Personal Loan EMI Calculator
Calculate monthly EMI, total interest paid, and cost comparison across different tenures for a personal loan.
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How this calculator works
Personal loans are unsecured — no collateral needed — but this makes them expensive (10–24% interest). The total interest you pay over the full tenure can equal or exceed the principal. Always ask for the flat vs reducing balance rate (they're very different).
EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1] | Total Cost = EMI × n | Interest = Total Cost − Principal
Last updated: March 2026 · Rates and slabs updated for FY 2025-26
Check the actual rate
Banks advertise "flat" rates — reducing balance rates (which this calculator uses) are higher. Always compare APR.
Shorter tenure = less interest
A 2-year tenure pays much less total interest than 5 years, even though monthly EMI is higher.
Prepay after 6 months
Most banks allow penalty-free prepayment after 6 months. Prepay aggressively to save on interest.
Frequently Asked Questions
Banks advertise "flat" rates — reducing balance rates (which this calculator uses) are higher. Always compare APR.
A 2-year tenure pays much less total interest than 5 years, even though monthly EMI is higher.
Most banks allow penalty-free prepayment after 6 months. Prepay aggressively to save on interest.