What is a personal loan EMI calculator?
A personal loan EMI calculator tells you the fixed amount you must pay every month to repay an unsecured personal loan, and how much the loan really costs. Banks and NBFCs advertise the interest rate, but they also deduct a processing fee plus GST – and sometimes insurance – from the amount they credit to your account. This calculator adds those charges back in. Along with the monthly EMI and total interest, it shows the money you actually receive and the effective interest rate (APR) on that money, so you can compare two offers fairly.
For a general loan the plain EMI calculator is enough. Use this page when the fees matter – which, with personal loans, they almost always do.
How to use the personal loan EMI calculator
- Loan amount – the amount sanctioned, for example ₹50,000, ₹2 lakh or ₹5 lakh.
- Interest rate – the yearly reducing-balance rate from your lender's offer letter.
- Tenure in months – personal loans run from 6 months to 7 years, so this calculator takes tenure in months: 12, 18, 24, 36, 48 or 60.
- Processing fee – usually 0.5% to 3% of the loan (up to 4–5% with some digital lenders). The calculator adds 18% GST.
- Other charges – optional insurance premium, stamp duty or documentation charges deducted upfront.
You get the EMI, the amount credited, total interest, total cost and a personal loan EMI calculator with monthly breakup – a month-wise repayment schedule showing principal, interest and balance.
How to calculate EMI for a personal loan
Personal loan EMI is calculated on a reducing balance with the standard formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P = personal loan amount
- r = monthly interest rate = yearly rate ÷ 12 ÷ 100
- n = tenure in months
How to calculate EMI for a personal loan with example
You take a personal loan of ₹5,00,000 at 12% a year for 36 months. The monthly rate r = 12 ÷ 12 ÷ 100 = 0.01 and n = 36. EMI = 5,00,000 × 0.01 × (1.01)36 ÷ ((1.01)36 − 1) = ₹16,607. Over three years you pay ₹5,97,858, so the interest is ₹97,858.
Now add the fee. A 2% processing fee is ₹10,000, and 18% GST on it is ₹1,800. The lender deducts ₹11,800, so only ₹4,88,200 reaches your bank account, but you still repay ₹16,607 for 36 months. The effective interest rate on the money you received is about 13.67%, not 12%. The total cost of the loan is ₹1,09,658.
How is personal loan interest calculated?
Each month, interest = outstanding balance × monthly rate. In month one of the example, interest is ₹5,00,000 × 1% = ₹5,000 and the remaining ₹11,607 of the EMI reduces the principal. Next month interest is charged on the lower balance, so the interest part keeps falling and the principal part keeps growing. This is the reducing rate method.
Flat vs reducing rate on a personal loan
Some lenders quote a flat rate: interest on the full loan amount for the whole tenure. On ₹5 lakh at 12% flat for 3 years, interest is ₹1,80,000 and the EMI is ₹18,889 – far more than the reducing-rate EMI of ₹16,607. A flat rate is roughly equal to a reducing rate almost twice as high. Always ask for the reducing rate or APR. The simple interest calculator shows flat interest if that is what you were quoted.
Personal loan EMI table: EMI per ₹1 lakh
| Rate | 12 months | 24 months | 36 months | 60 months |
|---|---|---|---|---|
| 11% | ₹8,838 | ₹4,661 | ₹3,274 | ₹2,174 |
| 13% | ₹8,932 | ₹4,754 | ₹3,369 | ₹2,275 |
| 16% | ₹9,073 | ₹4,896 | ₹3,516 | ₹2,432 |
Multiply by the number of lakhs you borrow. For example, the EMI for a ₹5 lakh personal loan at 13% for 36 months is about 5 × ₹3,369 = ₹16,845.
How much are payments on a ₹50,000 personal loan?
At 12% a year, a ₹50,000 personal loan costs about ₹4,442 a month for 12 months, ₹2,354 a month for 24 months and ₹1,661 a month for 36 months. Small loans often carry higher rates and a minimum processing fee, so check the effective rate in the calculator.
Can I pay extra EMI or prepay a personal loan?
Most lenders allow part prepayment or foreclosure after 6 to 12 EMIs. Unlike floating-rate home loans, fixed-rate personal loans can carry a foreclosure charge of 2% to 5% of the outstanding principal plus GST. Prepaying early still saves money when the interest rate is high, because most of the interest is paid in the first year or two. Some lenders do let you pay more than the EMI in any month – ask before you sign.
Can I reduce my personal loan EMI?
- Choose a longer tenure – this lowers the EMI but raises total interest.
- Negotiate the rate and the processing fee; salaried borrowers with a credit score above 750 get the best offers.
- Move the loan to a cheaper lender with a balance transfer if rates fall.
- Borrow only what you need – a smaller loan is the surest way to a smaller EMI.
What happens if a personal loan EMI bounces or is not paid?
A bounced EMI attracts a bounce charge and a penal charge, and the delay is reported to credit bureaus, which lowers your credit score. If payments stay overdue for 90 days the loan is classed as a non-performing asset and recovery action can follow. If you expect trouble, talk to the lender before the due date.
Is personal loan EMI tax free?
No. A personal loan gives no tax deduction by itself. The interest can be claimed only if the money is used for a purpose that qualifies – for example, buying or repairing a house (Section 24(b), old regime) or for your business, where interest is a business expense. Keep proof of how the money was used.
Personal loan vs home loan or gold loan
Personal loans are unsecured, so they cost more. If you are buying property, a home loan at a much lower rate is cheaper – compare with the home loan EMI calculator. A gold loan or a loan against fixed deposits is usually cheaper than a personal loan for short needs. To check what you can afford, compare the EMI with your take-home pay using the in-hand salary calculator; most lenders want all EMIs to stay below 50–60% of net monthly income.
Short loans, long loans and prepayments: what to enter
- Any tenure in months – you enter the tenure in months, so the calculator handles a 6-month loan (enter 6), an 18-month loan (enter 18) or anything in between and shows the personal loan EMI for each.
- Monthly and yearly view – you get the monthly EMI and a full repayment schedule with the monthly breakup. Add up any 12 rows for a year-wise view.
- Monthly interest – each row of the schedule shows that month's interest, and the total shows the interest over the whole loan.
- Reducing rate – the calculator works out the personal loan EMI on a diminishing (reducing) balance, as every Indian bank does.
- Personal loan EMI calculator for 10 years – few lenders go beyond 7 years, but you can enter 120 months to compare.
- Free, online, no app – the calculator runs in your browser, so you get your personal loan EMI without an app, a software download or a sign-up.
Personal loan EMI calculator India: chart, table and details
The page shows every detail Indian lenders use: the EMI, processing fee, amount credited and effective rate. The donut chart splits principal, interest and fees, and the schedule is a table you can scroll month by month. The calculator updates as you type, so the personal loan EMI per month changes instantly; the yearly cost is simply 12 EMIs. If you repay every six months, use r = yearly rate ÷ 2 and n = number of half-years in the Excel PMT formula for a half-yearly instalment. Because it counts fees, it gives a truer picture than an EMI-only tool.
Personal loan EMI calculator flat vs reducing
The flat-rate example above shows why the personal loan EMI calculator flat vs reducing comparison matters: a flat rate looks lower but costs more. Always enter the reducing rate.
Personal loan EMI calculator with prepayment and part payment
For a personal loan EMI calculator with prepayment or personal loan EMI calculator with part payment, read the balance from the schedule at the month you plan to prepay, subtract the prepayment, and recalculate for the remaining months. Add the foreclosure charge to see whether it is worth it. Can we pay more than EMI in personal loan? Often yes, after the lock-in period.
Personal loan EMI calculator per month: how much will I pay?
How to calculate personal loan monthly payment or how to calculate monthly EMI for personal loan: enter the amount, rate and months above. What is the EMI for 5 lakh personal loan? About ₹16,607 at 12% for 36 months. What is the formula for personal loan EMI? The same reducing-balance EMI formula every bank uses, shown with a worked example above.
Personal loan EMI calculator eligibility and lowest interest rate
Lenders look at your income, existing EMIs and credit score. A quick personal loan EMI calculator eligibility check: keep the new EMI plus existing EMIs below about half of your take-home pay. To find the personal loan EMI calculator lowest interest rate deal, compare the effective rate this tool shows, not the headline rate. What if I miss personal loan EMI? See the section above on bounced EMIs.
Personal loan vs home loan EMI calculator
A personal loan vs home loan EMI calculator comparison nearly always favours the home loan for buying property. A gold loan vs personal loan EMI calculator comparison often favours the gold loan for short periods, because rates are lower and many allow interest-only repayment.
Personal loan EMI calculator with monthly tenure
Lenders quote personal loans in months – 12, 18, 24, 36, 48 or 60 – so this personal loan EMI calculator accepts the tenure in years with decimals: enter 1.5 for 18 months. ₹5 lakh at 11% costs ₹30,259 a month over 18 months, ₹16,369 over 36 months and ₹10,871 over 60 months.
Personal loan EMI calculator with yearly interest
Banks advertise the yearly interest rate (for example 11% p.a.). The personal loan EMI calculator divides that yearly interest rate by 12 and applies it to the reducing balance each month, which is why the result matches your bank's EMI. If a lender quotes a flat rate instead, the true reducing rate is almost double.
Personal loan EMI calculator with down payment?
A personal loan has no down payment because it is not tied to an asset. If you are using a personal loan to buy something and paying part in cash, enter only the borrowed amount – that makes this a personal loan EMI calculator with down payment built in.
Personal loan EMI calculator in XLS
To make a personal loan EMI calculator in XLS, type =PMT(11%/12, 36, -500000) in any cell; it returns ₹16,369. Add =IPMT() and =PPMT() columns for a month-wise split of interest and principal.
Personal loan EMI calculator for Qatar and other countries
The reducing-balance formula works in any currency, so you can use this personal loan EMI calculator for a loan in Qatar, the UAE or elsewhere – just enter the amount in riyals or dirhams. Gulf banks sometimes quote flat rates; convert those to a reducing rate before you compare offers.
Frequently asked questions
What is the EMI for a 5 lakh personal loan?
At 12% a year, the EMI on a ₹5 lakh personal loan is about ₹16,607 for 3 years and ₹11,122 for 5 years. Enter your rate and fee in the calculator for the exact figure.
How to calculate personal loan EMI?
Use EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the yearly rate ÷ 12 ÷ 100 and n is the tenure in months.
Why is the amount credited less than my loan amount?
Lenders deduct the processing fee, 18% GST on it and any insurance or documentation charges before crediting the loan. You still repay EMIs on the full sanctioned amount.
What is the effective interest rate on a personal loan?
It is the yearly rate you actually pay on the money you receive, after upfront fees. A 12% loan with a 2% fee over 3 years costs about 13.7% a year.
Can I pay more than my EMI on a personal loan?
Many lenders accept part prepayments after a lock-in of 6–12 EMIs. A charge of 2–5% may apply, so check your loan agreement.
What is the maximum tenure for a personal loan?
Most banks offer personal loans for 12 to 60 months, and some go up to 72 or 84 months.
Does a personal loan affect my credit score?
Taking the loan adds an enquiry and a new account. Paying every EMI on time builds your score; late or missed EMIs lower it.
What is the EMI on a ₹5 lakh personal loan for 18 months?
At 11% a year, the EMI on ₹5 lakh for 18 months is about ₹30,259. Enter 1.5 years as the tenure in the calculator.
Last updated 2026-09-18