Personal Loan Calculator
Calculate the monthly EMI, total interest and total payable on a personal loan.
- Loan amount
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- Total interest
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- Total payment
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Understand your personal loan repayment
A personal loan is an unsecured loan repaid in fixed monthly instalments. Because there is no collateral, interest rates are higher than on home or car loans and tenures are shorter — usually 12 to 60 months. This calculator shows the EMI and the true cost of borrowing before you commit.
How the personal loan EMI is calculated
EMI = P × i × (1 + i)n ÷ ((1 + i)n − 1), where P is
the loan amount, i is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n
is the tenure in months. Since tenures are short, the EMI is larger but the total interest is smaller
than a long loan of the same size.
How to use the Personal Loan Calculator
- Enter the loan amount. Type the personal loan principal you want to borrow.
- Add the interest rate. Use the annual rate your lender quotes — personal loan rates are typically higher.
- Set the tenure in months. Enter the repayment period in months, for example 36.
- Read the result. See your EMI, total interest and total repayment update instantly.
Frequently asked questions
Why are personal loan rates higher?
Personal loans are unsecured — the lender has no collateral to fall back on — so they charge a higher rate to cover the added risk.
Can I foreclose a personal loan early?
Most lenders allow foreclosure after a few EMIs, sometimes with a small charge. Paying early cuts the remaining interest significantly.
Does a shorter tenure cost less?
Yes. A shorter tenure means a higher EMI but far less total interest, because you are borrowing the money for less time.
Are processing fees included here?
No. The calculator shows only principal and interest. Processing fees and GST on them are charged separately by the lender.