Personal Loan EMI Calculator
Personal loans are the most expensive unsecured borrowing most Indians take: no collateral, money in a day, and rates that rarely start below 11%. Whether the funds cover a wedding, a medical bill or a cleanup of costlier debt, the instalment decides whether your salary can carry it. This page gives the monthly EMI, the total interest and the interest expressed as a share of what you actually receive.
Enter values
Results
- Monthly EMI
- ₹6,597.78
- Total interest
- ₹95,866.93
- Total payment
- ₹3,95,866.93
- Interest as % of amount borrowed
- 31.96%
How is the Personal Loan EMI calculated?
Enter the amount you want to borrow — ideally the sum that reaches your account after the processing fee — along with the annual rate the lender quoted and the tenure in years, typically one to five. Out comes the fixed monthly EMI, the interest payable over the tenure and the full amount you hand back. The calculator also converts that interest into a percentage of the principal, the honest cost of a short, high-rate loan.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of instalments. Interest share = total interest ÷ P × 100. Because the tenure is short, the share stays high: the balance barely falls before the loan ends.
Example
₹3,00,000 at 11.5% for 5 years means n = 60 and a monthly rate of 0.009583. The EMI is ₹6,597.78, total interest is ₹95,866.93 and you hand back ₹3,95,866.93 altogether — 31.96% of the amount borrowed. At the same rate over four years the interest drops to ₹75,681.73, which shows what the extra year costs.
Things to remember
Tenure moves this loan further than the rate does: six years at 11.5% costs ₹1,16,688.97 of interest against ₹75,681.73 for four, while a full 1% rate cut saves only ₹8,976.72. Borrow for the shortest period your EMI can absorb, check your credit score before applying, and clear the balance early if a bonus lands.
Frequently Asked Questions
What interest rate do personal loans charge in India?
Banks and NBFCs typically quote 11–24% a year depending on your credit score, employer and salary. A 750+ score with a stable employer sits near the lower end, while a thin file or a new job can push the offer past 18%. Compare the annual reducing rate, never a monthly figure.
How much personal loan can I get on my salary?
Lenders allow total monthly EMIs of roughly 40–50% of your income. On a ₹60,000 salary that is about ₹24,000 of capacity; subtract the EMIs you already pay and the remainder is what can carry this loan. The eligibility calculator works the exact figure for your numbers.
Does a longer tenure make the loan cheaper?
It lowers the instalment but raises the cost. Stretching ₹3,00,000 at 11.5% from five years to six drops the EMI to ₹5,787.35 yet adds ₹20,822.04 of interest; cutting it to four years raises the EMI to ₹7,826.70 and saves ₹20,185.20. Shorter is almost always cheaper.
Can I repay a personal loan early without a charge?
Loans to individuals are usually floating-rate, where the RBI bars foreclosure charges, so most can close early for free. A fixed-rate agreement may still levy 2–5% of the outstanding balance — read the sanction letter before committing bonus money, and check the saving here first.
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