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Personal Loan EMI Calculator

Estimate the EMI on an unsecured personal loan and — just as importantly — see the total interest, so a higher rate doesn't catch you out.

₹5,00,000
14.00%
3 years

Monthly EMI

₹17,088.81

Principal
₹5,00,000
Total interest
₹1,15,197
Total of 36 payments
₹6,15,197
PrincipalInterest

Unsecured, so rates are higher — commonly ~11–20% p.a., set by your credit profile. Figures are estimates — confirm exact terms with your lender.

How personal loan EMI works

A personal loan uses exactly the same reducing-balance maths as a home or car loan: 

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

What's different is the rate. Because the loan is unsecured, lenders charge more to cover their risk — commonly in the low-to-high teens — and the rate is set largely by your credit profile. That makes the rate slider above the most consequential input on this page.

A worked example

Borrow ₹5,00,000 at 14% over 3 years (36 months) and the EMI is about ₹17,089. Total repayment is roughly ₹6,15,197, of which about ₹1,15,197 is interest. The first month's interest alone is ₹5,833 (₹5,00,000 × 0.14 ÷ 12) — a useful gut-check on how much an unsecured rate costs.

Watch the total, not just the EMI

It's tempting to stretch the tenure until the EMI looks affordable, but at double-digit rates that quietly inflates what you repay. Move the tenure slider and watch the total interest figure: the EMI eases only a little while the interest climbs sharply. The cheapest personal loan is almost always the shortest one you can service.

Frequently asked questions

How is personal loan EMI calculated?
With the reducing-balance formula EMI = P·r·(1+r)^n ÷ ((1+r)^n − 1). For instance, ₹5,00,000 at 14% over 3 years (36 months) gives an EMI of about ₹17,089 and total interest of roughly ₹1,15,197. Personal loans are fixed-rate, so the EMI is constant for the whole tenure.
Why are personal loan interest rates so high?
A personal loan is unsecured — there's no house or car the lender can repossess if you default. To price in that extra risk, lenders charge more, commonly in the low-to-high teens. The exact rate depends heavily on your credit profile.
What determines the rate I'm offered?
Mainly your credit score, income and its stability, existing debt (your fixed-obligation-to-income ratio), and sometimes your employer category. A higher score and lower existing EMIs typically unlock a lower rate. Improving these before you apply can cut your rate by several percentage points.
Can I foreclose a personal loan early, and is there a charge?
Usually yes, often after a minimum number of EMIs, and many lenders levy a foreclosure or part-payment fee (commonly a few percent of the outstanding). Because the rate is high, foreclosing early still tends to save meaningful interest — weigh the saving against the fee.
Should I keep the tenure short?
Generally, yes. At double-digit rates, a longer tenure piles on interest fast. Pick the shortest tenure whose EMI fits your budget comfortably; the calculator's total-interest figure makes the trade-off obvious as you move the tenure slider.

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