EMI and total cost of a personal loan before you sign
Estimates only, not financial advice. What you type stays on your device. Updated on 25 Oct 2026.Nothing is pledged against a personal loan, so the rate sits far above a home loan rate and the tenure is short. The page opens at 3 lakh over 3 years at 13%: an EMI of about 10,108 and roughly 63,900 of interest across the term. Lenders also take a processing fee out of what they release, so the money reaching your account is less than the sanctioned amount.
Estimates for information only, not financial advice. Interest on the reducing balance, compounded monthly; fees and charges not included.
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | ₹87,383 | ₹33,917 | ₹2,12,617 |
| 2 | ₹99,445 | ₹21,853 | ₹1,13,172 |
| 3 | ₹1,13,172 | ₹8,127 | ₹0 |
Start from the preset 3 lakh at 13% over 3 years, or set the amount you plan to borrow.
Set the Interest rate from the lender offer, not the advertised starting rate.
Set the Tenure; choose Months under "Tenure in" for a loan shorter than a year.
Read the Monthly EMI and Total payment, and remember the processing fee is not included.
The EMI calculator works out the fixed monthly instalment for any loan from three numbers: the amount, the yearly interest rate and the tenure. You get the EMI, the total interest you will pay over the life of the loan, the total repayment, and a month-by-month schedule showing how each instalment splits between principal and interest.
People use it before they sign: a ₹25 lakh home loan at 8.5% for 20 years costs about ₹21,700 a month and ₹27 lakh in interest, so is a 15-year tenure affordable? Or an ₹8 lakh car loan at 9.5% over 5 years versus 7 years. Turn on Prepayment to see how a yearly lump sum shortens the loan and how much interest it saves.
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P = loan amount, r = annual rate ÷ 12 ÷ 100, n = tenure in months.
The rest of the article, and all 7 questions about EMI Calculator, are on the EMI Calculator page.
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the annual rate divided by 12 and by 100, and n is the tenure in months. At 0% the EMI is simply the amount divided by the months. The schedule then applies each month's interest to the outstanding balance.
Interest for each month is charged only on the principal still outstanding, not on the original amount. Because the balance falls with every instalment, the interest part of the EMI shrinks and the principal part grows over time. Indian banks and NBFCs follow this method for home, car and personal loans, as required by the RBI.
Usually a lot. An extra payment goes entirely to principal, so every later month's interest is lower and the loan closes earlier while the EMI stays the same. Turn on Prepayment to see the months saved and the interest saved for a yearly or monthly extra amount. Check your lender's prepayment charges, which are nil for floating-rate loans to individuals.
EMI nikalna: enter the loan amount, the yearly interest rate and the tenure, and the monthly instalment appears with the total interest and a month-by-month schedule. The formula is EMI = P x r x (1+r)^n / ((1+r)^n - 1) on a reducing balance. Processing fees, insurance and prepayment charges are not included.
Formula only: no rates or limits are read from an official source.
Still stuck? Ask about EMI Calculator and anybody who knows can answer. No account needed.
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