Personal Loan Calculator
Calculate your personal loan EMI, total interest, and repayment schedule based on loan amount, rate, and tenure.
Typical personal loan rates: 10.5% – 24% p.a. Tenure: 1–5 years.
Monthly EMI
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Principal
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Total Interest
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Total Payment
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What is Personal Loan Calculator?
A personal loan calculator helps you estimate monthly EMI payments for unsecured personal loans used for expenses like medical emergencies, weddings, home renovation, or travel. Unlike home or car loans, personal loans are collateral-free and typically carry higher interest rates (10.5–24% p.a.) with shorter tenures of 1–5 years.
How to use
- 1 Enter the loan amount you wish to borrow.
- 2 Input the annual interest rate offered by your bank or NBFC.
- 3 Select the loan tenure from the dropdown (1 to 5 years).
- 4 The monthly EMI, total interest payable, and total repayment amount are displayed instantly.
- 5 Compare EMIs across different tenures to find the right balance between affordability and total cost.
Formula
Example calculation
A ₹2,00,000 personal loan at 14% annual interest over 3 years results in a monthly EMI of approximately ₹6,838. Total repayment over 36 months is ₹2,46,168 — meaning ₹46,168 is paid as interest, which is 23% of the borrowed amount.
Frequently asked questions
What is the typical interest rate for a personal loan in India?
Personal loan rates in India range from about 10.5% to 24% per annum, depending on your credit score, income, lender, and employment type. Salaried employees with high credit scores receive the lowest rates.
Do personal loans require collateral?
No. Personal loans are unsecured, meaning no asset is pledged as security. This is why they carry higher interest rates than home or car loans, which are backed by the financed asset.
How quickly can I get a personal loan?
Many banks and fintech lenders disburse pre-approved personal loans within hours. Standard applications with document verification typically take 1–3 business days.
Does taking a personal loan affect my credit score?
Applying triggers a hard inquiry that slightly lowers your score temporarily. Regular on-time EMI payments improve your score over time. Defaulting significantly damages your creditworthiness.
Can I foreclose a personal loan early?
Yes. Most lenders allow foreclosure after a minimum lock-in period (usually 6–12 months), subject to a foreclosure charge of 2–5% of the outstanding principal. Calculate whether the interest saved outweighs the penalty.