Personal Loan EMI Calculator

Find the EMI on a personal loan and what it really costs. Lenders deduct a processing fee plus 18% GST from the amount they pay out, so you repay the full loan but receive less.

18% GST is added. The fee is usually deducted from the amount you receive.
Results update as you type.

Monthly EMI

₹16,847

36 payments of ₹16,846.98

Total interest
₹1,06,4911.06 lakh
Total amount payable
₹6,06,491
Processing fee with GST
₹11,8002% + 18% GST
Amount you receive
₹4,88,200after the fee is deducted
Real cost including the fee (APR)
14.68% a yearagainst the quoted 13%
Same as a flat rate of
7.1% a yearif a lender quotes a flat rate, compare with this

Where your payments go

  • Principal₹5,00,00082.4%
  • Interest₹1,06,49117.6%
Year-by-year repayment schedule
Year-by-year repayment schedule
YearPrincipal paidInterest paidBalance left
1₹1,45,639₹56,525₹3,54,361
2₹1,65,742₹36,422₹1,88,619
3₹1,88,619₹13,544₹0

About this calculator

The calculator shows the amount you get in hand and the real annual cost including the fee (the APR), which is the fair number to compare between lenders. It also shows the equivalent flat rate, since some lenders quote a low-looking flat rate.

How to use it

  1. Enter the loan amount, interest rate and tenure in months.
  2. Enter the processing fee percentage.
  3. Read the EMI, the amount you receive and the APR.

The formula

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P
loan amount
r
monthly interest rate: yearly rate ÷ 12 ÷ 100
n
number of monthly instalments

Worked example

₹5 lakh at 13% for 36 months, 2% fee

  1. EMI = ₹16,847; total interest = ₹1,06,491.
  2. Fee with GST = ₹11,800, so you receive ₹4,88,200. The real cost is 14.68% a year, not 13%.

What the result means

A 7% flat rate is about the same as 13% on reducing balance, so never compare a flat rate with a reducing rate directly.

A shorter tenure means a higher EMI but much less interest.

Assumptions

  • A fixed interest rate on the reducing balance.
  • The fee is deducted from the amount disbursed.

Limitations

  • Insurance bundled with the loan, late fees and foreclosure charges are not included.

Frequently asked questions

What is a good interest rate for a personal loan?

It depends on your credit score, income and lender. Salaried borrowers with high scores get the lowest rates; app-based loans usually cost much more.

What is the difference between flat and reducing rate?

A flat rate charges interest on the full loan for the whole tenure. A reducing rate charges only on what you still owe, so the same number means a much lower cost.

Can I prepay a personal loan?

Usually yes, after a lock-in of some months, with a foreclosure charge of a few percent on fixed-rate loans.

For information only. This calculator gives estimates based on the figures you enter and the assumptions listed above. It is not financial advice. Actual amounts depend on the lender’s or institution’s terms, fees, rounding and rate changes. Please confirm with them before you decide.

Last reviewed on 7 October 2026. Found a mistake? Tell us.