Personal Loan EMI Calculator
Unsecured and expensive. Fees, foreclosure charges and tenure matter.
Enter your loan details
Add a loan amount, interest rate and tenure to see your EMI, schedule and savings. Or tap Defaults to start from typical values.
Outstanding balance over time
Yearly split of what you pay
In the yearly view, tap a year to see its months. Amounts are rounded to the nearest rupee.
Plan your prepayments
Balance with and without prepayment
Be debt-free by a date
Pay a little extra every month
Prepay or invest?
Got a lump sum? Compare prepaying it with investing it, both measured when the loan would have ended anyway.
What if your floating rate changes?
Rate sensitivity
Balance after the rate change
Which offer is really cheapest?
Enter up to three quotes for . Fees are included, and flat rates are converted, so the comparison is fair.
Flat rate vs reducing rate
Got two quotes, one flat and one reducing? Enter both to see which is really cheaper for your amount and tenure.
Flat-rate conversion table
Should you switch lenders?
How much can you borrow?
Lenders call this FOIR (fixed obligations to income ratio). Most allow 40–60% depending on income. The rate and tenure come from Loan details.
Personal Loan guide
What to understand before you choose. Rules and rates change, so confirm with your lender. Last reviewed: .
Why personal loans cost more
They're unsecured (no collateral), so lenders price in more risk. Rates commonly range from about 10.5% to over 24%, depending on your credit score, employer and income.
- Most are fixed-rate. Foreclosure is often locked for 6–12 months, then charged at 2–5% of the outstanding amount.
- Processing fees are often 1–3% plus GST, deducted from the amount you receive. That raises your effective rate, as shown in the insights.
- A longer tenure lowers the EMI but sharply increases total interest.
Cheaper alternatives to check first
- Top-up on an existing home loan: usually priced close to the home-loan rate.
- Loan against fixed deposits: typically 1–2% above the FD rate.
- Gold loan: secured and quick, often cheaper for short needs.
- Loan against securities or insurance: lower rates if you hold eligible assets.
How your EMI is split between interest and principal
Your EMI stays the same, but its make-up changes every month. Early on, most of it is interest, because interest is charged on a large balance. Later, most of it repays principal.
On a typical ₹5 lakh, 3-year personal loan at 13%, about 28% of what you pay in the first year goes to interest. The insights show this for your numbers, along with the month when principal first overtakes interest.
Simple habits that save the most
- Pick the shortest tenure you can afford: on a typical ₹5 lakh, 3-year personal loan at 13%, stretching it by one more year adds about ₹37.4K in interest.
- Use bonuses to prepay when the loan allows it. On short loans most of the interest is in the first few months, so earlier is better.
- Count the processing fee. On a short loan a 2% fee raises the real yearly cost noticeably. See "True rate with processing fee" in the insights.
- Keep your credit score high (750+). It directly affects the rate you're offered.
- Check foreclosure charges before closing early. Fixed-rate loans often charge a percentage of the outstanding amount, so prepay when the saving clearly beats the fee.
Frequently asked questions
What is the EMI on a ₹5 lakh personal loan at 13% for 3 years?
The EMI is ₹16,847 a month for 36 months. You would pay ₹1,06,491 in interest, ₹6,06,491 in total. Change the amount, rate or tenure above to see your own figures.
How does the processing fee change the real interest rate?
A 2% fee on this personal loan means you receive ₹4,90,000 but repay the same EMIs, so the true annual rate is 14.42% instead of 13%. Use the true rate to compare offers.
Can I prepay or close my personal loan early?
Yes, but personal loans are usually fixed-rate, and lenders may charge a foreclosure fee, often a percentage of the outstanding amount. Check the charge in your sanction letter or Key Facts Statement before prepaying.