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 tenure in months. For example, a Rs.3,00,000 loan at 14% for 36 months gives an EMI of approximately Rs.10,249 per month.

What is the EMI for a Rs.5 lakh personal loan at 14%?

At 14% annual interest: for 24 months the EMI is Rs.24,056; for 36 months it is Rs.17,082; for 48 months it is Rs.13,662; for 60 months it is Rs.11,634. Total interest paid rises significantly with tenure - from Rs.77,347 at 24 months to Rs.1,98,040 at 60 months.

Does a longer tenure reduce my EMI?

Yes, but total interest paid increases substantially. A Rs.3,00,000 loan at 14%: at 24 months the total interest is Rs.46,408; stretched to 48 months it nearly doubles to Rs.93,436. Choose the shortest tenure your budget can comfortably handle.

What interest rate should I use if I haven't applied yet?

Use 13-14% for salaried applicants with CIBIL above 720 applying to banks. Use 16-18% if your score is 700-720 or you are self-employed. Use 18-24% for NBFCs and fintech apps.

Does this calculator work for home loans and car loans?

Yes. All Indian lenders use the same reducing-balance EMI formula. Enter the loan amount, annual rate, and tenure in months. It works for personal loans, home loans, car loans, and education loans.

Free Calculator | No Signup

Personal Loan EMI Calculator

Enter your loan amount, interest rate, and tenure. Get your monthly EMI, total interest, and full repayment schedule instantly.

No data collected Works offline By lending professionals

FREE TOOL

Personal Loan EMI Calculator

Calculate your exact EMI, total interest, and compare scenarios in seconds.

Loan Amount (Rs.)

₹5,00,000

₹50K₹25L

Interest Rate (%)

12.0%

8%30%

Tenure (Years)

5 years

1 year7 years

How interest rate affects your cost

Compare EMI and total interest at nearby rates.

Rate	Monthly EMI	Total interest	vs your rate
9.0%	₹10,379	₹1,22,751	Save ₹44,583
10.0%	₹10,624	₹1,37,411	Save ₹29,922
11.0%	₹10,871	₹1,52,273	Save ₹15,061
12.0%	₹11,122	₹1,67,333	Your rate
13.0%	₹11,377	₹1,82,592	+₹15,259
14.0%	₹11,634	₹1,98,048	+₹30,714
15.0%	₹11,895	₹2,13,698	+₹46,364

Your Monthly EMI

₹11,122

every month for 60 months

Total Interest

₹1,67,333

Total Payment

₹6,67,333

Principal vs Interest Split

PrincipalInterest (25.1%)

Year-wise repayment schedule

Year	Principal paid	Interest paid	Balance remaining
Year 1	₹77,645	₹55,822	₹4,22,355
Year 2	₹87,492	₹45,974	₹3,34,862
Year 3	₹98,589	₹34,878	₹2,36,274
Year 4	₹1,11,092	₹22,374	₹1,25,181
Year 5	₹1,25,181	₹8,285	-

KharchaUdhar Insider Tip

Before applying, compare Key Fact Statements from at least two lenders. The APR, not just the interest rate, is what matters.

Read Full Personal Loan Guide Check CIBIL Score Guide

Insider Tip - Lenders cap your total EMI obligations at 50% of your net salary. If you earn Rs.60,000 and already pay Rs.10,000 in EMIs, the new EMI they will approve cannot exceed Rs.20,000. Use the Eligibility Calculator to check your actual approved limit before applying.

Related calculators

Eligibility Calculator Part Payment Calculator