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Personal Loan Calculator

Calculate EMI, total interest and the repayment schedule on a personal loan

Loan Details

₹5.00 lakh
Personal loan rates in India typically run 10.5–24% depending on your credit profile.

Lending and deposit conventions — set by Reserve Bank of India. Last verified .

The reducing-balance EMI convention and quarterly compounding on recurring deposits. Interest rates are your input — they are set by individual lenders and banks.

Compare offers on the annual percentage rate including fees, not the headline rate — a lower rate with a 2% processing fee is often the more expensive loan.

Check the source

Monthly EMI

₹11,122

Total Interest
₹1,67,333
Total Payment
₹6,67,333

Excludes processing fees, insurance and GST on charges.

Loan Summary

Loan amount
₹5,00,000
Interest rate
12.00% p.a.
Tenure
5 years (60 EMIs)
Monthly EMI
₹11,122
Total interest
₹1,67,333
Interest as a share of principal
3,346.7%
Total payment
₹6,67,333

Composition

Principal₹5,00,000 · 74.9%
Interest₹1,67,333 · 25.1%

Where you stand each year

End of year 1
₹4,22,355 outstanding
End of year 2
₹3,34,862 outstanding
End of year 3
₹2,36,274 outstanding
End of year 4
₹1,25,181 outstanding
End of year 5
₹0 outstanding

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How this is calculated

Formula

EMI = P × i × (1 + i)ⁿ ÷ [(1 + i)ⁿ − 1]

P
= loan amount
i
= monthly rate = annual rate ÷ 12 ÷ 100
n
= number of monthly instalments

With your numbers

  1. 1Monthly ratei = r ÷ 12 ÷ 10012.00% ÷ 12 ÷ 100 = 0.010000
  2. 2Number of instalmentsn = years × 125 × 12 = 60
  3. 3Apply the annuity formulaEMI = P × i × (1 + i)ⁿ ÷ [(1 + i)ⁿ − 1]₹5,00,000 × 0.010000 × (1 + 0.010000)^60 ÷ [(1 + 0.010000)^60 − 1] = ₹11,122
  4. 4Total costtotal = EMI × n, interest = total − P₹11,122 × 60 = ₹6,67,333, so ₹1,67,333 is interest
Monthly EMI₹11,122
  • This is a reducing-balance loan, the standard in India: interest each month is charged on the balance still outstanding, so the interest portion of the EMI falls as the loan runs down. A "flat rate" quoted by some lenders is not comparable — the same flat rate is roughly twice as expensive.
  • Your first EMI is about ₹5,000 interest and ₹6,122 principal. The split reverses over the tenure.
  • Stretching the tenure lowers the EMI and raises the total interest, often sharply. Compare the total payment, not just the monthly figure.
  • Processing fees, insurance premiums bundled into the loan, and GST on charges are excluded — ask for the annual percentage rate including all of them.

What is a personal loan?

An unsecured loan — nothing is pledged against it — repaid in equal monthly instalments. Because there is no collateral, the rate is well above a home or car loan.

It is the most expensive mainstream borrowing after a credit card, which is worth remembering when the EMI looks affordable in isolation.

Before you sign

  • • Ask for the APR including processing fees, not the headline rate
  • • Check the prepayment charge — many lenders levy 2–5% on foreclosure
  • • A shorter tenure costs less overall even though the EMI is higher
  • • Total EMIs above about 40% of take-home pay is where lenders start to balk
  • • There is no tax deduction on personal loan interest

Frequently Asked Questions

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Terms used here

Every formula, convention and source behind these calculators is written down. Read the methodology — including what BullTimes deliberately will not do. We take no commission on anything, and recommend nothing.