Free Personal Loan EMI Calculator - Calculate Monthly Installments Instantly
Personal loan EMI calculation made simple and transparent. Enter your loan amount, interest rate, and tenure to instantly see your monthly EMI, total interest payable, and complete amortization schedule with principal-interest breakdown.
Personal Loan EMI Calculator
Amortization Schedule
| Month | EMI | Principal | Interest | Balance |
|---|
How to Use Personal Loan Calculator
Enter Loan Amount
Type your desired personal loan amount in the Loan Amount field. For example, enter 500000 for a five lakh rupee loan.
Set Interest Rate
Enter the annual interest rate offered by your bank or lender. Personal loan rates in India typically range from 10% to 24% per annum.
Choose Loan Tenure
Enter the loan repayment period in months or years. Personal loans usually range from 12 to 60 months in India.
Click Calculate EMI
Press the Calculate EMI button to instantly compute your monthly installment, total interest, and total repayment amount.
Review Amortization Schedule
Scroll down to view the complete month-by-month breakdown showing principal and interest components of each EMI payment.
Key Features
Completely Free to Use
Calculate unlimited EMI scenarios for any personal loan without charges, signups, or restrictions.
Bank-Grade Accuracy
Uses the standard EMI formula employed by SBI, HDFC, ICICI, and all major Indian banks.
Visual Pie Chart Breakdown
See the principal versus interest ratio displayed as a clear visual pie chart for instant understanding.
Complete Financial Privacy
Your loan details never leave your browser. Zero data transmission, storage, or third-party access.
Works on All Devices
Fully responsive design works perfectly on mobile phones, tablets, and desktop computers.
Full Amortization Schedule
Complete month-by-month table showing EMI split into principal and interest with remaining balance.
Formula Used
EMI = P × r × (1+r)^n / ((1+r)^n - 1)Calculation Components
- P (Principal): The total loan amount you borrow from the bank. This is the base amount on which interest is calculated and the amount you need to repay over the loan tenure.
- r (Monthly Interest Rate): The annual interest rate divided by 12. For example, if the annual rate is 12%, the monthly rate r equals 12/12/100 = 0.01 or 1% per month.
- n (Number of Months): The total loan repayment period expressed in months. A 3-year loan equals 36 months, a 5-year loan equals 60 months.
- (1+r)^n: This is the compound factor that accounts for the time value of money. It represents how the monthly rate compounds over the entire loan tenure.
- Total Interest: Calculated as (EMI × n) - P. This is the total extra amount you pay beyond the principal borrowed, representing the bank's earning from the loan.
For example, if Sanjay from Pune takes a personal loan of ₹3,00,000 at 14% annual interest for 36 months, the monthly rate r = 14/12/100 = 0.01167. Using the formula: EMI = 3,00,000 × 0.01167 × (1.01167)^36 / ((1.01167)^36 - 1) = approximately ₹10,253. Over 36 months, Sanjay pays total EMIs of ₹3,69,108, meaning ₹69,108 goes toward interest. The amortization schedule reveals that in month 1, about ₹3,500 goes to interest and ₹6,753 reduces the principal.
Calculation Examples
Wedding Expense Personal Loan
Input: Loan: ₹5,00,000 | Rate: 12% | Tenure: 48 months
Result: EMI: ₹13,165 | Total Interest: ₹1,31,937
Use Case: Ramesh from Jaipur takes a personal loan to fund his daughter's wedding expenses and plans a comfortable 4-year repayment.
Home Renovation Loan
Input: Loan: ₹3,00,000 | Rate: 11% | Tenure: 24 months
Result: EMI: ₹14,018 | Total Interest: ₹36,436
Use Case: Kavita from Noida finances kitchen and bathroom renovation through a short-tenure personal loan to minimize interest costs.
Medical Emergency Loan
Input: Loan: ₹2,00,000 | Rate: 14% | Tenure: 12 months
Result: EMI: ₹17,957 | Total Interest: ₹15,484
Use Case: Anil from Kolkata needs urgent funds for a family medical procedure and opts for a 1-year quick repayment plan.
Higher Education Expenses
Input: Loan: ₹8,00,000 | Rate: 13% | Tenure: 60 months
Result: EMI: ₹18,240 | Total Interest: ₹2,94,384
Use Case: Deepak from Hyderabad finances his MBA program fees through a personal loan with a 5-year tenure for manageable monthly payments.
What is a Personal Loan Calculator?
A personal loan calculator is a financial planning tool that helps you determine the exact monthly EMI you will need to pay for a personal loan before you actually apply for one. By entering the loan amount, annual interest rate, and repayment tenure, you can instantly see your monthly installment, the total interest you will pay over the loan period, and the complete repayment amount. This transparency helps you make informed borrowing decisions.
This tool is essential for salaried professionals evaluating whether a loan EMI fits within their monthly budget, business owners comparing offers from multiple banks, individuals planning for major expenses like weddings, medical procedures, home renovation, or education, and anyone who wants to understand the true cost of borrowing before committing to a loan agreement.
Unlike bank websites that may require you to share personal details before showing EMI calculations, this calculator works entirely in your browser with complete privacy. It uses the same mathematical formula that all Indian banks including SBI, HDFC Bank, ICICI Bank, and Axis Bank use internally. The amortization schedule feature gives you a month-by-month view of how your loan balance decreases over time, showing exactly how much of each payment goes toward reducing the principal versus paying interest charges.