Personal Loan Calculator – EMI for Unsecured Loans
Plan your personal loan repayment with this free EMI calculator. Unsecured personal loans finance weddings, medical emergencies, debt consolidation and travel—without collateral. Enter loan amount, interest rate and tenure to see monthly EMI, total interest and a full amortization schedule. Compare lenders before you borrow.
Personal Loan Calculator
Estimate monthly EMI and total interest for unsecured personal loans used for weddings, medical expenses, debt consolidation or travel. Enter loan amount, annual interest rate and tenure.
How the personal loan EMI formula works
Personal loans use the same fixed-rate amortization formula as home and car loans:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
- P = principal (loan amount)
- r = monthly interest rate (annual ÷ 12 ÷ 100)
- n = total number of monthly installments
Each EMI splits between principal and interest. Early payments are mostly interest; later ones pay down more principal.
Personal loans: unsecured borrowing and when to use one
A personal loan is an unsecured loan you can use for almost any purpose—weddings, medical bills, home renovation, debt consolidation or travel. Because there is no collateral, lenders rely on your credit score and income. Interest rates are typically higher than for secured loans. Tenures range from one to five years, and EMIs are fixed for the term.
Use this calculator to compare offers from different banks and non-bank lenders. A difference of one or two percentage points in rate can significantly change your total interest. Before borrowing, ensure the EMI fits your budget—many lenders cap EMI at 40–50% of monthly income. For secured options at lower rates, consider our mortgage calculator or car loan calculator.