Personal Loan EMI Calculator

Monthly EMI

₹9,964

Total Interest

₹58,715

Total Payable

₹3,58,715

Adjust Parameters

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Bank Rate Notice: Interest rates vary by bank, branch, and tenure. Enter the specific rate offered by your bank to calculate your exact returns.

Loan Amount

₹

₹10,000₹40,00,000

Interest Rate (p.a.)

8%26%

Loan Tenure

1 Yr7 Yrs

Payment Breakdown

Monthly EMI

₹9,964

Principal

Interest

Year-by-Year Payment Breakdown

Timeline SnapshotYear 1

Principal Paid₹88,325

Interest Paid₹31,247

Total Value₹1,19,572

💡 Hover or tap any bar to explore other years

YEARS

Principal Paid

Interest Paid

Year-by-Year Amortization Schedule

Year	Opening Balance	Principal Paid	Interest Paid	Closing Balance
1 Year	₹3,00,000	₹88,325	₹31,247	₹2,11,675
2 Years	₹2,11,675	₹99,526	₹20,045	₹1,12,149
3 Years	₹1,12,149	₹1,12,149	₹7,423	₹0

Personal Loan Maximum Tenure & Eligibility

The personal loan maximum tenure at most Indian banks is five years, occasionally seven. That ceiling is not arbitrary. A personal loan is unsecured — there is no house or car the lender can repossess — so the only protection is the borrower's continued ability to pay. The longer the term, the more chance a job changes, an illness intervenes or a business fails, and none of that risk is collateralised.

The pricing follows the same logic: unsecured rates typically run well above secured ones, and the spread between the best and worst quoted rate is wider here than on any other retail product, because the lender is pricing you rather than an asset.

On ₹5,00,000 at 14%, the tenure choice costs real money:

•3 years — EMI ₹17,089, total interest ₹1,15,197.
•5 years — EMI ₹11,634, total interest ₹1,98,048.
•7 years — EMI ₹9,370, total interest ₹2,87,080.

Going from three years to seven cuts the instalment by 45% but costs ₹1,71,883 more in interest — over a third of the sum borrowed, for the same money. Eligibility itself is set by FOIR: lenders cap total monthly obligations at roughly 40–50% of net income, so a longer tenure can be the only way to fit a given amount inside that ratio. That is the legitimate use of a long term, and the only one.

Prepayment & Personal Loan Closure Calculator

Used as a personal loan closure calculator, the schedule below the calculator tells you two things a lender's app usually will not: what you still owe at any point, and how much future interest disappears if you settle then.

Take the ₹5,00,000 loan at 14% over five years. Run to term it costs ₹1,98,048 in interest. Close it at the end of year two and you will have paid ₹1,19,621 of that, with ₹3,40,402 of principal outstanding. Settling then saves ₹78,427 — around 40% of all the interest on the loan, eliminated by a single decision.

Three conditions govern whether that is worth doing:

•Lock-in period. Most lenders bar foreclosure until 6 to 12 EMIs have been paid. Before that the option simply does not exist.
•Foreclosure charges. Typically a percentage of the outstanding principal, plus GST, and often tapering as the loan ages. Unlike floating-rate home loans, unsecured personal loans are not protected from prepayment penalties, so this is a real cost to net off against the saving.
•Part-payment rules. Many lenders allow a partial prepayment once or twice a year, capped at a share of the outstanding balance. Ask for the tenure to be shortened rather than the EMI reduced — keeping the instalment and removing months saves far more, because the months you delete are the ones still carrying a large balance.

The arithmetic is almost always favourable early and marginal late: a foreclosure fee of a few percent on ₹3,40,402 is far smaller than ₹78,427 of avoided interest. Always ask for a written foreclosure quote — it states the exact settlement figure on a given date. For the same calculation on any other loan, use the General EMI Calculator.

Calculate your exact personal loan EMI, total interest payable, and a year-by-year repayment schedule. Adjust loan amount, interest rate, and tenure to plan your borrowing.

Personal Loan EMI — Frequently Asked Questions

Everything you need to know about personal loan repayment and eligibility.

A personal loan EMI (Equated Monthly Instalment) is the fixed amount you repay each month for an unsecured personal loan. Since personal loans require no collateral, lenders typically charge a higher interest rate than secured loans like home or car loans, and tenures are usually shorter — commonly 1 to 5 years.

The same reducing-balance formula used for all EMI loans applies: EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate, and n is the tenure in months. Because personal loan rates and tenures differ from secured loans, always enter the exact rate quoted to you.

Lenders primarily assess your monthly income, employment stability, existing debt obligations (measured via your debt-to-income ratio), and credit score. A higher credit score and lower existing EMI burden typically improve both your approval odds and the interest rate offered.

Most lenders allow personal loan foreclosure or part-prepayment after a lock-in period (commonly 6–12 months), though some charge a foreclosure fee as a percentage of the outstanding principal. Since personal loans carry relatively high interest, prepaying early — where permitted — meaningfully reduces your total interest outgo.