Personal Loan EMI Calculator

Format: 12m, 36m, 3y, 7y

Monthly Payment (EMI):

Total EMIs:

Total Payments:

Total Interest:

EMI Calculator for Personal Loan

Ditch the manual calculations, and get your Personal loan EMI calculated way faster with Paisabytes’ Personal Loan EMI Calculator.

A personal loan can be taken for various purposes. Paisabytes’ Personal Loan EMI calculator comes in handy as an effective online automatic tool to determine the cost of your EMI (Equated Monthly Installment) outgo.

The best part is it saves you from all the calculations hassles and is extremely easy to use. The online calculator is capable of providing you the solution in just a split second! This way planning a personal loan becomes easier with the Personal Loan EMI calculator.

What is the EMI for a Personal Loan?

Equated Monthly Installment or EMI for a personal loan refers to the payable amount per month, for a period of time after availing a Personal Loan till you repay the amount completely.

The EMI amount is going to be used to compensate both the Principal Loan Amount and the Personal Loan Interest over the loan tenure until the loan is paid in full. This EMI amount remains the same throughout the tenure.

For example, suppose Mr. A plans to avail a personal loan amount of ₹ 5, 00,000 for the tenure of 5 years at an annual interest rate of 10%. The EMI amount that he has to pay would be ₹10,624 per month for 5 years.

How to Calculate Personal Loan EMI?

To determine the amount of the personal loan EMI, you need to use a specific standard formula available across all online calculators. Paisabytes’ personal loan calculator for EMI gives you accurate results using the standardized method to calculate the exact amount to be paid as the EMI against your loan.


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

Where EMI= Equated Monthly Payment,

P = Principal amount,

R = Rate of interest, and

N = Tenure

Solving this complicated equation each time you want to figure out the personal loan EMI doesn’t seem to be a good idea, so you can try a personal loan EMI calculator online to get the answer in a matter of seconds.

How to use Paisabytes EMI Calculator for Personal Loan?

Using Paisabytes EMI Calculator for Personal Loan is simple. You just need to enter the following 3 details:

  • Loan Amount
  • Rate of Interest (p.a.)
  • Tenure (in 12m, 36m, 3y, 7y, etc. format)

Then the Calculated EMI for the personal loan along with Total Payments and Total Interests will be shown to you. This EMI calculator is completely free with unlimited access to the calculator. Now you can easily check the EMI for various loan amounts and choose the one that suits you the best.

What is the Personal Loan Amortization Schedule?

A Personal loan amortization schedule comprises a full schedule of periodic loan payments that demonstrates the principal amount and the interest amount for each payment until you pay off the loan at the end of its term.

Here’s an example of how an Amortization Schedule for a personal loan of ₹ 100,000 with a rate of interest of 12% for a tenure of 12 months looks like:

Month Opening Balance Interest in a month Principal in a month Closing Balance
1 1,00,000 1,000 7,885 92,115
2 92,115 921 7,964 84,151
3 84,151 842 8,043 76,108
4 76,108 761 8,124 67,984
5 67,984 680 8,205 59,779
6 59,779 598 8,287 51,492
7 51,492 515 8,370 43,122
8 43,122 431 8,454 34,668
9 34,668 347 8,538 26,130
10 26,130 261 8,624 17,507
11 17,507 175 8,710 8,797
12 8,797 88 8,797 0

How Much Personal Loan Can I Get?

The amount of personal loan that you might be eligible for totally depends upon your salary, city of residence, age, demographics, or some other criteria set by the bank. The minimum salary that makes you eligible for a personal loan is  ₹ 25,000 per Month (for Mumbai and Delhi residents) or ₹ 20,000 per Month (for all other locations).

You must check the eligibility criteria with your bank first to avoid any chances of loan rejection. Some of the general criteria include:

  • Being an Indian citizen.
  • Aged between 20-60 years.
  • A minimum CIBIL score of 750.