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Slide the bars to adjust the numbers

Select Loan Amount


Select number of months


Select interest rate


EMI Payable

Total Interest

Payable Amount

How to use this EMI Calculator?

  • Use the slider for Selecting Loan Amount
  • Select the Loan tenure in Months using slider
  • Move the slider and select the Interest Rate
  • Recalculate your EMI anytime by changing the input sliders
  • EMI will be calculated instantaneously when you move the sliders.

Payment Breakup

Monthly Repayment schedule

Try our other EMI Calculators


What is Personal Loan EMI Calculator?

Personal Loan, also known as consumer loan, is a type of loan which is normally unsecured in nature, and is taken by an individual for a short period of time. It is basically taken to meet any financial need like family expenditure, home revamp, holiday or maybe for the procurement of any amenities either for personal or for commercial use and others.

A personal loan is preferred to other loans as it requires minor documents, provides flexibility of usage and takes comparatively less processing time. Unlike other loans, it usually has a shorter repayment tenure ranging from 1-5 years.

An EMI calculator is a quick and simple solution to pre-plan and balance your inflow and outflow of money so that you don’t run short of money at any point in time.

An EMI calculator is a formula box with 3 sliders, namely-Loan Amount, Loan Tenure, and Interest Rate. Once you fill in the details, the calculator will tell you the EMI (Equal Monthly Installment) amount that you will need to give to the bank every month, to repay your debts.

Formula for calculating EMI

You can calculate your EMI Amount with the help of the mathematical formula given below:

EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables.  This also means that the EMI value will change every time you change any of the 3 variables.

Let’s discuss these 3 variables in detail.

‘P’ stands for the ‘Principal Amount’. The principal amount is the original loan amount given to you by the bank on which the interest will be calculated.

‘R’ stands for the rate of interest set by the bank.

‘N’ determines the number of years given for the repayment of the loan. Since EMIs are paid every month, the duration is calculated in the number of months.

So, if you take a Personal loan of Rs. 10 lakhs with an average interest rate of 15 %, the approximate EMI will be:

P = 10 lakhs, R = 15%, N = 2 years or 24 months

[P x R x (1+R)^N]/[(1+R)^N-1]

EMI = [1000000 x 15/100 x (1+15)^24] / [(1+15/100)^24-1]

EMI = Rs. 48,487

How does an EMI Calculator work?

An EMI Calculator is a handy tool that calculates the monthly amount payable to the lender (Bank). To calculate the EMI applicable on your loan amount, you need to use the sliders above and adjust the values for principal Amount (P), Time duration (N), and Rate of interest (R).

Follow these steps to calculate your EMI Amount:

  • Use the slider for Selecting the Loan Amount
  • Select the Loan Tenure in Months using slider
  • Move the slider and select the Interest Rate
  • Recalculate your EMI anytime by changing the input sliders
  • EMI will be calculated instantaneously when you move the sliders.

Principal Loan Amount: This is the original amount lent to you by the bank/lender. The loan amount will depend on your need and the purpose of the loan. Higher the loan amount, higher will be the EMI.

Tenure: The tenure of a loan refers to the total time given for the repayment of the loan. Since the repayment is done every month, the tenure is calculated in months and not in years. So, a tenure of 2 years is equal to 24 months.

The Rate of Interest: This is the rate at which the interest is charged on the principal loan amount. The interest rate varies depending on the type of loan taken and the lender (bank) from which the loan has been taken. The rate of interest has a direct bearing on your EMI amount; hence, it is important to compare interest rates across banks before opting for a loan.

Factors Affecting Personal Loan EMI

There are several factors which affect the EMI calculation. Since the EMI broadly depends upon the principal amount, tenure, and the rate of interest. Any change in these variables can cause a change in the EMI amount.

Prior to this, one should know that there are many other factors upon which the Personal loan (amount) granted may vary. For instance, your credit score. The more the credit score the better chances of getting the Personal loan (amount). Hence, you can manage your credit score by paying your credit card bills on time and keeping the credit card balance low. Besides, there are other criteria upon which the loan amount granted may differ from bank to bank, like:

  • Income Proof
  • Investment statements
  • Stable Employment history
  • Housing history
  • Debt-to-income ratio
  • Social media

Benefits of Personal Loan EMI Calculator

Personal Loan EMI Calculator is a hassle-free generic tool where you don’t have to do anything except entering the 3 values. Coming to the benefits, it is like you are aware of what you are getting into. You have a crystal-clear idea of the loan amount, the tenure, and the interest you will be paying. This will help you in planning your budget beforehand.

So, to ease all your problems and arrange a better flow of money and on time, Cleartax offers ELSS which gives you a tension free amount as and when required.

FAQs on Personal Loan EMI Calculator

Q.1: How can I use the EMI Calculator to find the best loan for my need?

A: An EMI Calculator can be used to compare loans from different banks, as each bank has its own interest rate. The tenure may also differ from bank to bank. So as per your choice, you can enter the figures in the EMI calculator and have your decision made already. This way you will be able to find the best bank for applying the loan from and with the least EMI that match your budget!

Q.2. what do Secured loan and Unsecured loan mean?

A: A secured loan is basically secured against an asset, usually property. An unsecured loan is one where there is no asset offered as security. The best example of an ‘unsecured’ loan is the Personal Loan.

Q.3. How long can I take to repay my Personal Loan?

A: Time allowed to repay your loan ranges from over a period of 12 to 60 months. But the important thing to keep in mind is the time taken to repay the loan will directly affect the EMI.  If you want to lower the EMIs then you must take the loan for a longer period, as the percentage would be fixed by the financial institution so you cannot change that, instead what you can do is that you increase the time (no. of years/months) and decrease the EMI repayments as per your allocated budget. But remember, this way you will have to pay more interest overall.

Q3. Can I prepay my Personal Loan?

Personal loan outstanding amount can be paid either in Full pre-payment mode or in Partial pre-payment mode. For a full pre-payment, the entire loan amount can be settled in one single payment. And for partial pre-payment of your outstanding amount, it is a Partial Prepayment mode.

Q4. What is Credit rating and how important is it for the application of Loan?

Credit rating is a technique used by Financial Institutions to access if the loan amount could be approved or not. It considers the details of your previous borrowing and payment habits, how much outstanding credit you have as well as information on how many missed or late payments you may have made.