Personal Loan EMI Calculator
Easily estimate your monthly payments with our personal loan calculator. Adjust loan amount, interest rate, and tenure to plan your finances and find the option that best fits your budget.
₹5,00,000.00
12.00 %
3 years
⚠️ Disclaimer: The amortization schedule is an estimate and may differ across banks based on applicable fees or additional charges.
| Year | Principal Amount | Interest Amount | Closing Balance |
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What is a Personal Loan?
A Personal Loan is an unsecured loan that you borrow from a lender for various purposes, such as debt consolidation, home improvements, or large purchases.
Loan Amount
The loan amount is the total amount of money you borrow from the lender. The larger the loan, the higher your monthly payments may be.
Interest Rate
The interest rate is the percentage of the loan amount charged by the lender for borrowing the money. Rates vary based on your credit score and the loan terms.
Loan Term
The loan term is the duration over which you’ll repay the loan. Shorter terms usually have higher monthly payments but lower total interest.
Monthly Payment
Your monthly payment is the amount you will pay every month to the lender until the loan is paid off. It includes both principal and interest.
Total Cost of the Loan
The total cost includes both the loan principal and the interest paid over the life of the loan.
Personal Loan Formula
Loan Payment Formula
Where:
Personal Loan Example
Example Calculation
A ₹1,00,000 personal loan with an annual interest rate of 12%for a term of 3 years (36 months).
Step 1: Monthly Interest Rate
r = 12% ÷ 12 = 1% (0.01)
Step 2: Apply Formula
Step 3: Results
- Monthly Payment ≈ ₹3,321.43
- Total Cost of the Loan = ₹1,19,571.48
- Total Interest Paid = ₹19,571.48