Personal Loan EMI Calculator: True Cost

See the EMI and the real cost of a personal loan before you accept a “pre-approved” offer.

Personal Loan EMI Calculator

Work out the monthly EMI, total interest and full repayment schedule for a home, car or personal loan.

Monthly EMI₹16,369

Principal amount: ₹5,00,000₹5 lakh
Total interest: ₹89,297
Total amount payable: ₹5,89,297₹5.89 lakh

Results are estimates for educational purposes only and are not financial, tax or legal advice. For more details, do consult a lawyer or a subject-matter expert.

Principal vs interest

PrincipalInterest

View chart data as a table

Principal vs interest
Principal	₹5,00,000
Interest	₹89,297

Year-wise amortisation schedule

Tap a year to see its monthly breakdown. Amounts in the schedule are shown to the paisa.

Principal	Interest	Total paid	Balance
₹1,48,785.29	₹47,647.02	₹1,96,432.30	₹3,51,214.71
₹1,66,002.55	₹30,429.76	₹1,96,432.30	₹1,85,212.17
₹1,85,212.17	₹11,220.14	₹1,96,432.30	₹0.00

Explain this result

You borrow ₹5,00,000 at 11.00% a year for 3 years. Banks charge interest monthly, so the monthly rate is 11.00% ÷ 12.

The EMI formula is EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly rate and n the number of months (36).

Your EMI stays the same every month, but its split changes: early EMIs are mostly interest, later ones mostly principal. Over the full tenure you pay ₹89,297 as interest – that is 15.15% of everything you repay (₹5,89,297).

Tip: a shorter tenure or part-prepayments sharply reduce the total interest.

Frequently asked questions

How is EMI calculated?

EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the annual interest rate divided by 12 (as a decimal) and n is the tenure in months. For ₹10 lakh at 9% for 20 years the EMI is about ₹8,997.

Does a longer tenure reduce my EMI?

Yes, but you pay much more interest in total. Choose the shortest tenure whose EMI fits comfortably within your budget.

Is the EMI shown here exactly what my bank will charge?

It is a close estimate. Banks may round differently, add processing fees or insurance, or use a floating rate that changes over time.

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Worked example: ₹5 lakh personal loan

At 11% for 3 years, the EMI is about ₹16,369 and you pay about ₹89,297 in interest. Add the processing fee (often 1–3%) and GST on it to get the true cost.

How to use it

Enter the amount you need – not the maximum the app offers you.
Enter the rate shown in the Key Fact Statement (KFS) your lender must give you.
Compare 2, 3 and 5-year tenures.

Personal loan tips

Lenders must give a Key Fact Statement with the all-in annual rate before you sign. Ask for it.
Only borrow from banks or RBI-registered NBFCs. Check the lender on the RBI website.
If a loan app or its agents harass you, read your rights against recovery agents.

Next steps

Compare personal loan interest rates, or see whether prepaying makes sense with the loan prepayment calculator.