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Personal Loan EMI Calculator

A Personal Loan EMI calculator makes it easy for you to figure out the monthly instalments on your loan with the help of basic information like loan amount, interest rate, and tenure.

Loan Amount

Interest rate




Loan Duration


1 Yr

30 Yrs



Principal Amount


Total Payable

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What is a Personal Loan EMI Calculator?

Planning and scheduling your loan repayment in advance is an important step towards repaying your personal loan. It helps you avoid any financial stress and manage your monthly budget better. To schedule your loan repayment, you need to know your EMI amount, which is the fixed monthly payment you must pay to your lender until your personal loan is fully repaid. But how do you calculate your EMI amount for a personal loan? This is where an online personal loan EMI calculator comes in handy.

A personal loan EMI calculator is a tool that helps you calculate your EMI amount for any personal loan in a matter of seconds, regardless of the loan's end use. It lets you quickly compare different personal loan options and plan your monthly budget accordingly.

How Can a Personal Loan Calculator Help You?

The online personal loan calculator can help you determine your monthly loan payments (EMI) using basic details like loan amount, interest rate, and tenure. 

Knowing your monthly payment will assist you in planning your budget. Not only that, but if you think the EMI is out of your monthly budget, then you can make adjustments to the loan amount, interest rate, or tenure that will change the monthly payments. As the online calculator is free to use, you can make multiple calculations. 

By using the personal loan calculator online, you can also understand the total interest and total payable amount for the entire tenure. The online calculator saves time without any manual calculations, which can be error-prone.

Personal Loan EMI Calculator Formula

In order to calculate the EMI, the online personal Loan EMI calculator uses a simple formula:

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

P = Principal amount
R = Interest rate per month (divide the annual interest rate by 12)
N = Number of monthly instalments (basically loan tenure in months)
Let's understand this by using the personal loan EMI calculator formula. If you take a personal loan of ₹1,00,000 from a bank at an interest of 12% per annum for 5 years. Here is how the EMI would be calculated:
P = ₹1,00,000
R = (12/100)/12 = 0.01
N = 5*12 = 60
EMI = 1,00,000*0.01(1+0.01)^60 / (1+0.01)^60-1
Or, EMI = ₹2,224.44/month

Personal Loan EMI Amortisation

The EMI on a personal loan is a mix of two important factors - principal and interest. At the beginning of the loan tenure, the interest payment can be approximately the same as the principal repayment. As months go by, the interest amount reduces and the principal amount increases. 

Here’s an amortisation schedule for our above example to show how it works. 


Interest Payment (₹)

Principal Payment (₹)

EMI (₹)

Ending Balance (₹)


























How to Use a Personal Loan EMI Calculator Online?

You can use Angel One’s personal loan EMI calculator by entering the following inputs:

  1. Loan amount: Amount of money (or the principal) that you want to borrow or have already borrowed.
  2. Interest rate: Interest rate charged by the lender/financial institution for the loan.
  3. Loan tenure: The duration of the loan in months or years.

Immediately to your right, you will be able to view the EMI along with the principal, the total interest to be paid, and the total amount to be repaid.

Suppose you are looking for the right loan to take in order to solve any cash flow issues. In that case, creating a list of all the different types of loans you can take and calculating the EMI amounts and durations for each of them can help you analyse the loan market and choose the best loan possible. The Angel One personal loan EMI calculator will help you quickly form this database in a matter of minutes by giving you the EMIs for various loan amounts, interest rates and durations.

Let us understand this with an example. Suppose Rajesh is looking to take a personal loan of ₹5,00,000 for his wedding expenses at an interest rate of 10% per annum for the duration of 4 years. Enter these values on the Angel One Personal loan EMI calculator. The calculator returns the EMI of ₹12,681 per month.

Which Factors Affect Personal Loan EMI?

As seen above, changes in the principal, interest rate, and loan tenure affect the EMI amount. These factors, in turn, are affected by the following variables -

  1. Marginal Cost of Funds Based Lending Rate (MCLR)- It is a benchmark lending rate which is set as the minimum rate at which banks can give out loans to borrowers. Therefore, all loans given by banks are partly derived from the MCLR.
  2. Credit score- You may have a good credit score based on your record of properly managing personal finances and paying certain bills on time. In that case, you may be charged less interest by banks.
  3. Income level - A higher income level can help you get a larger loan. This increases your EMIs.

What are the Benefit of Using Personal Loan Calculator for EMI?

The Personal Loan EMI calculator helps you with numerous benefits, which are listed below:

  1. Correct EMI Calculation: An accurate EMI calculation is the main purpose of a Personal Loan EMI calculator. The calculator will show you the actual EMI amount that you will have to pay each month once you select the loan amount, interest rate, and tenure.
  2. Comparison of Multiple Offers: You can compare loan offers from several lenders using a personal loan EMI calculator. You may compare the EMI amounts and select the loan that is best for you by inputting the loan amount, interest rate, and tenure of various loan offers.
  3. Effective Planning of Finances: You may more effectively arrange your finances using a Personal Loan EMI calculator. The EMI payment you will need to make each month to repay the loan will be apparent to you. This might help you plan your spending appropriately and make sure you have enough money to pay your other debts.

Personal Loan EMI Calculator FAQs

What is EMI?

EMI means equated monthly instalments. The payments are made regularly to repay an outstanding loan within a certain time frame, which is known as EMI. As the name implies, these instalments are always of the same amount.

What is the difference between fixed and floating-rate loans?

In conclusion, consumers who want to budget their loan repayments and have less risk should consider fixed-rate loans. Consumers who want to repay the loan or anticipate a future fall in interest rates may, on the other hand, choose floating-rate loans.

How to use the personal loan EMI calculator online?

Simply enter the loan amount, the interest rate to be paid and the duration in which you wish to repay the loan in the calculator. It will automatically tell you the EMI and interest amount in a matter of seconds.

Is the personal loan EMI calculator free to use?

Yes, the personal loan EMI calculator is available for free online on the Angel One website. Anyone can use it anytime they want to.

How much can be the minimum tenure of your personal loan?

The minimum tenure of a loan depends on the institution which is giving out the loan. For a large bank, it can be a year, but for more flexible financial institutions, like NBFCs or P2P lending platforms, the tenure can be as low as 3 months.

What is the eligibility for a personal loan?

The personal loan applicant must be of 21 to 60 years of age. There are other main factors, such as monthly income and credit score, that determine your eligibility for the loan. You can contact your bank to find out more information.

How can I reduce my EMI amount?

You can reduce your EMI amount by -

  1. Choosing a longer loan tenure - This will lower your monthly EMI but increase your total interest payable.
  2. Choosing a loan with a lower interest rate - This will reduce your monthly EMI and your total interest payable.
  3. Making a higher down payment - This will reduce your principal amount and, hence, your monthly EMI and total interest payable.

What are the factors that affect an individual's eligibility to take a loan on EMI?

A person’s eligibility to take a loan depends on the following factors, among others:

  1. Income - A person with a high income is deemed as a less risky borrower by institutional lenders.
  2. Credit score - Your credit score is based on your credit history and repayment behaviour. A higher credit score indicates a lower risk of default and hence helps you get a loan, that too with possibly lower interest rate.
  3. Existing debts - If you have too much debt already, especially when compared to your income, financial institutions consider it less safe to give you a loan.

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