Typically 11%–20% p.a., up to 5 years
Personal loan EMI calculator
Personal loans carry the highest rates of the common retail loans. See the real cost and how quickly extra payments clear it.
Your loan details
₹5.00 L
Monthly reducing balance. 0% is supported.
Total tenure: 48 months (4 years)
Use this for tenures like 5 years 6 months.
Added to every EMI and applied straight to principal.
Monthly EMI
₹13,663
Loan closes in
4 years
Oct 2030
Total interest
₹1.56 L
₹1,55,835
Total payment
₹6.56 L
Principal ₹5.00 L
Shared links carry only the loan numbers you entered — never any personal details.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| Year 1 | ₹63,730 | ₹1,00,229 | ₹3,99,771 |
| Year 2 | ₹48,762 | ₹1,15,197 | ₹2,84,574 |
| Year 3 | ₹31,558 | ₹1,32,401 | ₹1,52,174 |
| Year 4 | ₹11,785 | ₹1,52,174 | ₹0 |
ByeToEMI — Personal loan statement
Loan amount ₹5,00,000 · Rate 14% p.a. · Tenure 48 months · EMI ₹13,663
Assumptions: monthly reducing balance, interest on the outstanding principal, first EMI next month, extra payments applied to principal in the same month, fees shown separately.
Total interest ₹1,55,835 · Total payment ₹6,55,835 · Closes in 4 years (Oct 2030)
ByeToEMI provides indicative calculations for educational and planning purposes. Actual lender calculations, charges, interest-rate changes and repayment schedules may differ. ByeToEMI is not a lender, loan broker or financial advisor.
These results are mathematical estimates. Your lender's EMI, fees, taxes and prepayment charges may differ. Read the full financial disclaimer.
How this calculator works
A personal loan is unsecured, so rates typically run from 11% to 20% and above, with tenures of 1 to 5 years.
The processing fee (often 1–3% of the amount) is deducted upfront, so your bank credit is less than the sanctioned amount even though interest is charged on the full amount.
Because the rate is high, even a modest extra monthly payment removes a large amount of interest.
The formula used is the standard monthly reducing-balance EMI: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of months. At 0% interest the EMI is simply P ÷ n.
A worked example
A ₹5,00,000 personal loan at 14% per year for 48 months has an EMI of about ₹13,663.
Total interest is roughly ₹1.56 lakh; a 2% processing fee adds another ₹10,000 to the cost.
Paying ₹4,000 extra a month closes the loan about 11 months early and saves close to ₹40,000 in interest.
Limitations you should know
- GST on the processing fee, insurance bundled with the loan and late-payment penalties are not modelled.
- Many lenders have a lock-in of 6–12 EMIs before prepayment is allowed and charge 2–5% of the outstanding principal.
- Advertised 'flat rate' offers are not comparable to the reducing-balance rate used here.
Frequently asked questions
- Is it worth prepaying a personal loan?
- Usually yes, because the interest rate is high. Compare the foreclosure charge with the interest you would still pay — if the saving is larger, closing early wins.
- Why did I receive less than the sanctioned amount?
- The processing fee and any insurance premium are deducted before disbursal, while interest is charged on the full sanctioned amount. That makes your effective cost higher than the headline rate.
- Should I take a personal loan to close a credit card balance?
- A personal loan is normally far cheaper than revolving card interest. Run both numbers here and on your card statement before deciding, and avoid running the card up again.
- Does a shorter tenure improve approval chances?
- Not directly, but a shorter tenure means a higher EMI, which lenders check against your income. A tenure that keeps total EMIs under about 40–50% of net income is easier to approve.
Last reviewed: 1 September 2026
ByeToEMI provides indicative calculations for educational and planning purposes. Actual lender calculations, charges, interest-rate changes and repayment schedules may differ. ByeToEMI is not a lender, loan broker or financial advisor.