Total EMI


Total Interest


Total Payments


Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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Personal Loan EMI Calculator

Whenever you take a loan, it is important to plan well and calculate the equated monthly instalment (EMI) you are going to pay in order to repay that loan. It is vital to assess whether or not you will be able to repay a loan systematically through your EMIs or not. This is where an EMI calculator comes in. It is a great tool to help you plan your finances wisely.

A Personal Loan is a kind of quick and simple finance that you can opt for in any financial emergency or otherwise. A Personal Loan gets approved very fast with minimal processing time involved. It takes between 24 hours to a couple of days for a Personal Loan to get credited to your account.

Personal Loans come with comparatively a higher rate of interest than secured loans to safeguard the lender's interests as well. This is because these loans do not involve any collateral as security.

What is a Personal Loan EMI Calculator?

It is important for one to assess their loan repayment ability before opting for a Personal Loan in order to avoid a financial disaster. The EMI calculators help one compute the EMI on the loan in an easy and accurate manner. One can access an EMI calculator from anywhere and get the information without any charges involved. Simply put in a few loan related details and get the result. 

How Does the Personal Loan EMI Calculator Work?

A Personal Loan EMI calculator helps you calculate the EMI as per the loan related details that you enter. Here are the inputs that are needed for a Personal Loan EMI calculator to compute accurately:  

  • Loan Amount: It is the amount of money that you borrow from the lender. In order to calculate the Personal Loan EMI, first the decided rate of interest is applied and the same is then divided by the tenure to get you monthly EMIs. Usually, most lenders lend only that much amount that allows your monthly installments to remain less than 40% of your income per month.
  • Interest Rate: The interest rate is what the lender charges you for lending a certain amount when you need it. It is charged on the amount lent and is either floating or fixed. A floating rate of interest keeps changing from time to time as per the prevailing policies. As a result, the EMIs to keep varying. However, a fixed rate of interest is one that remains the same throughout the loan tenure. Because of this, all your loan EMIs are of an equal value.
  • Loan Tenure: It is the time that an applicant chooses for repaying the entire loan. However, policies governing that a Personal Loan period be anything between 1 to 5 years only. Most lending institutions are flexible and allow the borrower to decide the return period as per their needs.

When you use a Personal Loan EMI calculator; it has two parts - the Personal Loan interest rate calculator and the Personal Loan EMI calculator. While the interest rate calculation is easier, the EMI calculation is a complex process.

The Personal Loan Interest Calculator

The interest rate levied on your loan amount is always an annual rate. Also, the interest rate of every lending institution is different. That is why to make a well-informed choice, it is important to calculate how this annual rate translates into your monthly EMI. The Personal Loan interest calculator helps you convert the annual rate of interest into a personal loan monthly rate of interest so that you can work out your EMI amount.

The Personal Loan EMI calculator does this for you automatically. However, you can find out the monthly rate of interest (ROI) by dividing the annual rate of interest (ROI) by 12. Therefore, if the bank is charging you an annual 18% ROI, you divide it by 12 and 1.5% is your monthly ROI which will be applicable on the loan amount.

The Personal Loan EMI Calculator

This helps you calculate your monthly EMI on a Personal Loan using the monthly ROI you just calculated above. This is a lengthy and tedious process. Since we converted the annual ROI into monthly ROI, we must also convert the loan tenure to months as well.

Then using the following formula we can calculate the personal loan EMI:

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


EMI  = Equated Monthly Installment

P = Principal/Loan amount

R = Rate of Interest (You must enter the monthly ROI here)

N = Loan Repayment Tenure (You must enter tenure in months)

You can choose to calculate this manually, through an excel spreadsheet, or use a great tool such as MyMoneyMantra's Personal Loan EMI Calculator for faster, accurate, and error-free results. Simply enter details about the loan amount, interest rate, and loan tenure into our Personal Loan EMI calculator and get your EMI or monthly instalment amount, which you will be paying if you take that loan.

To get to an EMI amount you are comfortable paying, you can adjust the loan amount and time frame using the slider. It is that simple!

Benefits of Using MyMoneyMantra's Personal Loan EMI Calculator

It is best to use an EMI calculator before taking a loan. This way you can get clarity on how much loan you need to take to have an EMI that you can pay comfortably. Here are some benefits of using MyMoneyMantra's Personal Loan EMI calculator:


You need not be a finance genius to be able to use the MyMoneyMantra EMI calculator. It is a simple and easy-to-use tool that helps you calculate your monthly EMI without any special training required.

No extra charges

MyMoneyMantra Personal Loan EMI calculator is a free-of-cost tool available on the website for use by anyone and everyone.

No lengthy or difficult calculations involved

It is possible to calculate Personal Loan EMI with the help of an excel spreadsheet. However, that is a tedious, confusing, and lengthy process. A ready-made EMI calculator devised especially to work out your monthly EMI is a simple and accurate tool that saves your time and effort. Not only does it make things simpler it also takes away the stress of working on an accurate figure, lest you end up making a wrong decision.

Faster Results

With the help of a Personal Loan EMI calculator, you can find out your EMI amount within seconds of feeding the required information. It does all the work for you quickly without wasting any time.

Easy assessment of repayment capacity for better financial planning

With MyMoneyMantra's EMI calculator, you can also assess your repayment capacity and accordingly find out the desired EMI value. Simply tweak the data on the slider to adjust the inputs and the calculator will tell you exactly how much loan you must take and for what tenure to get an EMI amount you can pay easily. This way you would know how much funds you must keep aside every month from your income to pay off the loan.  

Informs you about the best Personal Loan offers

At MyMoneyMantra, once you have used the calculator you are shown the options for some of the Best Personal Loans so that you can make a well-informed decision. Click on the 'Get Quotes' tab for best quotes to pick from.

Personal Loan Prepayment Amount Calculator

You can also use a Personal Loan Prepayment Amount Calculator in case you are planning to make periodic re-payments on your Personal Loan. This calculator helps you find out the time left to pay off your entire Personal Loan amount for the decided interest rate.


How does an EMI calculator help me chose the best Personal Loan available?

Ans. An EMI calculator is a wonderful tool that not only helps you calculate the monthly EMI for your loan, but also helps you work out which loan offer is most suitable for you comparing loan amounts, tenure and ROI. Based on the calculations you can compare the EMIs from different loans with the help of the EMI calculator. This helps you make an informed choice.

Is it possible to use Personal Loan EMI calculator for car loan or Home Loan as well?

Ans. All EMI calculators work on the same three parameters of loan amount, ROI, and the loan tenure. However, many times specific EMI calculators come with pre-defined limits set for the maximum amount of principal and it varies from one loan type to another. For example, the maximum amount for Personal Loans is 50 Lakhs only. However, the same may be much higher for Home Loans. That is why it is always time-saving to use need specific EMI calculators only.

Are EMI calculators more accurate than the excel sheets?

Ans. Both EMI calculators and excel sheets are equally accurate. However, online EMI calculators are much simpler and easier to use, thus help simplify even lengthy calculations. This not only saves time but a lot of effort as well.

What is loan amortization schedule?

Ans. Loan amortization can be explained as the process of systematically arranging the process of loan re-payment in a tabular format for ease of understanding. It must be noted that all EMIs that you make towards repaying the loan go into paying the principal, as well as, the interest component of the loan. With the help of a loan amortization table you can get absolute clarity on how much amount has been paid towards the principal and how much against the interest all through the loan tenure. This comes in handy at the time of increasing EMIs, or partial loan repayments, and so on and is therefore, vital to understand your amortization schedule well.

Do EMI calculators calculate the same EMI as the actual EMI figure given by the bank?

Ans. Any EMI calculator will calculate the EMI based on whatever inputs are fed into it. If the inputs fed by you are the same as the inputs being used by the bank, then the EMI amount calculated by both will be the same. It is important to note that the loan tenure, loan amount, and the rate of interest entered must be the same as considered by the bank. Also, do not forget to count in the processing fee and include it in the loan amount to get the same results.


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