Personal Loan EMI Calculator
Estimate the monthly installment on an unsecured personal loan, and see how much of each payment goes to interest versus principal given the higher rates these loans typically carry.
How Personal Loan EMI is Calculated
The Equated Monthly Installment (EMI) for a personal loan is calculated using the same standard formula banks and NBFCs use, based on your loan amount, interest rate, and repayment tenure.
EMI Formula
EMI = P × R × (1 + R)N
(1 + R)N − 1
Principal (P)
₹5,00,000.00
Monthly Rate (R)
1.0000%
Tenure (N)
36 Months
Monthly EMI
₹16,607.15
Where: P represents the personal loan amount, R is the monthly interest rate, and N is the total number of monthly installments.
Personal Loan EMI Calculation Example
See how the EMI formula works with a practical example using the values you've entered.
Worked Example
Suppose you take a personal loan of ₹5,00,000.00 at an annual interest rate of 12% for 3 years.
Based on these values, your estimated monthly EMI is ₹16,607.15.
Every monthly EMI consists of two parts:
During the initial months, a larger portion of your EMI goes toward paying interest, while only a small portion reduces the principal amount.
As your loan progresses, more of each monthly EMI is applied toward reducing the principal, while the interest portion gradually decreases. Since personal loans carry no collateral, lenders often price in a higher rate up front, which makes the early-months interest share noticeably larger than on a secured loan.
What Lenders Look at for Personal Loans
Personal loans are unsecured, so approval and pricing depend heavily on factors that don't matter as much for secured loans like home or car loans.
Debt-to-Income Ratio
Most lenders want your total EMI obligations, including this new loan, to stay under 40-50% of your monthly income. Keeping it below 30% is considered ideal and generally improves your chances of approval at a better rate.
Credit Score
Since there's no collateral backing the loan, your credit score is the biggest lever on the interest rate you're offered. A score above 750 typically unlocks the lowest available rates.
Shorter Tenure, Less Interest
Personal loan rates are already higher than secured loans, so tenure matters more here. Choosing the shortest tenure you can comfortably afford, rather than the one with the lowest EMI, can meaningfully cut what you pay in interest overall.
Quick check: to keep your total EMI outflow (including this loan) within a healthy 40% debt-to-income ratio, your net monthly income should ideally be at least 2.5 times this EMI amount.
Amortization Schedule
View a month-by-month breakdown of your personal loan repayment, including EMI, principal paid, interest paid, and the remaining loan balance.
Swipe horizontally to view the complete repayment schedule.
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹16,607.15 | ₹11,607.15 | ₹5,000.00 | ₹4,88,392.85 |
| 2 | ₹16,607.15 | ₹11,723.23 | ₹4,883.93 | ₹4,76,669.62 |
| 3 | ₹16,607.15 | ₹11,840.46 | ₹4,766.70 | ₹4,64,829.16 |
| 4 | ₹16,607.15 | ₹11,958.86 | ₹4,648.29 | ₹4,52,870.30 |
| 5 | ₹16,607.15 | ₹12,078.45 | ₹4,528.70 | ₹4,40,791.84 |
| 6 | ₹16,607.15 | ₹12,199.24 | ₹4,407.92 | ₹4,28,592.61 |
| 7 | ₹16,607.15 | ₹12,321.23 | ₹4,285.93 | ₹4,16,271.38 |
| 8 | ₹16,607.15 | ₹12,444.44 | ₹4,162.71 | ₹4,03,826.94 |
| 9 | ₹16,607.15 | ₹12,568.89 | ₹4,038.27 | ₹3,91,258.05 |
| 10 | ₹16,607.15 | ₹12,694.57 | ₹3,912.58 | ₹3,78,563.48 |
| 11 | ₹16,607.15 | ₹12,821.52 | ₹3,785.63 | ₹3,65,741.96 |
| 12 | ₹16,607.15 | ₹12,949.74 | ₹3,657.42 | ₹3,52,792.22 |
| 13 | ₹16,607.15 | ₹13,079.23 | ₹3,527.92 | ₹3,39,712.99 |
| 14 | ₹16,607.15 | ₹13,210.03 | ₹3,397.13 | ₹3,26,502.97 |
| 15 | ₹16,607.15 | ₹13,342.13 | ₹3,265.03 | ₹3,13,160.84 |
| 16 | ₹16,607.15 | ₹13,475.55 | ₹3,131.61 | ₹2,99,685.29 |
| 17 | ₹16,607.15 | ₹13,610.30 | ₹2,996.85 | ₹2,86,074.99 |
| 18 | ₹16,607.15 | ₹13,746.40 | ₹2,860.75 | ₹2,72,328.59 |
| 19 | ₹16,607.15 | ₹13,883.87 | ₹2,723.29 | ₹2,58,444.72 |
| 20 | ₹16,607.15 | ₹14,022.71 | ₹2,584.45 | ₹2,44,422.01 |
| 21 | ₹16,607.15 | ₹14,162.93 | ₹2,444.22 | ₹2,30,259.07 |
| 22 | ₹16,607.15 | ₹14,304.56 | ₹2,302.59 | ₹2,15,954.51 |
| 23 | ₹16,607.15 | ₹14,447.61 | ₹2,159.55 | ₹2,01,506.90 |
| 24 | ₹16,607.15 | ₹14,592.09 | ₹2,015.07 | ₹1,86,914.82 |
| 25 | ₹16,607.15 | ₹14,738.01 | ₹1,869.15 | ₹1,72,176.81 |
| 26 | ₹16,607.15 | ₹14,885.39 | ₹1,721.77 | ₹1,57,291.42 |
| 27 | ₹16,607.15 | ₹15,034.24 | ₹1,572.91 | ₹1,42,257.18 |
| 28 | ₹16,607.15 | ₹15,184.58 | ₹1,422.57 | ₹1,27,072.60 |
| 29 | ₹16,607.15 | ₹15,336.43 | ₹1,270.73 | ₹1,11,736.17 |
| 30 | ₹16,607.15 | ₹15,489.79 | ₹1,117.36 | ₹96,246.38 |
| 31 | ₹16,607.15 | ₹15,644.69 | ₹962.46 | ₹80,601.68 |
| 32 | ₹16,607.15 | ₹15,801.14 | ₹806.02 | ₹64,800.55 |
| 33 | ₹16,607.15 | ₹15,959.15 | ₹648.01 | ₹48,841.40 |
| 34 | ₹16,607.15 | ₹16,118.74 | ₹488.41 | ₹32,722.66 |
| 35 | ₹16,607.15 | ₹16,279.93 | ₹327.23 | ₹16,442.73 |
| 36 | ₹16,607.15 | ₹16,442.73 | ₹164.43 | ₹0.00 |
Personal Loan EMI Calculator FAQs
Find answers to the most common questions about personal loan EMI, interest rates, eligibility, and repayment.
Disclaimer
Results are estimates for informational purposes only and may differ from actual values. Do not make financial, investment, tax, or legal decisions based solely on these results. Verify important calculations with official sources or a qualified professional. CalcMint is not liable for any loss or damage resulting from the use of this calculator.
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