difference in the last instalment. Some also charge interest for the exact number of days before your first EMI. The gap is usually small, but the lender's figure is the one you pay.
Usually, yes. Some lenders charge a foreclosure fee on the amount you prepay, so read your Key Fact Statement first. The prepayment calculator shows the interest you would save. Try the prepayment calculator.
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