Personal Loan EMI Calculator - Calculate Personal Loan EMI in India

Calculate your Personal Loan Monthly Installment easily with the online Personal Loan EMI Calculator in India


EMI Rs. 1658
Total Interest Rs. 10658
Total Payment(Principal + Interest) Rs. 10658
Principal Amount 40%
Interest Amount 60%

Personal Loan EMI Calculator

The Personal Loan EMI Calculator helps you make informed decisions on taking a loan and how much you need to pay for its monthly instalments.


What is a Personal Loan?

A personal loan refers to an unsecured loan for meeting personal financial needs like medical emergencies, weddings, vacations, etc.

What is a personal loan EMI?

A Personal Loan EMI is the monthly instalment amount to be paid by the borrower to the lending institution. It sums up the principal along with the interest amount.

What is a Personal Loan EMI Calculator?

The Personal Loan EMI Calculator is a handy tool that tells you the exact amount of money to be paid monthly to the lender to clear the outstanding loan amount. You only need to provide some information such as the interest rate, loan amount, and loan tenure.


How is Personal Loan EMI calculated?

Calculating any type of loan EMI is possible using the given formula here:

E = P x R x (1+R)^n / {(1+R)^n – 1}

E is the EMI,

P refers to the principal amount,

R is the interest rate, and

n stands for tenure


How to calculate personal loan interest?

Before entering the interest rate into a personal loan EMI calculator online, you have to convert the annual interest rate to a monthly interest rate. It can be done easily by dividing the annual interest rate by 12.

R = annual interest rate divided by 12

What factors can affect your personal loan EMI?


People with higher and more stable incomes are able to repay loans without any defaults. Due to their high repayment capacity, banks can even offer them low-interest rates. On the other hand, lower-income people with unstable jobs will get loans at a higher interest rate.

Credit Score

Your credit score is one of the determining factors for loan approval and even EMI. Someone with a credit score of more than 750 will have a better chance of getting a loan approved. It measures the borrower's creditworthiness.


If you have maintained a good relationship with your lender through past timely repayment, then you will get an affordable deal. This trust takes time to build and happens only when you have been loyal to the lending bank for a long time.

Debt-to-Income Ratio

It is the ratio of your debt payments divided by your overall income. If it's high, it shows that the borrower is burdened with debt, and in such a case, you can't get a loan of a higher value. Also, the interest rate increases for certain tenure.

What Are the Benefits of Using a Personal Loan EMI Calculator?

Save Your Time

Calculation of a personal loan EMI becomes a cakewalk as you only have to enter the required details. The results are shown immediately by the personal loan EMI calculator. It can take minutes for a human to get the same result.

Zero Error

An error in the calculation can put you in trouble later, but with a personal loan EMI calculator, you don't have to worry. It will provide you with accurate results within a few seconds.

Enhances credit score

After calculating the EMI for a personal loan, With an EMI calculator online, you can prepare yourself for the budgeting and managing of future expenses.

Better Decision

A personal loan EMI calculator online will lead to better decision-making. You can decide what loan amount and tenure are best for your needs.



1. What is the tenure period of a personal loan?

The tenure period of a personal loan ranges between 1 and 5 years.


2. Is it possible to apply for a joint personal loan?

Yes, it's possible, but only when the co-applicant is one of the primary applicant's members.


3. What is the current rate of personal loans?

Personal loans come under the category of unsecured loans, which means they have a high rate of interest. At present, the majority of the banks and NBFCs are offering personal loans at a 10.25% interest rate.


4. What interest rate can you get for a personal loan?

There are two types of interest rates: floating and fixed interest rates. A floating interest rate is best if you want the EMI to change over time. But to pay the fixed EMI, you can choose the fixed interest rate option.


5. Can you pay more than the EMI amount?

Yes, there is no restriction on the amount of EMI that you can pay. In fact, paying more will reduce the outstanding principal and interest burden.


6. What documents are required to get a personal loan?

Keep these documents on hand to get a personal loan:

  • PAN Card
  • Identity Proof
  • Signature Proof
  • Address Proof
  • Bank Statement for the Previous 6 Months


7. How do I apply for a personal loan from a lender?

If you meet the following eligibility criteria and carry the required documents, then the lender can sanction the loan without any hassle:

  • Should be an Indian resident.
  • The age range should be between 21 and 65 years.
  • employed
  • Having a CIBIL score equal to or higher than 750


8. Can personal loan EMIs be stopped for some time?

If you have taken a loan for a higher amount, it is recommended that you get loan insurance as well. It will handle your missed EMI payment for a short time. You can also do either of the following things:

  • Use the emergency fund for loan repayment.
  • Arrange funds by selling your assets.
  • Try negotiating with the lender and it will offer you three options—deferring payment, reduction in EMI, and one-time settlement.


9. What are some ways to reduce your personal loan EMIs?

Some ways to reduce your personal loan EMIs include:

  • Always go for the longer tenure period as it can bring down the monthly EMIs to be paid.
  • Ask your loan provider to keep the lower interest rate.
  • Ensure that your credit score remains good because the loan provider can reduce the lower interest rate.
  • Compare the offers of various lenders before settling on one that meets your needs and capabilities.


10. What happens in the event of skipping an EMI payment?

Skipping an EMI charge can lead to a penalty fee of Rs. 1200 as the EMI bounce charge. This will affect your tenor as well as your credit score, and eventually, your creditworthiness will be reduced.


11. What does the personal loan amortization schedule mean?

The personal loan amortization schedule contains detailed information in tabular form on periodic required payments throughout the loan tenure. And amortization is simply the process of calculating the specified loan repayment with EMIs on the selected tenure.


12. Are there any tax benefits for personal loans?

Personal loans are free of any tax benefits. The only exception is when you are taking a personal loan for home renovation because it falls under the income tax deduction under section 24.