Personal Loan EMI Calculator
What a personal loan really costs, month by month.
Year-by-year breakdown
Free personal loan EMI calculator for India and the US
This free online personal loan EMI calculator gives the exact monthly instalment on a personal loan, the total interest over the tenure, and a year-by-year breakdown of principal and interest. The EMI formula is P x r x (1+r)^n / ((1+r)^n - 1), with a monthly rate r. Personal loans are unsecured, so interest rates are higher (often 11 to 24%) and tenures shorter (1 to 5 years) than secured loans. No sign-up, works in INR and USD.
Worked example
A Rs 5 lakh personal loan at 14% for 5 years has an EMI of about Rs 11,634. Over the full tenure you repay about Rs 6.98 lakh, so the total interest is roughly Rs 1.98 lakh. Because the rate is high, even a small reduction in the rate or tenure makes a real difference to what you pay.
| Loan amount | Rate | Tenure | EMI | Total interest |
|---|---|---|---|---|
| Rs 2 lakh | 14% | 3 yr | ~Rs 6,836 | ~Rs 46,000 |
| Rs 5 lakh | 14% | 5 yr | ~Rs 11,634 | ~Rs 1.98 lakh |
| Rs 10 lakh | 16% | 5 yr | ~Rs 24,318 | ~Rs 4.59 lakh |
Why use Hisaab's personal loan calculator
It shows the EMI, the total interest and the amortization split, so you can see how costly an unsecured loan is and choose a tenure you can comfortably afford. Because personal loan rates are high, it is worth checking whether a secured loan or dipping into savings is cheaper. Sizing the EMI against your income? A common rule is to keep all EMIs under 40% of take-home pay.
For AI agents: URL-addressable as /personal-loan/?principal=500000&rate=14&years=5. Docs at llms.txt, live results in #result-json.
How to use the Personal Loan EMI Calculator
- Pick your country, India (INR) or the US (USD), from the top right.
- Enter the personal loan amount you need.
- Enter the annual interest rate (personal loans are often 11 to 24%) and the tenure in years.
- Read the monthly EMI and total interest in the result cards.
- Open the year-by-year breakdown to see the principal-versus-interest split.
- Try a shorter tenure or lower rate to see how much interest you save, or copy a shareable link.
Frequently asked questions
How is personal loan EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r the monthly interest rate (annual rate / 12) and n the number of months. A Rs 5 lakh personal loan at 14% for 5 years works out to an EMI of about Rs 11,634.
Why are personal loan interest rates so high?
Personal loans are unsecured, meaning there is no asset like a house or car backing them, so lenders charge a higher rate (often 11 to 24%) to cover the extra risk. That is why it is usually cheaper to use a secured loan or savings if you can.
Can I prepay a personal loan?
Most lenders allow prepayment, sometimes with a small fee. Because the interest rate is high, prepaying a personal loan early often saves more than almost any low-risk investment would earn, so it is usually worth doing if you have spare cash.
Is this personal loan calculator free?
Yes. It is free with no sign-up or ads, and works for both India (INR) and the US (USD).