Planning to take a personal loan? Use this calculator to see your monthly EMI, total interest, and complete repayment schedule before you apply. Enter the loan amount, the interest rate you are offered, and your preferred tenure to get the full picture instantly.
Personal loans are unsecured — no collateral required. EMI is calculated using the reducing balance method, where interest is charged only on the outstanding principal each month.
A personal loan is an unsecured loan — you borrow a fixed amount and repay it in equal monthly instalments (EMIs) over a chosen tenure. Lenders assess your income, employment type, and credit score to determine eligibility and the rate they offer you.
Interest forms a larger share of early EMIs. As the balance reduces month by month, more of each EMI goes toward the principal — this is the reducing balance method.
Requirements vary. Always confirm directly with the lender before applying.
EMI uses the reducing balance formula: EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1]. Enter the loan amount, the rate you are offered, and your tenure in the calculator above to get the exact result instantly.
A longer tenure reduces your monthly EMI but increases the total interest you pay. Use the calculator to compare a 3-year vs 5-year tenure for the same amount — the difference is immediately visible.
Most personal loans allow prepayment after a lock-in period, subject to the lender's terms. Prepaying reduces your outstanding principal and future interest. Always confirm terms directly with the lender.
FOIR (Fixed Obligation to Income Ratio) is the percentage of your monthly income committed to EMIs. Lenders use FOIR to assess repayment capacity. If your existing plus new EMIs exceed the FOIR limit, your application may be reduced or rejected.
Interest rates, processing fees, and all other lender details change frequently and without notice. DigiCalc does not display, guarantee, or endorse any rates, fees, or terms from any lender. Always verify current figures directly with the lender before making any financial decision.
All content on DigiCalc is provided solely for general informational, educational, and illustrative purposes and should not be considered financial, investment, legal, or tax advice.
Calculator outputs are estimates based on user-provided inputs and standard mathematical formulas. Actual results may vary significantly.
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