Personal Loan EMI Calculator
About Personal Loan EMI Calculator
The Personal Loan EMI Calculator helps you estimate how much you need to pay every month for your personal loan. Whether you’re borrowing for travel, education, or emergencies, this calculator instantly shows your EMI, total interest, and total repayment amount.
Formula (Simple Explanation)›
EMI = P × r × (1 + r)^N / ((1 + r)^N − 1)
Where: P = Loan amount, r = Monthly interest rate (annual rate ÷ 12 ÷ 100), N = Total number of monthly instalments.
Example:
Input: ₹3,00,000 at 12% annual interest for 3 years (36 months)
Output: EMI = ₹9,957 and total interest = ₹58,452.
Steps to Use:
- Enter your personal loan amount (₹).
- Enter the annual interest rate (%).
- Enter the loan tenure (months or years).
- Click 'Calculate' to get your monthly EMI and total interest instantly.
Frequently Asked Questions
What is a Personal Loan EMI?›
A Personal Loan EMI (Equated Monthly Instalment) is the fixed amount you pay each month to repay your personal loan. It includes both the interest and a portion of the principal.
How can I calculate my Personal Loan EMI?›
You can calculate your EMI by entering your loan amount, interest rate, and tenure in this calculator. The EMI is computed using the formula EMI = P × r × (1 + r)^N / ((1 + r)^N − 1).
Does my credit score affect the EMI?›
Yes, a higher credit score usually helps you get a lower interest rate, which reduces your EMI amount.
Can I prepay or foreclose my personal loan?›
Yes, most banks allow prepayment or foreclosure of personal loans. This can reduce your total interest burden but may include small prepayment charges.