Loan EMI
Personal Loan EMI Calculator
Calculate EMIs and total interest payable on personal loans from different lenders.
Formula
EMI = P × [r(1+r)^n] / [(1+r)^n - 1]
Principal, Rate %, Tenure (months)
Results
Enter values above to see results
EMI = P × [r(1+r)^n] / [(1+r)^n - 1]
Personal loan EMIs are calculated using the flat rate or reducing balance method. Most Indian banks use the reducing balance method where interest is calculated on the outstanding principal each month, making early EMI payments interest-heavy.
A personal loan of ₹5,00,000 at 12% p.a. for 3 years
Input Values
Calculation
Applying the formula with the input values above:
Results
Monthly EMI
₹16,607.00
Total Payment
₹5,97,852.00
Total Interest
₹97,852.00
- 1Enter the loan amount you need (typically ₹50,000 to ₹25 lakh).
- 2Input the interest rate based on your credit score (8-12% for excellent, 12-18% for average).
- 3Select the repayment tenure from 12 to 60 months.
- 4Check if you qualify for pre-approved offers from your existing bank.
- 5Remember to factor in processing fees (0.5-2% of loan amount) in total cost.
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