Loans & Debt · Before Taking a Loan
Personal Loan EMI Calculator
Check the EMI on a personal loan before you apply: enter the amount, the interest rate and the tenure in months to see total interest, the month-by-month schedule, and the effect of the processing fee and its GST on what you actually receive and pay.
A ready-made version of the EMI Calculator (EMI Planner).
Your inputs
₹ 3 lakh
Your result Live
Monthly EMI
₹10,108
36 monthly EMIs over 3 years
- Principal Amount
- ₹3,00,000
- Total Interest
- ₹63,895
- Total Payment
- ₹3,63,895
- Interest-to-Principal Ratio
- 21%
- Interest in Your First EMI
- ₹3,250 (32%)
- Half the Loan Repaid By
- EMI 20 (year 2)
- Principal · 82%₹3,00,000
- Total interest · 18%₹63,895
Year-by-year repayment schedule
3 rowsThis calculator provides an estimate based on the information entered. Actual EMI may vary slightly based on the lender's calculation method, payment dates, and rounding.
How this is calculated
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
- P
- Principal
- r
- Monthly interest rate
- n
- Number of monthly installments
A personal loan is unsecured and usually short, so the rate is higher than a home loan and the tenure is counted in months. On ₹3,00,000 at 13 % for 36 months the EMI is ₹10,108 and the total interest is ₹63,895. Shortening the loan to 24 months raises the EMI to ₹14,263 but cuts the interest to ₹42,301; stretching it to 60 months lowers the EMI to ₹6,826 but pushes the interest to ₹1,09,555. Because the loan is small and short, the processing fee is a bigger share of the cost than on a home loan: a 2 % fee plus 18 % GST on ₹3,00,000 is ₹7,080, which the calculator turns into an effective yearly rate higher than the quoted one. The schedule is listed month by month, so you can see exactly what each instalment pays down.
Assumptions & sources
- Interest is charged every month on the balance still owed (reducing balance), and every EMI is the same amount.
- A monthly rate is multiplied by 12 to get the yearly equivalent; it is used directly in the EMI formula.
- The processing fee and the GST on it are taken out of the loan before it is paid out. EMI and interest are worked out on the full sanctioned amount.
- GST on the fee and on the foreclosure charge applies to Indian rupee loans only and is ignored for other currencies. Interest and principal carry no GST.
- Foreclosure happens once, right after the EMI you choose. The foreclosure payment is the left-over principal from the schedule plus the charge and the GST on it.
- Interest Saved is the interest of the full tenure minus the interest paid up to foreclosure; the charge and its GST are shown separately.
- Effective Rate Including Fees is a yearly figure (monthly rate × 12) on the money you actually receive. It is not the lender's APR, which may be computed differently.
- Broken-period interest, insurance and other deductions are not included unless you enter them as a fee.
- 1Key Facts Statement for Loans & Advances — Reserve Bank of India (2024-04-15)
- 2Pre-payment Charges on Loans Directions, 2025 — Reserve Bank of India (2025-07-02)
- 3What is monthly reducing balances method? — Reserve Bank of India (FAQ)
Common questions
What is the EMI on a 3 lakh personal loan?
At 13 % a year for 36 months the EMI on ₹3,00,000 is about ₹10,108, and you pay about ₹63,895 in interest. The rate depends on your lender and profile, so enter the one in your offer letter.
How is a personal loan EMI calculated?
The yearly rate is divided by 12 to get the monthly rate, and the EMI is the fixed payment that repays the loan, with interest charged each month on the balance still owed. The formula is EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), with n the number of months.
Is the quoted rate flat or reducing balance?
This calculator uses the reducing-balance method, where interest falls as you repay. A flat rate is charged on the original amount for the whole tenure and costs much more for the same quoted number: 13 % flat on ₹3,00,000 over 36 months would mean an EMI of about ₹11,583 instead of ₹10,108. Ask your lender which method the rate uses.
What does the processing fee do to the real cost?
The fee, and the GST on it, is usually deducted before the money reaches you, but EMI and interest still run on the full amount. Add it in the Processing Fee field and the calculator shows the amount disbursed and an effective rate including fees, which is higher than the quoted rate. Fees vary by lender, so check your offer letter.
Can I repay a personal loan early, and what does it cost?
Yes, you can foreclose it. RBI rules bar foreclosure and pre-payment charges on floating-rate loans to individuals for non-business purposes, while fixed-rate loans may carry a charge set in the agreement. Turn on “Foreclose the loan early” to see the left-over principal and the interest saved, and check current rules and your loan agreement.
Should I choose a shorter or longer tenure?
A shorter tenure raises the EMI but cuts the interest: on ₹3 lakh at 13 %, 24 months costs about ₹42,300 in interest against about ₹1,09,600 for 60 months. Pick the shortest tenure whose EMI fits your monthly budget comfortably.
Does a personal loan EMI include insurance or other charges?
Not unless you enter them. The calculator covers the loan, the processing fee and its GST. Insurance, late-payment charges and other deductions are lender-specific, so read your Key Facts Statement and sanction letter.