Personal Loan EMI Calculator
Calculate your monthly EMI, total interest, and repayment schedule for personal loans from ₹50,000 to ₹50 lakh. Visual pie-chart breakdown of principal vs interest.
Calculate Your Personal Loan EMI
What is a Personal Loan?
A personal loan is an unsecured loan offered by banks and NBFCs for any personal need — medical emergencies, weddings, home renovation, travel, or debt consolidation. Unlike a home or car loan, you don't need to pledge any collateral, which makes approval fast (often within 24-48 hours) but interest rates higher.
In India, personal loans range from ₹50,000 to ₹50 lakh with tenures of 12 to 84 months. The interest rate, between 10% and 24% in FY 2025-26, depends heavily on your credit score (CIBIL), employer category, monthly income, and existing debt obligations.
EMIs are calculated on a reducing-balance basis: each month, interest is charged on the outstanding principal, and the rest of your EMI reduces the principal further. The pie chart above shows what share of your total payment is principal vs interest — useful for deciding whether to take a shorter tenure (less interest) or longer one (lighter monthly EMI).
How Personal Loan EMI is Calculated
The reducing-balance formula:
EMI = P × r × (1+r)n / [(1+r)n − 1]
- P — Principal loan amount
- r — Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- n — Tenure in months
Example: For a ₹5 lakh loan at 12% for 3 years (36 months), EMI ≈ ₹16,607/month. Total interest ≈ ₹97,857 over the loan term.
Benefits & Things to Watch
- No collateral: Unsecured loan — no need to pledge property, gold, or fixed deposits.
- Fast disbursal: Pre-approved offers can credit within 30 minutes; fresh applications close in 1-3 days.
- Flexible use: Lenders don't restrict end-use (unlike home or education loans).
- Watch processing fees: 1-3% of loan amount, usually deducted from disbursal.
- Foreclosure charges: Most lenders charge 2-5% if you close the loan early during the lock-in.
- No tax benefit: Personal loan EMIs aren't deductible unless used for home construction, business, or eligible study expenses.