Personal Loan Calculator

Calculate your personal loan EMI, total interest, and repayment amount. Compare different loan terms to find the best option for your needs.

Loan Details

$1K $100K
5% 30%
1 Year 10 Years

Calculation Results

Monthly EMI
$562
Principal Amount
$25,000
Total Interest
$8,720
Total Amount
$33,720

Payment Breakdown

Number of Payments: 60 months
Interest Rate: 12.5% per annum
Interest vs Principal: 25.9% : 74.1%

Understanding Personal Loans

What is a Personal Loan?

A personal loan is an unsecured loan that you can use for various purposes like debt consolidation, home improvements, medical expenses, or major purchases. It typically has a fixed interest rate and repayment term.

How Personal Loan EMI is Calculated

Personal loan EMI is calculated using the same formula as other loans: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is principal, R is monthly interest rate, and N is the number of installments.

Factors Affecting Personal Loan Interest

  • Credit Score: Higher credit scores get better interest rates
  • Income: Higher income can qualify for lower rates
  • Employment History: Stable employment reduces risk
  • Loan Amount: Larger loans may have different rate structures
  • Loan Tenure: Shorter terms often have lower rates
  • Existing Relationship: Bank customers may get preferential rates