Free Tool · Personal Loan Calculator
Loan details
Monthly instalment (EMI)
for 60 months at 10.5% p.a.
Principal vs. interest
Amortization details
Tap a year to see the month-by-month split
Figures are indicative and depend on the lender's exact terms. EMI = P·r·(1+r)ⁿ ÷ ((1+r)ⁿ−1)
EMI is calculated using the formula EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months. This calculator applies that formula automatically as you adjust the sliders above.
With reducing balance interest, you're charged interest only on the amount you still owe, so the interest portion of each EMI shrinks over time while the principal portion grows. Most Indian personal loans use reducing balance interest, which is what this calculator assumes.
Yes — spreading the same loan amount over more months lowers each monthly payment. The trade-off is that a longer tenure increases the total interest you pay across the life of the loan, which you can see reflected in the amortization details above.
Most lenders allow part-prepayment or full foreclosure, often after an initial lock-in period, and may charge a prepayment fee on the outstanding balance. Always confirm the exact terms with your lender before planning a prepayment.