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Personal Loan Calculator

Calculate your personal loan EMI and understand your repayment schedule.

Monthly EMI

₹0

Total Interest

₹0

Processing Fee

₹0

Total Payment

₹0

Repayment Schedule

Month EMI Principal Interest Balance

Personal Loan EMI Formula

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1)

Where:

  • P = Principal loan amount
  • r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
  • n = Total number of months

Important Considerations

  • Interest Rate: Personal loans typically have higher interest rates
  • Processing Fee: One-time fee charged by lenders
  • Tenure: Shorter tenure means higher EMI but lower total interest
  • Credit Score: Better score can help get lower interest rates

Tips for Personal Loans

  • Compare offers from multiple lenders
  • Check for hidden charges and fees
  • Maintain a good credit score
  • Choose an affordable EMI amount
  • Consider prepayment options

Key Points

  • Higher interest rate means higher EMI
  • Longer tenure reduces EMI but increases total interest
  • Initial EMIs have higher interest component
  • Later EMIs have higher principal component
  • Part prepayment can reduce total interest burden
  • EMI should not exceed 40-50% of monthly income

Example

Suppose you want to take a personal loan of ₹1,00,000 for 24 months at a rate of 12% per annum. What is the monthly EMI?

EMI = 1,00,000 x 12 x (1 + 12/100)^(24*12) / ((1 + 12/100)^(24*12) - 1)

EMI = ₹9,650

Frequently Asked Questions

What is a loan EMI?

An EMI (Equated Monthly Installment) is a fixed amount of money that is paid back to the lender monthly to repay a loan.

How do I calculate my EMI?

Use our calculator to enter your loan amount, interest rate, and tenure to calculate your EMI.

What is the difference between EMI and interest?

EMI is the amount that is paid back to the lender monthly, while interest is the additional amount that is added to the principal amount each month.

What is the difference between EMI and principal?

Principal is the amount that is borrowed, while EMI is the amount that is paid back to the lender monthly.

What is the difference between EMI and loan term?

Loan term is the number of months that the loan is borrowed for, while EMI is the amount that is paid back to the lender monthly.

What is the difference between EMI and interest rate?

Interest rate is the percentage that is charged on the principal amount of the loan each month, while EMI is the amount that is paid back to the lender monthly.

What is the difference between EMI and processing fee?

Processing fee is a one-time fee that is charged by the lender to cover administrative costs, while EMI is the amount that is paid back to the lender monthly.