Estimate your monthly payments and total interest instantly.
Monthly EMI: $0.00
Total Interest Payable:$0.00
Processing Fee Amount:$0.00
Total Amount (Principal + Int):$0.00
What is a Personal Loan EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount of money that you pay back to a lender (bank or financial institution) every month until your personal loan is fully paid off. A Personal Loan EMI consists of two components: the principal amount and the interest charged on the remaining balance.
How the Personal Loan EMI is Calculated
Our calculator uses the standard mathematical formula for calculating reducing balance EMIs:
Several variables can change how much you pay each month:
Principal Amount: Higher loan amounts lead to higher EMIs.
Interest Rate: Even a 0.5% difference in the interest rate can significantly impact the total interest paid over long tenures.
Tenure: A longer tenure reduces the monthly EMI but increases the total interest burden. Conversely, a shorter tenure increases the EMI but saves money on interest.
Processing Fees: Many banks charge 1% to 3% upfront. Always factor this into your total cost of borrowing.
Tips to Manage Your Personal Loan
To ensure you don't overextend your finances, try to keep your total debt-to-income ratio below 40%. Use this calculator to experiment with different tenures to find a monthly payment that fits comfortably within your budget. If you receive a bonus or extra income, consider making "part-prepayments" to reduce the principal faster and save on interest.
function calculateEMI() {
var p = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("interestRate").value);
var n = parseFloat(document.getElementById("loanTenure").value);
var feePercentage = parseFloat(document.getElementById("processingFee").value) || 0;
if (isNaN(p) || isNaN(annualRate) || isNaN(n) || p <= 0 || annualRate <= 0 || n <= 0) {
alert("Please enter valid positive numbers for Loan Amount, Interest Rate, and Tenure.");
return;
}
var r = annualRate / 12 / 100;
// EMI Formula: [P x r x (1+r)^n]/[(1+r)^n-1]
var emi = (p * r * Math.pow(1 + r, n)) / (Math.pow(1 + r, n) – 1);
var totalAmount = emi * n;
var totalInterest = totalAmount – p;
var feeAmount = (p * feePercentage) / 100;
// Displaying the results
document.getElementById("emiOutput").innerHTML = "$" + emi.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("interestOutput").innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("feeOutput").innerHTML = "$" + feeAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("totalOutput").innerHTML = "$" + totalAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resultBox").style.display = "block";
// Smooth scroll to result
document.getElementById("resultBox").scrollIntoView({ behavior: 'smooth', block: 'nearest' });
}