Last reviewed: 4 September 2026. Personal loan rates on this page are whatever you type. They are not a live NBFC quote.
What is a Personal Loan EMI Calculator?
A personal loan is usually unsecured. There is no house or car pledged, so lenders typically charge a higher rate and a shorter tenure than a home loan. This calculator is for testing whether a quoted EMI fits next to rent, existing EMIs and savings — not for applying.
How to use it
Enter the amount you may borrow, the annual rate on the offer letter, and tenure (this tool allows 1–7 years to match typical unsecured books). Processing fees are not subtracted here: if the lender deducts 2% upfront, reduce the net amount you actually receive, or add the fee to the cost separately.
How personal loan EMI is calculated
Same reducing-balance EMI as housing finance: monthly interest on outstanding principal. FOIR still matters — unsecured EMI plus other obligations is often capped around 40–50% of net income. Check that on the eligibility tool.
Formula used
P = principal, r = annual rate ÷ 12 ÷ 100, n = months
Example calculation
₹5 lakh at 12% for 4 years has an EMI of about ₹13,167. Total interest over 48 months is a large share of the principal because the rate is higher and the book is short.
What this result does not mean
It does not include foreclosure charges, bounce fees or insurance add-ons. It does not score your CIBIL file. A longer tenure lowers EMI and raises total interest the same way a home loan does — but personal-loan tenures rarely stretch to 20 years.
Related calculators
- Loan Eligibility Calculator
- Debt Payoff Calculator
- Credit Card Interest Calculator
- Personal loan vs home loan
Frequently asked questions
Why are personal loan rates higher?
They are typically unsecured, so lenders price in higher credit risk.
Does prepayment save interest?
Yes on reducing-balance loans, though a foreclosure fee may apply.
Grow Money Calculator provides general financial calculation tools for educational and planning purposes. Results are estimates based on the information you enter and may differ from actual lender, bank or investment-product calculations. This is not a loan offer or investment advice. Read the full disclaimer.