Personal Loan EMI Calculator India — Interest & Total Cost
A personal loan EMI calculator helps you understand the true cost of a personal loan before you borrow. Personal loans in India come at high interest rates (10-24% per annum) compared to home loans (8-10%), making it critical to calculate total interest cost before committing.
Understanding your personal loan EMI and total interest payout helps you decide whether the loan is worth taking, compare across lenders, and plan your monthly budget around the repayment.
Same as home loan but personal loans typically have shorter tenure:
EMI = P × r × (1+r)^n / [(1+r)^n – 1]
Example: ₹5 lakh personal loan at 14% for 3 years:
• Monthly rate = 14/12 = 1.167%
• EMI = ₹17,097/month
• Total paid = ₹6.15 lakh
• Interest = ₹1.15 lakh (23% of loan amount in just 3 years!)
1. Enter loan amount
2. Enter interest rate — compare across multiple lenders before finalising
3. Enter tenure — personal loans typically 1-5 years
4. Calculate to see EMI, total interest, and total amount paid
5. Compare tenures — see exactly how much extra interest you pay for longer tenure
• Compare lenders: Even 1-2% rate difference saves thousands
• Tenure impact: See the trade-off between lower EMI and higher total interest
• Budget planning: Know your exact monthly outflow before borrowing
• Prepayment: Most personal loans allow prepayment — calculate savings
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