Personal Loan EMI Calculator
Enter the loan amount, the annual interest rate and the tenure. You get the monthly EMI, the total interest cost and the full month-by-month breakdown.
Monthly EMI
₹17,089
- Total interest
- ₹1,15,197
- Total payment
- ₹6,15,197
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Month-by-month schedule
| Month | Interest | Principal | Balance |
|---|---|---|---|
| 1 | ₹5,833 | ₹11,255 | ₹4,88,745 |
| 2 | ₹5,702 | ₹11,387 | ₹4,77,358 |
| 3 | ₹5,569 | ₹11,520 | ₹4,65,838 |
| 4 | ₹5,435 | ₹11,654 | ₹4,54,184 |
| 5 | ₹5,299 | ₹11,790 | ₹4,42,394 |
| 6 | ₹5,161 | ₹11,928 | ₹4,30,466 |
| 7 | ₹5,022 | ₹12,067 | ₹4,18,400 |
| 8 | ₹4,881 | ₹12,207 | ₹4,06,192 |
| 9 | ₹4,739 | ₹12,350 | ₹3,93,842 |
| 10 | ₹4,595 | ₹12,494 | ₹3,81,348 |
| 11 | ₹4,449 | ₹12,640 | ₹3,68,709 |
| 12 | ₹4,302 | ₹12,787 | ₹3,55,921 |
What a personal loan really costs
The EMI is only part of the picture. The total interest is the cost of borrowing, so compare it across tenures and offers, not only the monthly amount.
Shorter tenures have higher EMIs but less total interest. Pick the shortest tenure your monthly budget can carry comfortably.
The calculator covers principal and interest. Processing fees, insurance and prepayment charges vary by lender, so add them from the offer letter.
The formula
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 number of monthly instalments.
Common questions
How do I calculate a personal loan EMI?
Use EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the annual rate ÷ 12 ÷ 100 and n is the number of months. The calculator applies it and lists every month.
What is the difference between flat and reducing-balance interest?
On a reducing-balance loan, interest is charged on what you still owe, and this calculator uses that method. On a flat-rate quote, interest is charged on the original amount for the whole term, which makes the true cost higher than the quoted rate suggests. Ask the lender which one applies.
How can I reduce the interest I pay?
Choose a shorter tenure, make part-prepayments if the lender allows them, or compare offers by total interest rather than EMI alone.
Does this include processing fees?
No. Add fees and insurance from your offer letter to see the full cost.
Keep your loan papers and receipts together
SparkyLive lets you capture receipts, notes and photos on the go, so the offer letter, repayment receipts and notes about your loan stay in one place.
Try SparkyLive (opens in a new tab)