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Personal Loan EMI Calculator

Calculate your Personal Loan EMI & Total Interest Due

Loan Amount
Loan Amount:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Personal Loan EMI: Sprite 4,402

Monthly amount paid to your Personal Loan provider

Break-up of all total amount payable
Loan Amount
Total Interest Due
Processing Fee
Loan Amount Via EMI
Loan Amount Prepaid
Total Interest
Processing Fee
Pre-payment Fee
Total Amount Payable
Your loan details as specified by you
Loan Amount
6 Months
Interest Rate
Processing Fee
Is your Credit Score good enough for getting a loan or card?

Your Amortization Details (Yearly/Monthly)

Your debt repayment schedule in regular instalments over a period of time.

Tab amortization
Principal Paid Interest Paid Outstanding Loan BalanceO/S Balance(Without Pre-payment) O/S Balance(With Pre-payment)
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance Pre-payment
Pre-payment Analysis

(We've broken it down for you!)

SummaryTotal AmountTenure
Without Pre-payment Rupee 47,87,42610 yrs
With Pre-payment Rupee 45,33,7238years 4months
YOU SAVE Sprite 0 YOUR TENURE REDUCED BY 1 years 8 months
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Personal Loan EMI calculator

Loan parameters needed for using the EMI calculator:

  • You need to know the loan amount, processing fee and the interest rate of your personal loan. If you plan to prepay your loan, then figure out the exact or approximate amount you intend to prepay and the periodicity of such payments depending on your loan agreement.
  • Use the sliders and input boxes provided in the calculator to key in or match these loan parameters.
  • The calculator will then work out the exact pattern of your loan repayment. Aspects such as the amortization table, the total interest outgo, the timelines of your loan repayment etc. will be displayed in accurate detail enabling you to make smart loan decisions!

Read on to learn how you can figure out the functionality of the different loan parameters and what role they specifically play in your loan repayment pattern. BankBazaar EMI calculator is a fantastic tool that can help you manage the various loan parameters to become debt free in the most efficient manner possible.

  • Loan Amount: Enter the Personal Loan amount using the slider or the edit box you wish to borrow. For better financial planning our monthly outgoings (EMI's) should not be more than 40% of your monthly income.
  • Interest Rate: This is the Interest rate that is charged on the money borrowed. This rate is monthly reducing balance.
  • Tenure: Select the period for which you wish to take the Personal Loan. Generally personal loan tenures range from 1 to 5 years.
  • Processing Fees: Bank charges a processing fee at the time of disbursing a Personal loan.Processing fees typically vary between 1% to 5% of the loan amount.
  • EMI: By entering the four fields you can see your monthly EMI which you have to pay to the lender to pay off your personal loan. Based on your loan EMI output you can check your personal loan eligibility in real time at Based on your eligibility BankBazaar will show you customized personal loan offers from various banks. You can then select the best offer and apply online.
  • Break-up of your total amount payable: The EMI Calculator tool gives you the total personal loan amount payable to the lender. Your total loan amount payable is the sum of your loan amount (Principal), Interest payable and processing fees.
  • Starting Balance: The starting balance of any given period corresponds to the principal amount that is owed to the bank at the beginning of that period.
  • Interest Paid: This is the portion of your monthly payment that is applied towards interest.This portion will keep reducing each successive month as the personal loan matures. The rest of your monthly payment is applied towards the personal loan principal.
  • Principal Paid: This is the portion of your monthly payment that is applied towards the loan principal. This portion will keep increasing each month as the loan matures. The rest of your monthly payment is applied towards interest.
  • Ending Balance: The ending balance of any given period corresponds to the principal amount that is owed to the Bank at the end of that period.
  • You can switch to Annual view of your personal loan amortization.

When you decide to take a personal loan, one of the most valuable tools you will ever use with reference to this loan is the Personal loan EMI calculator. Unlike home or car loans, a personal loan can be one of the most convenient sources of funds since it does not come with any conditions attached to it regarding how the money is used. However, there are a lot of things that need to be taken into consideration when deciding on the ideal amount to borrow. Customers should consider:

  • The amount required to meet their financial requirements
  • The amount of interest they will have to pay
  • The interest rate at which the loan will be offered
  • The time period within which the loan should be repaid
  • The bank or non-banking financial company (NBFC)

Additionally, the borrower should also take into account which lender he or she should approach for the loan - a bank or a non-banking financing company (NBFC). The personal loan EMI calculator can help you make these decisions.

When you are planning to take a personal loan, it is very important to learn how much amount you will have to pay as monthly installments so as to be able to plan your finances better. In such a situation, you can use a Personal Loan EMI calculator to calculate your payable equated monthly installment (EMI). To calculate the personal loan EMI of your loan, you will need to provide the loan amount, repayment tenure, and interest rate of the loan.

The basic principle behind the personal loan EMI calculator are two particular formulae. The first one is the one used to calculate the monthly interest rate and the second one is the one used to calculate the EMI itself. Here is how these formulae work:

  • Calculating the monthly interest rate:

    When you approach a financial institution in order to take a personal loan, the main piece of information you are looking for is the interest rate that is being offered. Once you know it, and before you start using it to calculate the EMI, you need to convert the rate into a monthly one since the interest rate is always presented as an annual rate. To do so, the following formula is used.

    Monthly interest rate = Interest rate/12

    For example, if the interest rate offered to you for your personal loan is 18% p.a. then your monthly interest rate will be calculated as follow:

    18/12 = 1.5

    This means that the monthly rate of interest will be 1.5%.

  • Calculating the EMI: Calculating the Personal loan EMI is a bit more complicated. It takes into account the amount you want to borrow, the duration you want to borrow for, and the interest rate that you will be charged. The thing to note here is that when you consider the tenure of the loan, you won’t consider it in years, but in months. To find the EMI the following formula is used: E = P x r x (1+r)^n/((1+r)^n – 1)
    • E will be the actual EMI that you will have to pay.
    • P will be the loan that you want to take
    • r is the monthly interest rate that is being offered
    • n is the tenure of the loan considered in months
    Once all the relevant details have been entered into the calculator, it will tell you the amount you will need to pay every month for the loan.

The biggest advantage that a personal loan EMI calculator provides is the convenience of performing complicated calculations with precision and within just a few minutes. However, there are some other advantages of an EMI calculator too. They are:

  • Accuracy: If you were to perform this calculation manually, with a pen and paper, chances are that you will end up making a mistake sooner or later. Since even a small error can hugely impact your calculations, it is advisable to use a personal loan EMI calculator wherein the chances of occurrence of an error is reduced significantly. With this tool, you will be able to perform the same calculation accurately within seconds.
  • Saves time: Speaking of seconds, the pen and paper method can take a lot of time which means that you could be sitting calculating away to glory when you should really be out enjoying life with your family and friends. With the calculator, you can do just that because this tool will allow you to do multiple calculations in minutes.
  • Easy comparisons: It is common for different banks to offer you various permutations and combinations of loan amounts, tenures, and interest rates. To actually sit and calculate the EMI for each one of them could turn into a tedious task and may end up, through an error in calculations, leading you to the wrong loan. Using the calculator, you can quickly evaluate the EMI for different loans to see which one suits you best.
  • Fits loans to budgets: If you are going in for a personal loan then odds are that you will be concerned about the EMI that you need to pay. It would be natural to be concerned since this amount will impact your monthly income and finally affect your other finances. The personal loan calculator can help sort this problem out by calculating the EMI in no time and giving you the numbers you need to calculate your monthly budget.
  • Endlessly adjustable: There is no limit to the number of times you can calculate and recalculate an EMI. Suppose, you found a bank that will offer you the loan amount you want and that too at an attractive interest rate. What you should do now is to see how much you will pay every month for it. Once you calculate the EMI, you realise that the amount is too high for you to afford. However, using this tool, you can adjust the loan amount and tenure with ease until you find out the EMI that can fit your budget.
  • Processing fee accounted for: While the basic EMI calculator for personal loans will only take into account the amount borrowed, the tenure and the interest rate, there are calculators that also take into account the processing fee that the bank will charge and tell you how much your EMI will be including that fee.
  • Tells you more than just the EMI: These calculators don’t just tell you the EMI you can expect to pay but also help you gain more information about your loan. For example, some personal loan EMI calculators provide a graphic representation of the loan along with an amortisation table too.

While most EMI calculators for personal loans will end the interaction by providing you with the EMI, there are some that go a bit further. These calculators will also provide you with two other pieces of information that can prove invaluable to you when it comes to finding out how your loan will be structured and how it will progress. These two pieces of information are provided through the graphic representation and the amortisation table.

  • Graphic representation: When you are done entering all the relevant data and have already been told what you can expect to pay every month, there is still one thing you need to know - the structure of the loan. Personal loan EMI calculators can tell you the basic structure of your loan by calculating the total amount that you will end up paying over the years. Along with this, you can also learn how much will be the principal amount and how much will be the interest in each EMI of your loan. This information can be presented to you in the form of a pie chart or any other manner that manages to represent the information pertaining to the loan in a correct manner. The biggest advantage of this tool is that it is extremely easy to understand. It can easily tell you the exact amount you will have to pay overall and how much of that amount will be the interest. Using this feature, you can find out the EMI amount that fits your budget while paying the least amount of interest possible and fulfilling your credit needs. This tool can also help you affirm your decision to take the loan.
  • Amortisation tables: The amortisation table is actually just the repayment of the loan split into years and months and presented in the form of a table. However, the reason why this table is important is that it shows you how the EMI that you pay is being used by the bank. It can show you things like how much of your initial payment will be towards the interest and how much towards the principal. It can also show you how the loan will progress in terms of years and what you will still owe at the end of each year.

All in all there is no denying the fact that if you intend to take a personal loan then a Personal loan EMI calculator can be your best friend in helping you make the right choice and pick the best personal loan for you.

Personal Loan EMI can be easily calculated using the Personal Loan EMI Calculator available at BankBazaar. However, if you don’t have access to the Calculator for some reason, you can resort to calculating EMI using an Excel spreadsheet.

To compute your EMI in Excel sheet, you need to know a few things:

  • The function for calculating EMI in Excel is PMT.
  • You need 3 variables to compute the EMI. They are:
    • The monthly interest rate (rate)
    • The period number (nper)
    • The present value of the loan (pv).
  • The result is always negative indicating the cash outflow.

The formula that you need to input in excel is: = PMT (rate,nper,pv)

Let us use an example to see how the above formula works. Let us assume the annual rate of your personal loan is 12%. Then, the monthly rate will be: 12%/12 = 1% or 0.01.

Let us also assume that your loan tenure is 4 years. Therefore, the period number or the number of EMIs you have to pay over the course of loan tenure will be (4 x 12). Assuming your loan value is Rs.4.45 lakh, we get the EMI as:

= PMT (0.12/12, 4*12, 4,45,000) = Rs.11,718

When a borrower pays their personal loan off in entirety or partially before the payment is due, it is known as prepayment of loan. Even though prepayment may provide peace of mind to the borrower, it might not be financially beneficial. You should consider the following 2 factors when planning to make prepayments on your loan:

Prepayment charge:

Most banks charge a penalty or prepayment fee when you try to pay off your loan earlier. Prepayment fee varies from bank to bank. It can be a percentage of the amount being paid or a flat fee. It can also be calculated based on the overdue interest amount. Some banks might not even charge any prepayment fee at all.

It is important to compare the penalty fee you incur to your savings on interest charges for the remainder of your loan period. This will help you determine whether prepaying your loan will be beneficial or not. Most loans come with a minimum lock-in period, during which you cannot prepay or foreclose your loan.

Savings on the principal amount:

Prepaying early into your tenure can help you save a lot. However, due to lock-in period, it might not be possible to do so. Borrowers often think that since they have already paid many EMIs, the interest on the remaining ones will be low. Therefore, it would be useless to close the loan since there won’t be much saving on the remaining cost of interest.

However, interest paid on the unpaid principal amount remains the same as banks calculate interest on reducing balance basis. Rather than making your decision based only on the remaining tenure, factor in the interest rate charged when thinking about foreclosing your loan.

You can choose to make partial prepayment instead of foreclosing the loan. Partial payment reduces the principal amount remaining, thus reducing the interest part of the EMIs. However, you need to pay off a substantial amount of the loan for this method to be effective. Also, it is better to do so as early on in the loan period as possible. Otherwise, prepayment fee might surpass interest savings.

  1. What are the prepayment options I can choose from in the EMI calculator?

    The BankBazaar EMI Calculator lets you choose between a varieties of prepayment options.

  2. How long does it take to calculate the personal loan EMI?

    With the BankBazaar EMI calculator, you can calculate your EMI in as little as 30 seconds of your time.

  3. How do I calculate my EMI if the processing fee is a flat fee and not a percentage of the loan amount?

    In case the lender you are getting your loan from charges a flat amount as processing fee, you can still calculate your EMI by placing the value of Processing Fee as 0% in the calculator. But do remember that you have to pay the processing fee at the end of the day.

  4. What is the highest amount of loan for which I can calculate EMI for using the EMI calculator?

    You can calculate EMIs for a loan quantum of upto Rs.30 lakh in the BankBazaar personal loan EMI calculator.

  5. Is the EMI amount I pay subject to GST?

    Yes, personal loan, like all other loans is a service that the bank provides. Thus, the EMI amount you pay will be subjected to Goods and Services Tax (GST).

Personal Loan EMI Calculator

Most Recent Articles on Personal Loan EMI Calculator

What Is EMI And How Is It Computed?

Now, anybody can take a loan and repay it conveniently without any struggle due to the existence of EMIs. An equated monthly installment (EMI) is a certain amount of funds that has to be repaid every month in order to clear a loan. These EMIs will be paid over a fixed period until the loan is cleared fully. An EMI is determined by the interest rate, loan amount, and loan tenure. Click here to know all about EMIs and the computation process! Calculating EMIs manually can be very taxing and can also result in errors. Compute your personal loan EMIs with this finance tool

Longer Tenure or Higher EMI for Personal Loans?

Are you confused if you should go for a shorter personal loan tenure with high EMIs or a longer tenure with low EMIs? Well, with a few basics about how a personal loan, you can make your decision. Your EMI depends on your loan period and loan tenure along with the interest rate. When you go for a longer tenure, you will definitely end up paying higher interest on your overall loan. The interest rates for longer tenures are higher than the rates for shorter tenures. Your overall interest will be high since you are paying for a longer period. But your EMIs will be low. Learn how to choose your loan tenure and you can also learn to reduce your EMIs by clicking here

How EMI breakups are done in a Personal Loans?

Paying a personal loan through EMIs is pretty easy. However, it is very important to know the basics of an EMI before you start paying it. An equal monthly installment (EMI) is the amount that you pay on a monthly basis to repay your loan. A personal loan EMI comprises principal amount and interest amount. The interest rate allotted for your personal loan will be distributed throughout your loan tenure. During the initial period of your loan tenure, your interest amount will be very high in your EMI. As your tenure comes to an end gradually, your principal amount will be higher. Check out the advanced Personal Loan EMI Calculator to compute EMIs in a jiffy. Find out more about EMI breakups here

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News About Personal Loan EMI Calculator

  • Lending Rates of Syndicate Bank Increases by 0.1%

    Syndicate Bank - one of the oldest and largest state-run banks in India based in the city of Manipal - has increased its marginal cost of funds-based lending rates (MCLR) by 0.1% across loan tenures. While the overnight lending rate currently stands at 8.15%, the 1-month MCLR has increased to 8.20%. The revised 3-month MCLR is 8.40% and the 1-year MCLR has been hiked to 8.65%. As per the statement made by the bank during a filing for stock exchanges, the revised MCLR along with the new rates are slated to be introduced from 10 July 2018. As per the policy of the Reserve Bank of India (RBI), lenders should revise their lending rates every month. In line with this policy, Bank of Maharashtra - another public-sector financial services organisation - has reduced its benchmark lending rate on select tenures by up t0 0.15%. This rise in the MCLR by the Syndicate Bank might cause the retail loans such as home, auto, and personal loans more expensive since the amount of EMI might increase.

    16 July 2018

  • Retail loans will constitute 60% of all loans in 2018-19: SBI MD

    As the demand for loans from corporates fall, SBI expects that loans from the retail portfolio will increase and constitute about 60% of all loans by the end of the current financial year. The growth of the retail loan portfolio is expected to be around 14% this fiscal, said the MD of the State Bank of India (SBI), PK Gupta.

    The retail segment includes agriculture, personal, and small and medium enterprises (SME), and it forms 57.5% of SBI’s domestic loans. Gupta mentioned that the growth of personal loans (including home loans) will be in the range of 18%. The growth of agricultural loans and SME debts will be below 10% as well.

    During the financial year 2017-18, most of the growth in loans was due to the demand for personal loans, i.e., retail loans, home loans, and automobile loans in particular.

    6 July 2018

  • BoB to Offer Loans to the MSME segment in the NCR

    Bank of Baroda - a state-owned financial services company headquartered in Vadodara, Gujarat - has recently launched its first integrated SME Loan Factory to meet the financial needs of micro, small, and medium enterprises (MSMEs) in the National Capital Region. This SME Loan Factory was launched by Rakesh Kumar Bhatia, General Manager and Zonal Head of Bank of Baroda, New Delhi. This one-stop shop will provide end-to-end solutions to MSME borrowers including documentation, processing, disbursement, acquisition, relationship management, and many more.

    On the first day of its launch, the Loan Factory approved a total of 16 loans worth Rs.189 crore. Furthermore, Bank of Baroda has decided to centralize the loan processing of all government-sponsored schemes at district level in order to help the MSME sector grow.

    29 May 2018

  • SIDBI Claims to Have Earned a Profit of Rs.1,429 crore in FY 2018

    According to the reports, Small Industries Development Bank of India (SIDBI) has reported a highest total profit of Rs.1,429 crore in the previous financial year. The bank recently held its annual board meeting wherein Mohammad Mustafa, Chairman and Managing Director of SIDBI, mentioned that the bank has crossed the profit milestone of Rs.1 lakh crore during the year. While the net profit of the bank for FY 2016-17 was Rs.1,120 crore, the bank’s growth rate in FY 2017-18 has been recorded at 36.6%. In 2018, the credit outstanding of SIDBI to small units have increased by 39.5% to Rs.95,291 crore.

    26 May 2018

  • Right time to set up business in Visakhapatnam due to encouragement for MSMEs

    Visakhapatnam is the place to be for the purpose of investing in order to begin a new business. This is particularly because there is an excellent encouragement in this district for micro, small, and medium-sized enterprises (MSME). The District Industrial Promotion Committee of Vishakhapatnam is working towards establishing at least 1 MSME park in each constituency of the district. Moreover, the committee has chosen government-owned lands in certain areas like Bheemili, Gajuwaka, Parawada, and many more for the purpose of setting up these parks. MSMEs are being promoted extensively to motivate entrepreneurs to start innovative businesses.

    11th January 2018

  • Bihar government announced Rs.4 lakh loan for students under SCC Scheme

    On 4 January 2018, Bihar's Chief Minister Nitish Kumar announced to provide Rs.4 lakh state loan to youths who are willing to pursue higher education after completing higher secondary from financial year 2018-19. He made this announcement while speaking in a public meeting at Gauripur in Singheshwar block of Madhepura. The loan will be provided to the students through SCC (Student Credit card) Scheme from the next financial year.

    The CM has also asked the bankers not to harass students seeking for loan under the SCC Scheme as earlier this day he came to know that the banks are not showing proper interest in providing loans under this scheme.

    8th January 2018

  • Maharashtra comes 4th under PM Modi’s Mudra Scheme

    The state of Maharashtra got the fourth place in the entire nation with regard to the implementation and utilisation of the Mudra Loan Scheme of PM Modi. The Chairperson of Maharashtra State Commission for Women and National President of Bharatiya Janata Party (BJP) Mahila Morcha recently made this announcement. She also said that with the help of this loan, women belonging to economically underprivileged sections of the society were able to procure soft loans without any hassle. They did not have to make arrangements for any guarantor or pay interest. This loan scheme has enabled the women to become financially independent.

    5th January 2018

  • Minister for BC Welfare and Transport says loans should be offered according to targets

    K Atchannaidu, the Minister for BC Welfare and Transport of Andhra Pradesh, recently stated that loans should be provided to different applicants under various government schemes according to targets that are set by the district administration of Srikakulam. He said this after evaluating and assessing the status of banking operations and loans of the district. He also advised the officials of Andhra Pradesh Gramina Vikas Bank (APGVB) to provide loans efficiently to beneficiaries. He also said that bankers should meet the target of offering loans worth Rs.150 crore to tenant farmers.

    28th December 2017

  • Dena Bank starts branch at Pauri

    Dena Bank, leading bank in the country, recently opened a branch in Pauri. The branch was inaugurated by Ashwani Kumar, the chairman and managing director of the bank. Currently, the bank has 38 branches in the entire Dehradun zone. The bank intends to open more branches in the state of Uttarakhand in order to offer reliable banking services to the unbanked people living in different regions of the state. The bank even had a credit camp to celebrate the inauguration of the branch in Pauri. A total amount of Rs.12.33 crore was offered by all Dena Bank branches for the credit camp.


    22nd December 2017

  • Residents of R.K. Nagar in Chennai are not required to submit income proof for loans

    After the declaration of by-election, the banks in Chennai have announced that the residents of R.K. Nagar, the richest constituency in India, don’t need to submit proof of income for getting loans. Residents who have the eligibility to apply for a loan will be considered eligible for voting and in this way banks will make every citizen feel rich during the elections.

    In the election constituencies of Tamil Nadu, every adult having voting rights is considered to be eligible for personal loan and are excused from the eligibility screening. Particularly, in R.K Nagar there is no ceiling for personal loan and the customers have 25 techniques to repay the loans to the banks. Even though the per capita income of the residents of an election constituency is 10 times higher than that of an average Indian, during elections all are treated equally by the banks and provided access to cash.

    As per the reports, around 5,000 citizens have recently shifted to R.K. Nagar and have applied for a change of the address in their Voter card to take advantage of this golden offer from the banks.

    22nd December 2017

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards

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