Loans
Personal Loan EMI Calculator
Computes the monthly EMI for a personal loan, which typically carries a higher rate and shorter tenure than secured loans.
Your details
₹
%
yrs
Monthly EMI
₹16,847
Total interest
₹1,06,491
Total payment
₹6,06,491
Your EMI will be ₹16,847 per month for 3 years, with ₹1,06,491 in total interest — personal loans carry no collateral, which is why rates run higher than secured loans.
PrincipalInterest
How this is calculated
Standard EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P = principal, r = monthly interest rate, n = tenure in months.
Frequently asked questions
Why are personal loan rates higher than home loan rates?
Personal loans are unsecured — there's no collateral for the lender to fall back on, so the rate is higher to offset that risk.
Can I prepay a personal loan?
Most lenders allow prepayment, sometimes with a fee — check your loan agreement, since this can meaningfully cut your total interest.
What affects my personal loan interest rate?
Primarily your credit score, income stability, existing debt, and the lender's own risk policy.