About the Personal Loan EMI Calculator
Personal loans are unsecured, so interest rates are higher than for home or car loans. Checking the EMI first helps you avoid borrowing more than you can repay.
Enter the amount, rate and tenure to see your EMI and the interest you will pay.
Formula used
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where r = annual rate ÷ 12 ÷ 100 and n = months.
Frequently asked questions
Why are personal loan rates high?
There is no collateral, so the lender takes more risk and charges more.
Do processing fees change the cost?
Yes. Fees raise the real cost, so compare the total amount you repay, not only the rate.
Does a missed EMI hurt my credit score?
Yes, late payments can lower your credit score and add penalties.