Personal Loan EMI Calculator
Calculate the EMI, total interest and effective cost of a personal loan including the upfront processing fee.
What is the Personal Loan EMI Calculator?
A personal loan is an unsecured loan for any purpose, typically for 1–7 years at higher rates than secured loans. The processing fee is deducted upfront and increases your real cost.
How does it work?
The EMI is calculated with the reducing-balance method. The processing fee (plus 18% GST) is added to the interest to show the total cost of the loan.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Example
₹5,00,000 at 11% for 3 years: EMI ≈ ₹16,369, total interest ≈ ₹89,284. A 2% fee adds ₹10,000 + ₹1,800 GST.
Frequently asked questions
Is a flat-rate personal loan cheaper?
Usually not. A 10% flat rate is roughly equivalent to an 18% reducing-balance rate because interest is charged on the original principal throughout.
Can I prepay a personal loan?
Most lenders allow prepayment after 6–12 EMIs, sometimes with a foreclosure charge of 2–5%. Check your loan agreement.
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