Personal loan EMI calculator
A Rs 3,00,000 personal loan at 13% for 3 years costs Rs 10,108 a month, with total interest of Rs 63,895 before the processing fee. Add your lender's fee to see the full cost.
Results update as you type. Nothing you enter is stored.
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | Rs 87,383 | Rs 33,915 | Rs 2,12,617 |
| 2 | Rs 99,445 | Rs 21,853 | Rs 1,13,172 |
| 3 | Rs 1,13,172 | Rs 8,127 | Rs 0.00 |
| Tenure | EMI | Total interest |
|---|---|---|
| 1 yr | Rs 26,795 | Rs 21,542 |
| 2 yr | Rs 14,263 | Rs 42,301 |
| 3 yr | Rs 10,108 | Rs 63,895 |
| 4 yr | Rs 8,048 | Rs 86,316 |
| 5 yr | Rs 6,826 | Rs 1,09,555 |
| 7 yr | Rs 5,458 | Rs 1,58,437 |
| 10 yr | Rs 4,479 | Rs 2,37,519 |
How it works
Personal loans are unsecured, so rates and fees vary widely between lenders and borrowers. The processing fee is usually deducted from the amount disbursed, which makes the loan costlier than the interest rate alone suggests; the calculator adds it to the total cost.
GST on the fee, if charged, is not included; add it to the fee percentage to include it.
Formula
EMI = P r (1 + r)^n / ((1 + r)^n - 1); total cost = EMIs - P + fee
Frequently asked questions
How is EMI calculated?
With the reducing balance formula EMI = P r (1+r)^n / ((1+r)^n - 1), where r is the monthly rate and n the number of months.
Why is most of the early EMI interest?
Interest is charged on the outstanding balance, which is highest at the start, so early EMIs repay little principal.
Is the processing fee refundable?
Usually not. Check the sanction letter for the fee and any charges on prepayment.
Related
This tool is for information only and is not investment, tax or legal advice. Results depend on the inputs and assumptions you enter; check important figures with the official source or a qualified professional.