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FinCalc India

Personal Loan EMI Calculator

A personal loan is unsecured, so lenders price in more risk: rates are higher than a home or car loan and tenures are shorter, usually one to five years.

Enter the amount, rate and tenure to see the EMI and the total interest you would pay.

Assumptions used
  • Reducing-balance interest at a constant rate.
  • GST on the processing fee and any insurance premium are not included.

Enter your details

₹
10,00050,00,000
%
836
years
17
%
06

Results

Monthly EMI

₹13,663

Total Interest
₹1,55,835
Total Repayment
₹6,55,835
Processing Fee
₹10,000
Total Cost of Loan
₹6,65,835
  • Principal₹5.00 L(76%)
  • Interest₹1.56 L(24%)
Year-wise amortisation schedule (4 rows)
YearPrincipal PaidInterest PaidTotal PaidBalance
1₹1,00,229₹63,730₹1,63,959₹3,99,771
2₹1,15,197₹48,762₹1,63,959₹2,84,574
3₹1,32,401₹31,558₹1,63,959₹1,52,174
4₹1,52,174₹11,785₹1,63,959₹0

Values are aggregated per year; the final row may be a partial year.

How personal loan EMI is calculated

The reducing-balance formula is the same as any other loan; only the inputs differ. Personal loan rates commonly range from about 11% to 24% depending on your credit score, income and employer.

EMI = P × r × (1 + r)^n ÷ [ (1 + r)^n − 1 ]

  • P = loan amount
  • r = annual rate ÷ 1200
  • n = tenure in months

Why personal loans cost more

  • No collateral: the lender cannot fall back on an asset, so the rate is higher.
  • Short tenure: the higher EMI is offset by fewer months of interest.
  • Fees: processing fees of 1–3% and, sometimes, prepayment or foreclosure charges after a lock-in.

Before you take a personal loan

Check the total interest, not just the EMI. Consider whether a secured option — top-up home loan, loan against securities, or gold loan — would be materially cheaper for the same amount.

Foreclosure

Many lenders allow foreclosure after 6–12 EMIs, sometimes with a charge on the outstanding principal. Foreclosing early still saves interest because of the reducing balance.

This calculator is for education and illustration only. Results are estimates based on the inputs and assumptions shown and are not financial, investment, tax or legal advice. Verify figures with your bank, a registered adviser or the relevant government department before acting.

Frequently asked questions

What is a typical personal loan interest rate in India?

Roughly 11% to 24% per annum, set by your credit score, monthly income, existing obligations and employer category. A score above 750 usually gets the best rates.

Can I prepay or foreclose a personal loan?

Usually after a lock-in of 6 to 12 EMIs. Some lenders levy a foreclosure charge of 2–5% on the outstanding principal; check your loan agreement.

Does a personal loan affect my credit score?

Taking one adds to your obligations and lowers your score slightly at first. Paying every EMI on time rebuilds and can improve the score over the tenure.

How much personal loan can I get?

Lenders cap total EMIs (all loans) at roughly 40–55% of your net monthly income. The exact eligibility depends on income, existing EMIs and the lender's policy.

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