Calculate the monthly EMI, total interest, and total repayment amount for a personal loan.
This tool calculates the monthly EMI for an unsecured personal loan, along with total interest and total repayment over the loan tenure.
EMI equals P times r times (1+r) to the power n, divided by ((1+r) to the power n minus 1), the standard reducing balance EMI formula.
Enter the loan amount, annual interest rate, and tenure in years, then click Calculate.
Example: A 3 lakh rupee personal loan at 14% for 3 years results in a monthly EMI in the range of 10,250 rupees.
Why are personal loan rates higher than home loans. Personal loans are unsecured, meaning no collateral backs the loan, so lenders charge higher rates for the added risk.
Can I prepay a personal loan. Most lenders allow prepayment, sometimes with a small fee, which can significantly reduce total interest.