Free calculator
Personal loan EMI calculator
See what an unsecured personal loan really costs — monthly EMI plus the high interest that comes with no collateral.
What is a personal loan EMI calculator?
A personal loan EMI calculator computes the fixed monthly payment on an unsecured personal loan, given the loan amount, annual interest rate, and tenure. Personal loans carry no collateral, so banks compensate with higher interest rates than home or car loans. Tenures are short — typically 1 to 5 years — and prepayment terms vary by lender.
Formula used
EMI = P × i × (1+i)^n / ((1+i)^n − 1)
P = principal, i = monthly interest rate (annual % ÷ 12 ÷ 100), n = tenure in months. Total interest = EMI × n − P.
How to use this EMI calculator
- 1Enter the loan amount (principal) you intend to borrow in rupees.
- 2Enter the annual interest rate the lender has quoted as a percentage.
- 3Enter the tenure in years — longer tenures reduce EMI but multiply total interest.
- 4Read the monthly EMI, total payment, and total interest figures below the inputs.
Typical personal loan rates in India
Personal loan rates in India typically range 11 – 24 % per annum, depending on the borrower’s salary, employer, credit score, and the bank. Pre-approved personal loans (offered to existing salary-account customers) tend to sit at the lower end. Tenures range from 12 to 60 months; banks rarely lend personal loans beyond 5 years because the unsecured risk grows with tenure.
Inputs
Results
Monthly EMI
₹6,836
Total payment over tenure
₹2,46,096
Total interest
₹46,096
EMI shown uses the standard reducing-balance formula. Actual bank EMI may differ slightly because of processing fees, prepayment charges, GST on insurance, or rounding rules in the lender’s amortisation schedule.
What this loan actually costs
You borrow ₹2 L — you repay ₹2.46 L (1.23× the principal).
₹46.1k of that is pure interest — 19% of every rupee you pay back goes to the lender, not to your house / car / dream. Prepayment cuts that line item faster than anything else.
The journey, month by month
Month 1: pay ₹6.8k — most of it is interest, a sliver chips at principal. Year 2: the split flips, principal finally outpaces interest. Month 36: the last EMI clears the loan. Same cheque each month — wildly different work behind the scenes.
Real EMI may differ slightly from the calculator because of processing fees, prepayment charges, insurance GST, or lender-side rounding.
Already paying an EMI?
Add the loan to Extrack and the EMI becomes a recurring entry — the home dashboard then shows you whether next month survives, every month, automatically.
Try Extrack free →How is EMI calculated?
EMI = P × i × (1+i)^n / ((1+i)^n − 1), where P is the principal, i is the monthly interest rate (annual % ÷ 12 ÷ 100) and n is the number of months. The same EMI is paid each month; what changes month-over-month is the split between interest and principal.
Personal loan EMI — frequently asked questions
- How much EMI for a ₹2 lakh personal loan at 14 % for 3 years?
- About ₹6,837 per month. Total payment over 3 years is roughly ₹2.46 lakh, of which ₹46,000 is interest. Shortening the tenure to 2 years raises EMI to about ₹9,602 but cuts total interest to roughly ₹30,000.
- Are personal loans more expensive than credit cards?
- Usually cheaper. Credit-card revolving balances accrue at 30 – 42 % APR; personal loans sit at 11 – 24 %. Consolidating a credit-card balance into a personal loan can cut total interest by half, provided the discipline to not re-spend on the freed credit card is real.
- Can I prepay a personal loan?
- Most banks permit it after a 6 – 12 month lock-in, often with a 2 – 5 % prepayment charge on the outstanding principal. Always read the sanction letter — some pre-approved offers waive the charge.
- Does a personal loan EMI affect my credit score?
- Yes. On-time EMIs strengthen the score; missed EMIs damage it severely. Banks report personal-loan repayment to credit bureaus monthly, so consistency matters more than the loan amount.