About this personal loan
On a ₹5 lakh personal loan at 12% over 3 years the EMI is about ₹16,607 and you pay about ₹97,800 in interest. The table shows how fast the EMI rises if you shorten the loan and how much more you pay at higher rates.
The figures use the reducing-balance method banks follow: interest each month is charged on what you still owe. Nothing you enter leaves your browser. Your own bank’s EMI can differ slightly because of rounding, the date of the first EMI and fees, so confirm it on the sanction letter.
How to use it
- The calculator is open with ₹5,00,000 at 12% for 3 years. Change the amount, rate or tenure.
- Read the monthly EMI, the total interest and the total amount payable.
- Open "Part-prepayment" to see how an extra payment shortens the loan and saves interest.
- Scroll to the schedule for each year, and download it as a PDF or CSV.
Example: ₹5,00,000 at 12% for 3 years
Loan ₹5,00,000 · 12% a year · 3 years
EMI ₹16,607 Total interest ₹97,858 Total payable ₹5,97,858
Monthly EMI on ₹5,00,000 by rate and tenure
| Rate \ Years | 1 yrs | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
|---|---|---|---|---|---|
| 10.5% | ₹44,074 | ₹23,188 | ₹16,251 | ₹12,802 | ₹10,747 |
| 12% | ₹44,424 | ₹23,537 | ₹16,607 | ₹13,167 | ₹11,122 |
| 14% | ₹44,894 | ₹24,006 | ₹17,089 | ₹13,663 | ₹11,634 |
| 16% | ₹45,365 | ₹24,482 | ₹17,579 | ₹14,170 | ₹12,159 |
| 18% | ₹45,840 | ₹24,962 | ₹18,076 | ₹14,687 | ₹12,697 |
Worked out with the same formula as the calculator. Longer tenures lower the EMI but raise the total interest.
Features
- Accurate. The reducing-balance formula used by Indian banks.
- Prepayment planner. See the interest and time saved by a one-time or yearly extra payment.
- Full schedule. Year by year, expandable to every month, with PDF and CSV downloads.
- Private. No sign-up, and your numbers stay on your device.
Frequently asked questions
Why is the personal loan rate higher than a home loan?
A personal loan has no collateral, so the lender takes more risk and charges more. That is also why the repayment period is shorter.
How is the personal loan EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. See the guide "How to calculate EMI" for a worked example.
Does the EMI include processing fees and insurance?
No. It covers principal and interest only. Fees, insurance and taxes on them are extra, so check the sanction letter.
How can I reduce the interest I pay?
Personal loans are unsecured, so rates are higher. Even a 1% difference matters on a 3–5 year loan. Look at the total cost: processing fees (often 1–3%) and insurance add to what you repay. Prefer the shortest tenure that keeps the EMI comfortable.
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