Personal Loan EMI Calculator
See your personal loan EMI, total cost, and how aggressive prepayment shrinks your interest bill.
About the Personal Loan EMI Calculator
A personal loan is the most expensive consumer credit Indians take — interest rates from 11% to 24% are common because the loan is unsecured. That makes the EMI calculation more important here than on any other loan: a small change in rate or tenure changes your total cost dramatically. The AlarmDaddy Personal Loan EMI Calculator works out your monthly EMI, the total interest you will pay over the life of the loan, and the savings if you decide to prepay early.
Enter the loan amount, the annual interest rate (look at the offer letter for the actual rate, not the "starting from" advertised rate), and the tenure in months or years. Most Indian personal loans run 1 to 5 years. The calculator shows the EMI, the breakdown of interest vs principal, and the total payment.
Use this to compare offers from different banks before you sign anything. A 1.5% lower interest rate on a ₹5 lakh / 4-year loan can save you tens of thousands of rupees in interest. If you are close to clearing the loan, also look at the linked Loan Prepayment Calculator to see whether closing it early is worth the foreclosure charge.
How to use this calculator
- 1Enter the personal loan amount you are borrowing.
- 2Enter the annual interest rate from your loan offer letter.
- 3Enter the tenure in months or years.
- 4Read the EMI, total interest, and amortization view.
The formula
Standard reducing-balance EMI formula. Personal loan rates are higher (typically 11% to 24% per annum), so the interest portion is much larger than for home loans, especially in the first half of the tenure.