Calculate the monthly EMI, total interest, and total repayment amount for a personal loan.
This tool calculates your monthly payment, total interest, and total repayment amount for a personal loan based on the loan amount, interest rate, and repayment term. It helps you compare loan offers and understand affordability before borrowing.
Monthly Payment = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments over the loan term.
Enter your desired loan amount, the interest rate offered, and your preferred repayment term, and the calculator returns your estimated monthly payment and total cost of the loan.
Example: A $15,000 personal loan at 9% annual interest over 3 years results in a monthly payment of approximately $477, with total interest paid of roughly $2,172 over the loan term.
What factors affect the interest rate I'm offered on a personal loan? Lenders typically consider credit score, income, existing debt levels, and loan term when setting the interest rate — generally, stronger credit profiles and shorter terms tend to qualify for lower rates.
Are personal loans secured or unsecured? Most personal loans are unsecured, meaning they don't require collateral, which typically results in somewhat higher interest rates compared to secured loans (like auto loans) that use an asset as collateral.
How does loan term affect my total cost? A shorter term means higher monthly payments but less total interest paid over the life of the loan, while a longer term lowers monthly payments but increases total interest cost.
Can I pay off a personal loan early? Many personal loans allow early repayment, which can reduce total interest paid, though it's worth checking your specific loan agreement for any prepayment penalties before doing so.
What's a reasonable use case for a personal loan versus a credit card? Personal loans typically offer lower interest rates than credit cards and provide a fixed repayment schedule, making them often more suitable for larger, planned expenses compared to revolving credit card debt.