Personal Loan EMI Calculator
Calculate your monthly EMI, total interest payable, and total payment for your personal loan.
Adjust Parameters
₹50,000₹50,00,000
8%24%
1 years5 years
Loan Details
How to Calculate Personal Loan EMI
The Equated Monthly Installment (EMI) for a personal loan follows the standard 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 monthly installments (Loan tenure in years × 12)
Example Calculation
For a personal loan of ₹5,00,000 at 12% interest for 3 years:
- P = 5,00,000
- R = 12 ÷ 12 ÷ 100 = 0.01
- N = 3 × 12 = 36 months
- EMI = ₹16,613 per month
Personal Loan Features
- Higher interest rates than secured loans
- No collateral required
- Shorter loan tenure (typically 1-5 years)
- Processing fees typically 1-3% of loan amount
- Prepayment penalties may apply
About Personal Loans
A personal loan is an unsecured loan that provides funds for various personal needs without requiring collateral. These loans are typically approved based on your creditworthiness, income, and ability to repay.
Common Uses for Personal Loans
- Debt consolidation
- Medical emergencies
- Home renovations
- Wedding expenses
- Education costs
- Travel expenses
How to Use This Calculator
- Enter your desired loan amount
- Set the interest rate offered by your lender
- Choose your preferred loan tenure
- View your monthly EMI and total interest payable