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Personal Loan EMI Calculator

Personal loans carry high rates, so a small change in rate or tenure matters. Check the EMI and total interest before you accept an offer.

What is a personal loan EMI calculator?

A personal loan EMI calculator works out the monthly repayment on an unsecured loan, the kind used for weddings, travel, medical bills or consolidating card debt. It also shows the total interest, which on a personal loan can reach a third or more of the amount borrowed.

Rates on these loans vary widely between lenders and borrowers, so it's worth running two or three offers side by side. Enter each offer's amount, rate and tenure, compare the EMIs and total interest, and use the extra payment box to see how quickly you could close the loan if your income rises.

How to use the Personal Loan EMI Calculator

  1. 1.Enter the amount

    Type the sum you need, from ₹10,000 upwards. Leave out any processing fee the lender deducts.

  2. 2.Enter the offered rate

    Use the annual rate in the offer letter and a tenure, usually 1 to 5 years.

  3. 3.Check the cost

    Look at the total interest and its share of what you repay before deciding.

Example: ₹3 lakh at 14% for 3 years

A ₹3,00,000 personal loan at 14% a year, repaid over 36 months:

EMI
₹10,253
Total interest
₹69,118
Interest as a share of repayments
18.7%
With ₹2,000 extra a month
paid off in 29 months

Adding ₹2,000 to each EMI clears the loan seven months early and saves about ₹13,800 of interest.

Why personal loans cost more

A personal loan is unsecured: there's no house or car the lender can recover, so rates are higher, typically 10.5% to 24% a year in India depending on your credit score and income. Lenders also charge a processing fee, often 1–3% of the loan, which raises the real cost.

Because the rate is high, the tenure matters a lot. Every extra year adds a large slice of interest, and prepaying even a few months' EMIs early on removes interest that would otherwise compound. Some lenders charge a foreclosure fee, so check before you prepay.

Frequently asked questions

What is the EMI on a ₹3 lakh personal loan?

At 14% for 3 years, about ₹10,253 a month, with about ₹69,100 of interest over the loan.

Does the processing fee change the EMI?

No, the EMI is on the sanctioned amount, but the fee is usually deducted from what reaches your account, so you effectively pay interest on money you didn't receive.

How does my credit score affect the rate?

A score above about 750 usually qualifies for the lowest advertised rates. A lower score can mean a rate several percentage points higher, or a rejection.

Is a shorter tenure better?

If you can afford the EMI, yes. On ₹3 lakh at 14%, two years costs about ₹45,700 of interest and five years about ₹1.19 lakh.

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