Personal Loan EMI Calculator
Personal loans carry higher rates and shorter tenures than home loans. Check the real monthly cost before you borrow.
Monthly EMI
₹13,663
- Principal amount
- ₹5,00,000
- Total interest
- ₹1,55,835
- Total repayment
- ₹6,55,835
- Principal₹5,00,000 (76.2%)
- Interest₹1,55,835 (23.8%)
Year-wise repayment schedule (4 rows)
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | ₹1,00,229 | ₹63,730 | ₹3,99,771 |
| 2 | ₹1,15,197 | ₹48,762 | ₹2,84,574 |
| 3 | ₹1,32,401 | ₹31,558 | ₹1,52,174 |
| 4 | ₹1,52,174 | ₹11,785 | ₹0 |
How personal loan emi is calculated
- EMI (Equated Monthly Instalment) is a fixed payment that covers both interest and principal.
- In early years most of the EMI is interest; the principal share grows over time.
- A longer tenure lowers the EMI but increases total interest paid.
Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is principal, r is monthly rate (annual ÷ 12 ÷ 100) and n is tenure in months.
Worked example
A ₹5 lakh personal loan at 14% for 4 years: EMI ≈ ₹13,663 and total interest ≈ ₹1.56 lakh.
Assumptions
- Fixed interest rate for the full tenure.
- EMIs paid monthly in arrears, no moratorium.
- Processing fee is not financed into the loan.
Frequently asked questions
- What interest rate do personal loans charge in India?
- Typically 10.5% to 24% depending on credit score, employer and lender. Salaried applicants with 750+ credit scores get the lowest rates.
- Can I prepay a personal loan?
- Most lenders allow prepayment after 6 to 12 EMIs, often with a 2–5% foreclosure charge. Check your sanction letter.
Last reviewed 2026-10-31. Results are estimates for information only and do not constitute financial, tax or legal advice.