Personal Loan
Personal Loan Calculator
Estimate personal-loan EMI, total interest and tenure. Enter the amount and rate from your offer — this page does not quote a lender.
What this calculator does
A personal loan is typically an unsecured reducing-balance EMI over a few years. This page uses the standard EMI formula with a shorter maximum tenure (7 years) and a smaller maximum principal than home loans.
EMI formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments. If the interest rate is zero, EMI is simply P ÷ n.
Example
A ₹3,00,000 personal loan at an assumed 14% for 3 years has 36 instalments. Compare that EMI with what you can pay after essential expenses; stretching tenure lowers EMI but raises total interest.
Important considerations
Unsecured loans can be expensive. Prepayment rules and foreclosure charges vary. This calculator does not check eligibility, debt-to-income ratio or your credit score.
Frequently asked questions
Why is the sample rate higher than a home loan?
Personal loans are usually unsecured, so lenders price them higher. The 14% default is an illustration, not a market average or an offer.
Does this include GST on interest or processing fees?
No. Only principal and interest on a reducing-balance EMI. Fees and GST, if any, are extra.
Can I use this for a credit-card EMI?
Only if that EMI is a reducing-balance loan with a stated annual rate. Many card conversions use a different fee structure. Read the issuer’s terms.
Related calculators
- EMI CalculatorFind monthly EMI, total interest and the full amortisation schedule for a loan.
- Car Loan CalculatorEstimate car loan EMI, interest cost and tenure for a vehicle loan.
- Loan Prepayment CalculatorSee how a lump-sum prepayment or extra EMI can reduce interest or shorten the loan.
- Home Loan CalculatorEstimate home loan EMI, total interest and the repayment schedule for a housing loan.
Browse the full directory on the calculators page.
Related guides
SmartCalculators provides educational calculators and estimates. Results are for informational purposes only and should not be considered financial, tax, investment, legal or professional advice.