Short answer: 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 number of months. A ₹5 lakh loan at 14% for 36 months has an EMI of about ₹17,089. Use the calculator below to see your EMI, total interest, the month-by-month schedule and how much a part-prepayment saves.
Last updated: 12 October 2026. General information, not financial advice. Your lender’s Key Fact Statement (KFS) and loan agreement decide your actual terms.
Personal loan EMI calculator with repayment schedule
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How the EMI is split between interest and principal
Every EMI is the same amount, but its make-up changes. Early EMIs are mostly interest, because interest is charged on a large outstanding balance. As the balance falls, more of each EMI repays principal. That is why prepaying early in a loan saves the most interest. Open the schedule in the calculator to see it month by month.
EMI on common personal loan amounts
EMI per month at 14% a year (reducing balance):
| Loan | 12 months | 24 months | 36 months | 60 months | Details |
|---|---|---|---|---|---|
| ₹1 lakh | ₹8,979 | ₹4,801 | ₹3,418 | ₹2,327 | Rates and eligibility |
| ₹2 lakh | ₹17,957 | ₹9,603 | ₹6,836 | ₹4,654 | Rates and eligibility |
| ₹3 lakh | ₹26,936 | ₹14,404 | ₹10,253 | ₹6,980 | Rates and eligibility |
| ₹5 lakh | ₹44,894 | ₹24,006 | ₹17,089 | ₹11,634 | Rates and eligibility |
| ₹10 lakh | ₹89,787 | ₹48,013 | ₹34,178 | ₹23,268 | Rates and eligibility |
| ₹15 lakh | ₹1,34,681 | ₹72,019 | ₹51,266 | ₹34,902 | Rates and eligibility |
| ₹20 lakh | ₹1,79,574 | ₹96,026 | ₹68,355 | ₹46,537 | Rates and eligibility |
What changes your EMI
- Interest rate: on ₹5 lakh over 36 months, going from 12% to 18% raises the EMI from ₹16,607 to ₹18,076.
- Tenure: a longer tenure lowers the EMI but raises total interest. ₹5 lakh at 14% costs ₹76,155 in interest over 24 months and ₹1,98,048 over 60 months.
- Fees: processing fees (plus 18% GST) are usually deducted upfront, so you receive less than the loan amount. The APR in the KFS includes them.
- Flat vs reducing rate: a “flat” rate is charged on the original amount throughout and costs far more than the same reducing rate. See our flat vs reducing rate calculator.
Can you afford it?
Lenders look at your FOIR: the share of your take-home pay that goes to EMIs. Most stop at about 50% to 60%. Check yours with the FOIR guide and Excel calculator, or see how much you can borrow on ₹30,000 salary.
Know the EMI you can afford? See which personal loan offers fit your salary.
EMI by loan amount: ₹1 lakh · ₹2 lakh · ₹3 lakh · ₹5 lakh · ₹10 lakh · ₹15 lakh · ₹20 lakh · EMI calculator · FOIR calculator
Frequently asked questions
How is personal loan EMI calculated?
With the reducing-balance formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly rate and n the number of months. Interest each month is charged only on the outstanding balance.
Does prepayment reduce EMI or tenure?
It depends on your lender. Many reduce the tenure and keep the EMI the same, which saves the most interest. Some let you choose a lower EMI instead. Check for any part-payment or foreclosure charge in your loan agreement.
Is a lower EMI always better?
No. A lower EMI from a longer tenure means more total interest. Pick the shortest tenure whose EMI fits your budget comfortably.
What is the difference between interest rate and APR?
The interest rate is only the cost of borrowing. The APR adds fees and other charges, so it is the better number to compare. See APR vs interest rate.
Disclosure: FundsTiger (Gatimaan Finance Advisors Pvt. Ltd.) is a loan marketplace and lending service provider for RBI-regulated lenders. Aparampaar Finance Pvt. Ltd. (Omozing), one of those lenders, is a related party of FundsTiger. This article is general information, not financial advice. Read your loan agreement and KFS before you decide.