Personal Loan EMI Calculator: Know the Real Cost

Personal loans are quick but expensive. This calculator shows the EMI and total interest so you borrow with eyes open.

What is it?

A personal loan is unsecured, so rates are high (often 10-24%). It suits genuine short-term needs, not lifestyle spending.

How is it calculated?

EMI = P × i × (1+i)ⁿ ÷ [(1+i)ⁿ − 1], with P the loan, i the monthly rate and n the months.

Example

₹3 lakh at 14% over 3 years gives an EMI of about ₹10,251 and total interest of roughly ₹69,000.

Key things to know

• Check the APR, including processing fees, not just the headline rate.
• Borrow the smallest amount and shortest tenure you can manage.
• Avoid rolling one loan into another.
• A good credit score gets you a lower rate.

What to do next

Compare personal-loan rates and fees before applying.

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Frequently asked questions

Why is the rate so high?
Because the loan is unsecured — no collateral backs it.

Does it affect my credit score?
Yes; on-time EMIs help, missed ones hurt.

Can I foreclose?
Usually yes, sometimes with a small fee.

Disclaimer: This article is for general information only and is not financial or tax advice. Consult a qualified advisor before making investment or tax decisions.