Personal Loan EMI Calculator: EMI, Interest and Processing Fee
Enter the amount, the rate the lender offered and the tenure. The processing fee is set to 2% to show the real cost; change it to match your offer.
- Nothing you type is stored
- Free
- No signup
Monthly EMI
₹16,607a month
- Total interest
- ₹97,858
- Total amount paid
- ₹5,97,858
- Processing fee
- ₹10,000
- Interest + fee
- ₹1,07,858
Reducing-balance EMI for 36 months. Banks may round the EMI and adjust the last one slightly.
Year by year
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | ₹1,47,208 | ₹52,078 | ₹3,52,792 |
| 2 | ₹1,65,877 | ₹33,408 | ₹1,86,915 |
| 3 | ₹1,86,915 | ₹12,371 | ₹0 |
How to use
- Enter the loan amount and the yearly interest rate on offer.
- Enter the tenure; personal loans usually run 1 to 5 years.
- Set the processing fee from your offer to see interest plus fee together.
Good to know
Personal loans are unsecured, so rates are higher than home or car loans and depend heavily on your credit score and employer. The EMI here uses the reducing-balance method that banks and NBFCs must use for the rate they quote as APR.
The processing fee is cut from the amount you receive, so the money in your account is less than the loan you repay. Adding it to the interest shows the true cost of borrowing; GST on the fee is extra.
Before taking a personal loan, compare it with cheaper options such as a loan against an FD, gold loan or top-up on a home loan. Instant loan apps can charge very high rates; check that the lender is RBI-registered.
Questions
What is the personal loan EMI formula?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r the monthly rate and n the months.
Why is the amount credited less than my loan?
The processing fee (and GST on it) is deducted before the money is paid out. You still repay the full loan amount.
Can I prepay a personal loan?
Usually yes after a lock-in, but fixed-rate personal loans may carry a foreclosure charge of 2%–5%.
What EMI can I afford?
Many lenders keep all EMIs within 40%–60% of take-home pay. The loan eligibility calculator estimates this.
Is my data stored?
No. All calculations run in your browser.