Personal Loan EMI Calculator

See your monthly repayment before you borrow, not after.

Before you take a personal loan, it helps to know exactly what you'll owe each month. FixRupee's EMI calculator does the math for you — enter how much you want to borrow, the interest rate on offer, and how long you'd like to repay it, and your monthly installment appears instantly. No spreadsheets, no guesswork.

  • Reducing-balance method
  • Full amortisation schedule
  • No sign-up, no credit check

Work out your EMI

Move a slider or type a figure. Everything updates as you go.

₹
₹50k₹20L₹40L
% p.a.
8%19%30%
months
6m45m84m

Your monthly EMI

₹16,607/month

16%Interest
  • Principal₹5,00,000
  • Total interest₹97,858
  • Total repayment₹5,97,858
  • Payments36 months
Check your eligibility

Takes 2 minutes. Checking your rate does not affect your credit score.

Repayment schedule

Affordability check

Check if this EMI fits your budget

Before you commit, see how much of your income this EMI will take up. Enter your monthly income and any EMIs you're already paying — we'll tell you where you stand.

₹
₹15k₹2.5L₹5L
₹
₹0₹1L₹2L

Your new EMI of ₹16,607 is pulled straight from the calculator above.

Debt-to-income ratio

27.7%

0%30%40%50%70%+
Comfortable

Healthy buffer for savings and emergencies.

How we read the ratio

DTI ratioRisk levelWhat it means
Below 30% Comfortable Healthy buffer for savings and emergencies
30% – 40% Manageable Workable, but keep an eye on other spending
40% – 50% Tight Little room left — avoid taking on more debt
Above 50% Risky Consider a smaller loan amount or a longer tenure

Eligibility

Who can apply for this EMI plan

Eligibility affects both approval and the rate you're offered.

  • Net monthly incomeTypically ₹15,000 and above, though the bar varies by lender.
  • Credit score750+ unlocks the best rates. Some lenders accept 650+ at a higher price.
  • Age21 to 60 years at the time the loan matures.
  • EmploymentSalaried and self-employed applicants are both supported.
  • Total EMI loadUsually capped at 50–60% of net monthly income, including the new loan.

Side by side

What actually moves your EMI

Three comparisons, each changing one variable at a time. Every figure below is calculated with the same reducing-balance formula the calculator uses.

Tenure: 3 years vs. 5 years (₹5,00,000 at 12% p.a.)

Metric3 years5 years
Monthly EMI₹16,607₹11,122
Total interest₹97,858₹1,67,333
Total repayment₹5,97,858₹6,67,333

A longer tenure lowers your monthly EMI but raises the total interest you pay. Choose the shortest tenure your budget can comfortably handle.

Loan amount: ₹5 lakh vs. ₹10 lakh (12% p.a., 3 years)

Metric₹5 lakh₹10 lakh
Monthly EMI₹16,607₹33,214
Total interest₹97,858₹1,95,715
Total repayment₹5,97,858₹11,95,715

EMI and total interest roughly double when the loan amount doubles — borrow only what you actually need.

Interest rate: 10% vs. 14% (₹5,00,000, 3 years)

Metric10% p.a.14% p.a.
Monthly EMI₹16,134₹17,089
Total interest₹80,809₹1,15,197
Total repayment₹5,80,809₹6,15,197

Even a 4-point rate difference adds over ₹34,388 in interest on a 3-year loan — always compare offers before accepting one.

How to reduce your personal loan EMI

4 ways to bring your EMI down

01

Negotiate a better rate

A strong credit score (750+), an existing relationship with the lender, and stable income all help you secure a lower rate. Compare offers before accepting the first one you are quoted.

02

Extend the tenure

Spreading repayment over more months lowers each EMI, but increases total interest. Use this only if you need short-term cash-flow relief, and prepay when you can.

03

Make a partial prepayment

Paying a lump sum toward your principal reduces the outstanding balance, cutting either your EMI or your remaining tenure. Check prepayment charges first — some lenders levy a fee even after 12 EMIs.

04

Consider a balance transfer

Moving your loan to a lender with a lower rate can meaningfully cut your EMI. Weigh the interest savings against any transfer or processing costs before switching.

Common borrower mistakes

Avoid these costly errors

  • Borrowing beyond affordabilityTaking your full eligible amount without checking whether the EMI actually fits your monthly budget.
  • Ignoring total interest costFocusing only on a low EMI while the total repayment quietly runs into lakhs.
  • Choosing tenure by EMI aloneThe longest tenure is not always the cheapest option over the full term.
  • Skipping the fine printProcessing fees, prepayment penalties and late charges are not part of the EMI, but they add to your real cost.

Is a lower EMI always better?

Not necessarily. A lower EMI usually means a longer tenure, and a longer tenure means more total interest. A ₹5 lakh loan at 12% costs about ₹97,858 in interest over 3 years, versus roughly ₹1,67,333 over 5 years — nearly 71% more, for a smaller monthly outgo. Compare total repayment, not just the EMI figure.

Should I choose a longer loan tenure?

A longer tenure eases monthly cash flow but raises your total interest cost. It's a reasonable choice if you genuinely need the lower EMI right now — just plan to prepay when you're able to, so you offset the extra interest.

Worked example

A sample EMI calculation

Say you borrow ₹3,00,000 at 13% p.a. for 4 years. Here's how your repayment breaks down year by year.

YearPrincipal repaidInterest paidTotal paidBalance left
1 ₹61,137 ₹35,442 ₹96,579 ₹2,38,863
2 ₹69,576 ₹27,003 ₹96,579 ₹1,69,288
3 ₹79,179 ₹17,400 ₹96,579 ₹90,109
4 ₹90,109 ₹6,470 ₹96,579 ₹0
Monthly EMI: ₹8,048 · Loan ₹3,00,000 at 13% p.a. over 48 months.

Three simple steps

Get your personal loan EMI in three simple steps

No need to touch a calculator app or work through the formula by hand — just:

Type in the loan amount

Enter the figure you are considering, or drag the slider to it.

Add the interest rate

Use the rate quoted to you, or start from our indicative rate.

Pick a tenure

Watch your EMI update as you move the slider.

Back to the calculator

The math

The math behind personal loan EMI

Lenders use one standard formula to arrive at your EMI:

EMI = P × R × (1+R)N ÷ [ (1+R)N − 1 ]
PWhat you're borrowing
RYour annual rate ÷ 12 ÷ 100
NYour tenure in months

Worked example

Borrow ₹7,00,000 at 15% p.a. for 4 years (48 months). Your monthly rate works out to 1.25%. Run it through the formula and your EMI lands at ₹19,482 — over the full term you'd pay roughly ₹2,35,113 in interest.

Why use it

What you get from using this calculator

See it before you sign

Know your exact commitment before accepting a loan offer.

No calculation errors

The formula runs the same way every single time.

Weigh your options

Try a shorter tenure against a lower EMI and see which one works for your budget.

Understand your interest cost

Not just the EMI, but what you are really paying over the full term.

Test prepayment scenarios

See how paying down early changes your total interest.

Variables

What changes your personal loan EMI

  • How much you borrowA bigger loan means a bigger installment.
  • Your interest rateEven half a percentage point adds up over a multi-year tenure.
  • How long you take to repayStretching the tenure lowers your EMI but costs more in total interest.
  • Your credit historyA strong score usually gets you a better rate.
  • Salaried or self-employedLenders price these two profiles differently.
  • Income against existing debtAffects both your rate and how much you are approved for.

Full repayment walkthrough

How a ₹2 lakh loan repays over time

To show what a full repayment actually looks like month to month, here's a ₹2,00,000 loan at 12% p.a. over 36 months — a commonly borrowed combination that doesn't always get its own detailed breakdown elsewhere.

  • Loan ₹2,00,000
  • Rate 12% p.a.
  • Term 36 months
  • EMI ₹6,643
  • Total interest ₹39,143
MonthPrincipalInterestBalance remaining
1 ₹4,643 ₹2,000 ₹1,95,357
6 ₹4,880 ₹1,763 ₹1,71,437
12 ₹5,180 ₹1,463 ₹1,41,117
18 ₹5,499 ₹1,144 ₹1,08,931
24 ₹5,837 ₹806 ₹74,766
30 ₹6,196 ₹447 ₹38,499
36 ₹6,577 ₹66 ₹0

What the numbers show

Your EMI never changes — it's the split between principal and interest that shifts.

Early on, most of each payment covers interest. That flips as the loan matures.

By the final month, the outstanding balance clears to zero.

Common questions

Questions borrowers ask us

How do I work out my personal loan EMI?

Run your loan amount, interest rate and tenure through the calculator above. To do it by hand, apply the formula EMI = P × R × (1+R)^N ÷ [(1+R)^N − 1], where R is your annual rate divided by 12 and 100, and N is your tenure in months.

What would I pay monthly on a ₹2 lakh loan?

It depends on your tenure — anywhere from about ₹4,347 over five years up to ₹17,675 over one year, with rates starting around 10.99% p.a.

Does paying off part of the loan early actually help?

Yes. Reducing your outstanding principal cuts the interest calculated on every EMI after that point, so you pay less overall. The exact saving depends on how much you prepay and when you do it.

Can I apply without a salary slip?

Yes. FixRupee also accepts bank statements or ITR filings as proof of income for eligible applicants.

What paperwork is needed to apply?

PAN, Aadhaar, and recent bank statements covering the last three months.

Does my EMI change if I miss a payment?

No. Your scheduled EMI stays the same, but a missed payment affects your credit score and may bring late fees.

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Know your EMI. Now check what you'd actually be offered.

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This calculator gives indicative figures based on the reducing-balance method. Your actual EMI may differ once a lender applies processing fees, GST, insurance, or a different rounding convention. Rates and eligibility shown here are illustrative and vary by lender and by applicant.