Personal Loan EMI Calculator

Use this Personal Loan EMI Calculator to estimate monthly repayments

A personal loan EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan over a set term. This calculator estimates your monthly EMI based on three inputs most people actually know: the loan amount, the annual interest rate, and the loan term in months. It also shows the total interest you will pay over the full term and your total repayment, so you can judge whether the loan cost makes sense.

Most people focus on the monthly number only. That is a mistake. A loan can feel affordable month to month while still being expensive overall. The total interest and the interest share of your repayment are what tell you the real story. This calculator gives you both, plus a simple view of how your first payment is split between interest and principal. That split matters because early in the term, a larger portion of the payment typically goes to interest, especially at higher rates.

To use it, enter your loan amount (the amount you will actually borrow), the annual interest rate (as a percentage), and the term in months. If you only know the term in years, multiply by 12. The result will give your estimated EMI, the total interest cost, and the total amount repaid. If the EMI is too high, the main levers are straightforward: lower the loan amount, find a lower interest rate, or extend the term. Extending the term usually reduces the EMI but increases total interest, so it is not a free win.

Assumptions and how to use this calculator

• This calculation assumes a standard amortizing loan with monthly payments and a fixed interest rate for the full term.
• The interest rate entered is treated as an annual nominal rate and converted to a monthly rate by dividing by 12.
• It assumes payments are made at consistent monthly intervals and that the first payment happens one month after disbursement.
• It does not include fees, insurance, penalties, or taxes. If your lender charges these, your true cost will be higher.
• Results are estimates and rounding can cause small differences compared with lender schedules, especially on the final payment.

Common questions

What does EMI mean in practical terms?

EMI is the monthly repayment amount that clears both interest and principal over the loan term. If your budget can comfortably handle the EMI with a safety buffer, the loan can be manageable. If the EMI leaves you tight, the loan increases the risk of missed payments, fees, and credit damage.

Why is the total interest so high compared with the loan amount?

Total interest is driven by the interest rate and how long your balance stays outstanding. Higher rates and longer terms increase interest. Even if the EMI looks reasonable, the total interest can be large because you are paying interest on a balance that declines slowly over time.

What happens if the interest rate is 0%?

If the rate is 0%, the EMI becomes a simple division: loan amount divided by the number of months. That is rare for personal loans, but it is useful as a baseline for understanding how much of your EMI is interest versus principal.

How can I reduce my EMI without changing the loan amount?

The two main options are lowering the interest rate or extending the term. A lower rate reduces both EMI and total interest. Extending the term lowers EMI but usually increases total interest, so it can cost you more overall even if it helps cash flow now.

Why does my lender’s EMI differ from this calculator?

Lenders may include fees, insurance, or different compounding conventions. They also round interest and principal differently each month. This calculator is designed to give a clean estimate using the standard amortization approach. If you want a closer match, use the exact interest rate and term from your loan agreement and treat the output as a guide, not a contract value.