Personal Loan EMI Calculator
Enter the loan amount, annual interest rate and tenure to see your monthly instalment, total interest, and total repayment. For a home or gold loan specifically, use the dedicated calculators in the Investment & Loan Calculators section.
The EMI formula
The monthly instalment is calculated with the standard reducing-balance formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan principal, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of monthly instalments. This assumes a fixed rate and equal monthly payments, which covers most personal, auto and home loans.
Reading the result
- A longer tenure lowers the monthly instalment but increases total interest paid
- A higher rate raises both the instalment and the interest share of each early payment
- This tool doesn't include processing fees, insurance, or floating-rate changes — check your lender's official amortization schedule for the exact figures
Frequently asked questions
How is a personal loan EMI calculated?
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. This is the standard reducing-balance formula banks and NBFCs use.
What's a typical personal loan interest rate?
Personal loan rates vary by lender, your credit profile, and market conditions — they're typically higher than secured loans (like home or gold loans) since personal loans aren't backed by collateral. Check current rates with your bank rather than assuming a fixed figure.
Does a longer tenure always mean paying more interest?
Yes — a longer tenure lowers your monthly EMI but increases the total interest paid over the life of the loan, since interest accrues for longer. Choosing the shortest tenure your budget can comfortably handle usually minimizes total interest.
Is this EMI figure exact, or an estimate?
It's a close estimate based on the standard formula, using the loan amount, rate and tenure you enter. Your actual EMI may differ slightly due to processing fees, rounding conventions, or a floating rate that changes during the loan term.