Personal Loan EMI Calculator

Personal Loan EMI Inputs
Data Visualization & Insights

What is a Personal Loan EMI?

A personal loan is an unsecured loan provided by banks or financial institutions to meet your personal financial needs. EMI stands for Equated Monthly Installment, which is a fixed monthly payment that covers both the principal and the interest until the loan is fully repaid.

How EMI is Calculated

The standard formula to calculate EMI is:

EMI = [P * r * (1 + r)^n] / [(1 + r)^n - 1]
Where:
P = Loan Amount
r = Monthly Interest Rate (annual rate/12/100)
n = Loan Tenure in months

Key Benefits of Personal Loans

Quick Access to Funds

Get funds disbursed quickly, often within 24-48 hours, for urgent needs.

No Collateral Required

Personal loans are unsecured, meaning you don't need to pledge any assets as security.

Flexible Repayment Options

Choose a loan tenure that suits your financial situation, making repayments manageable.

Debt Consolidation

Consolidate multiple debts into a single personal loan for easier management and potentially lower interest.

Personal Loan EMI Example

Loan Details:

Loan Amount: ₹ 1,00,000

Interest Rate: 9% per annum

Tenure: 5 years

Monthly EMI: ₹ 2,075.84 (Fixed for 5 years)

Year Month EMI (₹) Principal (₹) Interest (₹) Balance (₹)
1 1 2,075.84 1,325.84 750.00 98,674.16
2 2,075.84 1,335.78 740.06 97,338.38
3 2,075.84 1,345.83 730.01 95,992.55
4 2,075.84 1,355.97 719.87 94,636.58
5 2,075.84 1,366.22 709.62 93,270.36
6 2,075.84 1,376.57 699.27 91,893.79
7 2,075.84 1,387.02 688.82 90,506.77
8 2,075.84 1,397.57 678.27 89,109.20
9 2,075.84 1,408.23 667.61 87,700.97
10 2,075.84 1,418.99 656.85 86,281.98
11 2,075.84 1,429.86 645.98 84,852.12
12 2,075.84 1,440.84 635.00 83,411.28
2 13 2,075.84 1,451.92 623.92 81,959.36
14 2,075.84 1,463.11 612.73 80,496.25
15 2,075.84 1,474.41 601.43 79,021.84
16 2,075.84 1,485.82 590.02 77,536.02
17 2,075.84 1,497.34 578.50 76,038.68
18 2,075.84 1,508.97 566.87 74,529.71
19 2,075.84 1,520.71 555.13 73,008.99
20 2,075.84 1,532.57 543.27 71,476.42
21 2,075.84 1,544.53 531.31 69,931.89
22 2,075.84 1,556.61 519.23 68,375.28
23 2,075.84 1,568.81 507.03 66,806.47
24 2,075.84 1,581.12 494.72 65,225.35
... Loan continues for 3 more years (Years 3-5) ...
Loan fully repaid after 5 Years (60 Months) ₹ 0.00 (Approx.)

Personal Loan EMI FAQs

The EMI depends on the loan amount, the interest rate, and the tenure. A higher interest rate or longer tenure will affect the EMI and the total interest paid.

Yes, you can prepay your personal loan in most cases; however, it may attract a prepayment penalty depending on your lender's terms.

Initially, a larger portion of the EMI goes towards paying the interest, and over time, the principal component increases.

Personal loans can be a good option for debt consolidation because they often offer lower interest rates than credit cards, but it depends on your credit profile and lender.