HomeLoans & EMI
Personal loan EMI calculator
EMI for an unsecured personal loan, usually 1 to 5 years.
Quick answer
Enter the amount, the rate and the tenure. A โน3,00,000 personal loan at 14% for 3 years is about โน10,253 a month.
Monthly EMI
โน10,253
- Total interest
- โน69,118
- Total payment
- โน3,69,118
- Interest share of what you pay
- 18.7%
- Principal
- Interest
Year-by-year table
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | โน1,23,039 | โน86,447 | โน36,592 | โน2,13,553 |
| 2 | โน1,23,039 | โน99,357 | โน23,682 | โน1,14,196 |
| 3 | โน1,23,039 | โน1,14,196 | โน8,844 | โน0 |
How it works
Personal loans carry no security, so rates are higher than for home or car loans. That makes the tenure choice matter more.
Use the table to see how quickly the balance falls. If you can, repay a lump sum early; the prepayment calculator shows the interest saved.
Remember that processing fees (often 1 to 3%) are not in this calculation.
The formula
- EMI = P ร r ร (1 + r)^n รท ((1 + r)^n โ 1)
- P = loan amount, r = interest rate per year รท 12 รท 100, n = number of monthly instalments
A worked example
A personal loan of โน3,00,000 at 14% for 3 years: EMI = โน10,253. You pay โน3,69,118 in total, which is โน69,118 of interest.
Common questions
Why is the personal loan rate higher?
There is no property or vehicle as security, so the lender takes more risk and charges more.
What EMI is safe for my income?
Lenders usually want all your EMIs together to stay under about 40 to 50% of monthly income. See the loan eligibility calculator.
Is a flat rate the same as a reducing rate?
No. A flat rate charges interest on the full amount for the whole tenure, so it costs much more than the same quoted reducing rate. This calculator uses the reducing rate.
Can I prepay a personal loan?
Often yes, after a few EMIs and sometimes with a fee of 2 to 5% of the amount prepaid. Read your agreement first.