🔢 India's Best Financial Calculators 🇮🇳 Made for Indian Markets
🚀 Upgrade to Premium

Personal Loan Calculator - Calculate Your Personal Loan EMI

Calculate monthly EMI for personal loans. Get detailed breakup of principal and interest with amortization schedule to plan your finances better.

Personal Loan Details

₹50K ₹50L
Minimum ₹50,000, Maximum ₹50 Lakhs
10% 25%
Annual interest rate charged by lender
1 Year 7 Years
Total loan repayment period

Your Personal Loan EMI Details

Monthly EMI
₹17,912
Principal Amount
₹5,00,000
Total Interest
₹1,44,832
Total Payment
₹6,44,832

Your Amortization Details (Yearly/Monthly)

Advantages of Using This Personal Loan Calculator

Accurate EMI Calculation

Get precise monthly EMI calculations using the standard mathematical formula, helping you plan your budget effectively.

Detailed Payment Breakdown

Understand how much goes towards principal and interest each month with our comprehensive amortization schedule.

Compare Different Scenarios

Easily compare different loan amounts, tenures, and interest rates to find the best personal loan option for you.

Visual Charts & Graphs

Interactive charts help you visualize your loan payment distribution and payment schedule over time.

Financial Planning Tool

Plan your finances better by understanding total interest payable and monthly cash flow requirements.

Free & Easy to Use

No registration required. Use our calculator unlimited times to make informed borrowing decisions.

Related Calculators

Personal Loan Tips

  • Check your credit score before applying
  • Compare interest rates from multiple lenders
  • Choose the shortest tenure you can afford
  • Read all terms and conditions carefully
  • Consider processing fees and charges
  • Avoid taking loans for non-essential expenses

Understanding Personal Loans and EMI

A personal loan is an unsecured loan that can be used for various personal financial needs such as medical emergencies, home renovation, wedding expenses, vacation, or debt consolidation. Since it's unsecured, lenders typically charge higher interest rates compared to secured loans.

How is Personal Loan EMI Calculated?

Personal loan EMI calculation is based on three key factors: the loan amount (principal), the interest rate, and the loan tenure. The EMI amount remains fixed throughout the loan tenure.

EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
Where:
P = Principal loan amount
r = Monthly interest rate (Annual rate / 12 / 100)
n = Total number of monthly installments

Features of Personal Loans

  • Unsecured Nature: No collateral required, but higher interest rates
  • Quick Processing: Faster approval and disbursal compared to secured loans
  • Flexible Usage: Can be used for various personal financial needs
  • Fixed EMI: Predictable monthly payments throughout the tenure
  • Shorter Tenure: Typically 1-7 years repayment period

Factors Affecting Personal Loan Interest Rates

Personal loan interest rates depend on various factors including your credit score, income level, employment history, existing debt obligations, and the lender's policies. A higher credit score typically qualifies you for lower interest rates.

Frequently Asked Questions about Personal Loans

What is the maximum amount I can borrow as a personal loan?

Personal loan amounts typically range from ₹50,000 to ₹50 lakhs, depending on your income, credit score, and the lender's policies. Higher income and better credit scores qualify for larger loan amounts.

What credit score is needed for a personal loan?

Most lenders require a minimum credit score of 750 for personal loans. However, some lenders may approve loans with scores as low as 650, though at higher interest rates.

Can I prepay my personal loan?

Yes, most personal loans allow prepayment, but some lenders may charge prepayment penalties. Check your loan agreement for specific terms and charges.

How long does personal loan approval take?

Personal loan approval can take anywhere from a few hours to 7 days, depending on the lender and your documentation. Many digital lenders offer instant approval and same-day disbursal.

What documents are required for a personal loan?

Typically required documents include identity proof, address proof, income proof (salary slips, bank statements), and employment proof. Self-employed individuals may need additional financial documents.

Is personal loan interest tax deductible?

Personal loan interest is generally not tax deductible unless the loan is used for specific purposes like home renovation or business needs. Consult a tax advisor for specific cases.

🇮🇳

Made for India

All calculators designed specifically for Indian tax laws, interest rates, and financial schemes.

🆓

100% Free

Use all our financial calculators without any cost. No registration or subscription required.

🔒

Secure & Private

Your data is never stored or shared. All calculations happen securely in your browser.

📱

Mobile Friendly

All calculators work perfectly on mobile phones, tablets, and desktop computers.