Personal Loan Calculator
Calculate the monthly EMI, total interest, and total repayment for a personal loan based on the loan amount, interest rate, and tenure you enter.
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Your result
₹10,108.19
Monthly EMI
AI explanation
Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)Worked example
₹3,00,000 personal loan at 13% for 3 years
| Field | Value |
|---|---|
| Personal loan amount | 300000 |
| Interest rate (per annum) | 13 |
| Loan tenure (months) | 36 |
| Monthly EMI | 10108.19 |
| Total interest payable | 63894.84 |
| Total payment (principal + interest) | 363894.84 |
Assumptions
- Uses the standard reducing-balance (amortizing) EMI formula.
- Assumes a fixed interest rate for the full tenure.
- Does not include processing fees (commonly 1-3% of loan amount for personal loans in India) or other lender charges.
Frequently asked questions
Why is the interest rate on a personal loan higher than a home loan?
Personal loans are unsecured (no collateral), so lenders charge a higher rate to offset the higher risk compared to secured loans like home or gold loans.
Are processing fees included in this calculation?
No. Indian lenders typically charge a processing fee of 1-3% of the loan amount on personal loans, which is deducted upfront and not reflected in the EMI shown here.
Does my credit score affect the interest rate I'm offered?
Yes — personal loan interest rates in India are largely risk-based, so a higher credit score (CIBIL/credit bureau score) typically qualifies you for a lower rate.
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Sources
- Reserve Bank of India — Fair Practices Code for Lenders — Reserve Bank of India. Effective 01-05-2015, reviewed 12-09-2026.
This calculator provides an estimate based on the standard reducing-balance formula and does not include processing fees, insurance, or other lender-specific charges. Actual EMI offered by a bank or NBFC may differ.
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