Personal Loan EMI Calculator

Calculate monthly EMI, total interest payable, and generate a complete amortization schedule.

What Is a Personal Loan?

A personal loan is an unsecured loan used for expenses like travel, medical bills, home renovation, or emergencies. It has fixed monthly EMIs.

How Does a Personal Loan EMI Work?

EMI includes both principal and interest. Over time, interest reduces while principal repayment increases.

EMI Formula

Formula:

EMI = P × R × (1 + R)N / ((1 + R)N − 1)

  • P: Loan Amount
  • R: Monthly Interest Rate
  • N: Total Tenure in Months

Example

  • Loan Amount: ₹300,000
  • Interest: 12%
  • Tenure: 36 months

Monthly EMI ≈ ₹9,983

Input Rules & Limits

  • Loan Amount: 1,000 – 5,000,000
  • Interest Rate: 5% – 30%
  • Years: 0 – 10
  • Months: 0 – 11
  • Total Tenure: 1 – 120 months

Frequently Asked Questions

A fixed monthly payment including principal + interest.
Yes, by increasing tenure or refinancing at lower interest.
A higher credit score gets lower interest rates.
Yes, but some lenders charge prepayment fees.