Personal Loan Calculator
Personal Loan Calculator online.
Personal Loan Calculator — EMI, Interest & Total Payment (2025)
A Personal Loan Calculator helps you determine your monthly EMI, total interest payable, and total repayment amount. By entering your loan amount, interest rate, and loan tenure, you can easily plan your finances and compare different loan options.
Calculate Your Personal Loan EMI
How Does a Personal Loan Calculator Work?
The EMI for a personal loan is calculated using the following formula:
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]Where:
- P = Loan amount (Principal)
- R = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
- N = Number of monthly installments (Tenure in years × 12)
Example Calculation
Let’s say you take a personal loan of ₹5,00,000 at 10.5% annual interest for 5 years:
Loan Amount (P): ₹5,00,000
Annual Interest Rate: 10.5% (Monthly = 0.875%)
Tenure: 60 months
EMI = [5,00,000 × 0.00875 × (1 + 0.00875)^60] / [(1 + 0.00875)^60 – 1] = ₹10,795
Total Interest = ₹1,47,700
Total Payment = ₹6,47,700
Benefits of Using a Personal Loan Calculator
- Instant Results: Calculate EMI within seconds.
- Financial Planning: Helps plan your budget effectively.
- Loan Comparison: Compare different interest rates and tenures.
- Transparency: Know the exact interest cost and repayment schedule.
Factors Affecting Personal Loan EMI
- Loan Amount: Higher loan amounts mean higher EMIs.
- Interest Rate: Higher rates increase your EMI and total interest.
- Loan Tenure: Longer tenure lowers EMI but increases total interest.
- Credit Score: Better credit scores can fetch you lower interest rates.
Tips to Reduce Your Personal Loan EMI
- Opt for longer loan tenure to reduce monthly burden.
- Negotiate for lower interest rates based on credit history.
- Make partial prepayments when possible to reduce the outstanding principal.
- Compare offers from multiple lenders before applying.
FAQs About Personal Loan Calculator
1. Can I prepay my personal loan early?
Yes, most banks allow prepayment or foreclosure. However, some may charge a small fee (usually 2–4% of outstanding balance).
2. Does changing tenure affect EMI?
Yes. Increasing tenure reduces EMI but increases overall interest paid. Shorter tenure increases EMI but saves on interest.
3. Is the interest rate fixed or floating?
Most personal loans have fixed rates, meaning your EMI remains constant throughout the loan period.
4. What is the ideal tenure for a personal loan?
It depends on your repayment ability. 3–5 years is typical — shorter for those who can afford higher EMIs, longer for flexibility.
5. How is personal loan EMI different from a credit card EMI?
Personal loan EMIs are based on a fixed interest rate and tenure, while credit card EMIs may have higher interest and flexible terms.
Disclaimer: This Personal Loan Calculator is for educational purposes only. Actual EMI and interest may vary based on lender policies and credit profile.