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Personal Loan EMI Calculator

Calculate your Personal Loan EMI & Total Interest Due

Loan Amount
Loan Amount:
Tenure in Months:
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: Rs 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 Repayment 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
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Calculation of Personal Loan EMI

The table below provides you the loan repayment schedule for a loan amount of Rs.4 lakh, tenure of 3 years, interest rate of 15% p.a. and processing fee of 2%.

Year Principal Interest Balance
2019 Rs.54,887 Rs.28,309 Rs.3,45,113
July Rs.8,866 Rs.5,000 Rs.3,91,134
Aug Rs.8,977 Rs.4,889 Rs.3,82,157
Sep Rs.9,089 Rs.4,777 Rs.3,73,068
Oct Rs.9,203 Rs.4,663 Rs.3,63,865
Nov Rs.9,318 Rs.4,548 Rs.3,54,547
Dec Rs.9,434 Rs.4,432 Rs.3,45,113
2020 Rs.1,22,845 Rs.43,549 Rs.2,22,268
2021 Rs.1,42,592 Rs.23,800 Rs.79,675
2022 Rs.79,675 Rs.3,521 Rs.0
Loan Summary
Loan Amount Rs. 4,00,000
EMI Rs. 13,866
Total Interest Due Rs. 69,590
Processing Fee Rs. 8,000
Total Amount Payable Rs.4,77,590

In the above example, if you make a prepayment of Rs.50,000 after paying 4 EMIs:

You will Save Rs.29,591 in total loan amount, Loan tenure will be reduced by 5 months


Interest: Rs. 99,181
EMI tenure: 3 years


Interest: Rs. 69,590
EMI tenure: 2 years 7 months

What is an EMI calculator for personal loan?

The online personal loan EMI calculator allows you to calculate approximately how much you will have to pay as the Equated Monthly Instalment (EMI).

The "EMI calculator displays" the EMI to be paid, along with a detailed repayment table with a break-up of total amount payable (Loan Amount + Interest Payable + Processing Fee) for the tenure.

How to use BankBazaar Personal Loan EMI Calculator

  • Select the Loan Amount.
    Alternatively, you can enter the number you prefer. Then, click on “Ok”.
  • Select the Loan Tenure
  • Enter the Personal Loan Interest Rate and Processing Fee
  • Alongside the question “Would you like to make Pre-payments?”, click on “Yes” if you plan to pre-pay and “No” if you don’t
    If you click on “Yes”, you will have to select the pre-payment frequency, as well as enter the pre-payment amount and pre-payment fee. You will also have to select what the pre-payment applies to – such as the sum of all prepayment or final prepayment made.
  • Finally, click on “Calculate”.

“Your Monthly Personal Loan EMI” will then be displayed below. Click on the plus sign to see the details. To see the complete repayment table, click on the plus sign below “Your repayment Details”.

Results Overview:

  • EMI: 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 BankBazaar.com.
  • 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.

Parts of the EMI Calculator

  • Graphic Representation: Learn how much will be the principal amount and interest will be paid in each EMI. This information will be presented to you in the form of a pie chart.
  • Repayment Table: The repayment table, illustrates details with regard to your loan repayment. It helps you understand how much you will have to shell out each month so that you can plan the rest of your expenditures accordingly.
  • The elements of an repayment table are:

    • 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.
    • 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.
    • Total Payment: Sum total of the principal and interest paid
    • Outstanding Loan 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.

    The repayment table provides year-wise and month-wise data. So, you can look at the details for each month as well as the cumulative data for each year.

Calculation of Personal Loan EMI using Formula

E = [P x R x (1+R)^N]/[(1+R)^N - 1]

E is the actual EMI that you will have to pay
P: Loan amount you wish to borrow
R: Monthly Interest Rate applied
N: Loan Tenure considered in months


Ms. Shah wished to borrow Rs.1 lakh to pay for her child’s admission to school. She approached a bank that was willing to offer the Loan amount at a 12% p.a. rate of interest with a loan tenure of 24 months. The EMI payable by her can be calculated as given below:

First, let’s convert the yearly interest rate to monthly interest rate:
R = Interest rate/Number of months in a year x 100
R = 12/12 x 100
Therefore, R = 0.01%

Now, applying the personal loan EMI formula mentioned earlier,
E = [1,00,000 x 0.01 x (1+0.01)^24]/[(1+0.01)^24-1]
E = 1,000 x (1.01)^24/(1.01)^24-1
E = 1,000 x 1.26973464853/1.26973464853-1
E = 1269.73464853/0.26973464853
E = 4707.34

Therefore, the EMI payable by Ms. Shah for the loan is Rs.4,707.

How to Calculate Personal Loan EMI using Excel Sheet

  • 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)

For Example: Let us assume the annual rate of your personal loan is 12% p.a., 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

Factors that affect the Personal Loan EMI

  • Loan Amount: The higher the loan amount, the higher the EMI payable. The maximum loan amount you can avail is decided by the lender based on your repayment capacity, relationship with the bank, and other factors.
  • Rate of Interest: In this case, too, the rate of interest is directly proportional to the EMI. The higher the rate of interest, the higher the EMI. The bank will determine your loan’s interest rate based on a number of factors such as your Income, your credit history, repayment capacity, etc.
  • Loan Tenure: The loan tenure you choose is inversely proportional to the EMI. The longer the tenure, the lower the EMI. The loan tenure options usually range between 12 months and 60 months.

Features and Benefits of a Personal Loan EMI Calculator

  • Accuracy: With this tool, you will be able to perform the calculation accurately within seconds.
  • Saves time: With the calculator, you can do just that because this tool will allow you to do multiple calculations in few seconds.
  • Easy comparisons: Using the calculator, you can quickly evaluate the EMI for different loans to see which one suits you best.
  • Fits loans to budgets: 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. 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: Calculator 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.

How to Reduce Personal Loan EMI

If you’re looking to reduce the EMI amount you have to pay towards your personal loan, here are a few tips:

  • Consider getting the loan from your current bank: When you plan to get a personal loan, consider approaching the bank in which you already have accounts or loans. The relationship you’ve had with the bank may be advantageous in terms of getting a lower interest rate, hence reducing your EMI amount.
  • Opt for a suitable Loan Tenure: If you think the EMI payable by you takes up a major chunk of your monthly income, you can opt for a longer loan tenure. A long loan tenure will reduce the EMI. However, please note that the interest levied will be higher when the tenure is longer.
  • Pick a lender that offers a Low Interest Rate: The interest rate is one of the prime factors that decides the EMI you have to pay, so pick the lowest rate available to you.
  • Make use of the Balance Transfer option: Certain banks allow you to transfer your loan from your current bank to another bank. You can do so if a other banks offer a lower interest rate.

How to Calculate Personal Loan 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%.

Should I Prepay My Personal Loan Early?

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:

1. 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.

2. 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 prepayment 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.


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

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.

FAQs on Personal Loan Calculator

  1. Should I enter the monthly interest rate or yearly interest rate in the EMI calculator?

    You have to enter the yearly interest rate in the online EMI calculator to get the precise EMI amount.

  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 the 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).

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

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

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News About Personal Loan EMI Calculator

  • Muthoot Finance planning to expand personal loan operations

    Muthoot Finance Ltd is a company based in Kerala that offers a number of financial services. The company is now planning to expand the personal loan operations of the company to more than 50 locations across different parts of the country by the end of the year. Muthoot Finance entered the personal loan segment last year and is now working hard to expand operations across the country. The latest target of the company is personal loan category for salaried professionals in Delhi and the National Capital Region. Such personal loans are currently offered in 16 cities by Muthoot Finance. This is a very unique offer and will be benefiting a number of salaried individuals. The loan can be availed and will be disbursed by the bank before the completion of 48 hours from the time the loan was availed. The company is hopeful that they will be able to expand their customer base across different categories by the end of FY21. The company is targeting a Rs.750 crore book target for the upcoming financial year. The company will be availing loans for any amounts ranging from Rs.1 lakh to Rs.10 lakh at an interest rate ranging between 13.5% and 23% per year.

    27 May 2019

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

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