Calculate personal loan EMI, total interest, and total payment. Free online personal loan calculator with formula, examples, and FAQ.
A personal loan is an unsecured loan that can be used for any purpose — medical emergencies, home renovation, travel, debt consolidation, or other financial needs. Since personal loans are unsecured, they typically have higher interest rates than secured loans. This calculator helps you determine your EMI and total cost so you can budget accordingly and compare offers.
EMI = P × [r(1+r)^n] / [(1+r)^n - 1]Where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of monthly installments. Personal loans use the same amortization formula as other loans, but interest rates are typically higher (10-24%) because there's no collateral backing the loan.
| Input | Output |
|---|---|
| Loan: $25,000, Rate: 12%, 3 years | EMI: $830.36, Total Interest: $4,913.07 |
| Loan: $10,000, Rate: 15%, 2 years | EMI: $484.87, Total Interest: $1,636.92 |
| Loan: $50,000, Rate: 10%, 5 years | EMI: $1,062.35, Total Interest: $13,741.17 |