How to use the personal loan emi calculator
- Enter the loan amount. The page starts with ₹3,00,000.
- Enter the interest rate per year. The page starts with 13 percent, an illustrative figure you should replace with your offer.
- Enter the tenure in years. The page starts with 3.
- Read the monthly EMI, total interest and total payment, then scroll the schedule or use Download CSV.
About this scenario
A personal loan has no collateral, so lenders charge more and ask for shorter terms, usually 1 to 5 years. Rates of about 11 to 20 percent a year are a rough illustration for many markets, with wide variation, so rely on your own offer.
Worked example
The page opens with a loan of 3 lakh at 13 percent a year for 3 years. The EMI is ₹10,108. Over 36 payments you repay ₹3,63,895, and ₹63,895 of it is interest, which is 17.6 percent of the total.
The first table keeps the rate at 13 percent and varies the tenure. The second keeps the tenure at 3 years and varies the rate.
| Tenure | EMI | Total interest | Total payment |
|---|---|---|---|
| 1 years | ₹26,795 | ₹21,542 | ₹3,21,542 |
| 2 years | ₹14,263 | ₹42,301 | ₹3,42,301 |
| 3 years | ₹10,108 | ₹63,895 | ₹3,63,895 |
| 5 years | ₹6,826 | ₹1,09,555 | ₹4,09,555 |
| Rate | EMI over 3 years | Total interest |
|---|---|---|
| 12% | ₹9,964 | ₹58,715 |
| 13% | ₹10,108 | ₹63,895 |
| 14% | ₹10,253 | ₹69,118 |
What to notice
High rates on short terms are costly, so a small change matters. Going from 3 years to 2 years raises the EMI to ₹14,263 and cuts interest to ₹42,301. A rate of 14 percent instead of 13 changes the 3 year EMI to ₹10,253. Compare the total payment, not just the EMI, before you sign.
Tips
- Check for a prepayment or foreclosure charge. It can cancel out the interest you save by paying early.
- A processing fee of a couple of percent is often deducted up front, so you may receive less than the loan amount.
- Borrow the smallest amount you need. Interest here is a large share of what you repay.
- See also: emi calculator for home loan, emi calculator for car loan, emi calculator, compound interest calculator.
Estimates only, not financial advice. Everything runs in your browser. Nothing you type is uploaded.